THE INVESTMENT SELECTOR

A lot of Canadian investors don’t realize how much they pay for investing “advice”. When you purchase mutual funds, especially through a bank or major institution, you will likely be invested in funds that charge an overall annual fee of near 2% or more of your investment. That’s because, in most cases, the fee you pay includes a portion, the commission, that goes to the salesperson selling you the mutual fund. Typically, that commission is around 1% annually. 1% might not so

Last week, the Bank of Canada surprised everyone by raising its benchmark interest rate by a full percentage point, the largest single hike since the late 1990s. With 4 total hikes since the start of the year, the rate is now at 2.50% whereas it was 0.25% previously. The effects on the economy and Canadians in general are mixed. Banks and other financial institutions will be adjusting their various interest rates for both the loans they make and the amount they pay you for bo