As Court Painter continues revisiting and modernizing to current plague standards, previous gems that populated public and private spaces throughout the Americas ; he noticed out of the corner of his eye this nugget.
Canada’s big six banks together earned $46 billion in profits last year — the tenth year in a row their profits have gone up, the sector’s highest of anywhere in the world.
To assure the pace of bank profits continues in this time of plague, mortgage payments can be deferred for up to six months — but the interest on those payments will be added back to the outstanding balance, resulting in customers paying interest on top of deferred interest and increasing the total cost of borrowing.
Seems bankers didn’t get the message that we are all in this together!
So lets continue with the revisits shall we….