Financial Wellness

Focus on Financial Wellness

Use the below resources to learn about, manage and improve your financial health

Canadian Tire Bank is here to help you build financial literacy

We want to provide resources that can help strengthen financial literacy among our customers. It is important for everyone to have the knowledge, skills, and confidence to make informed decisions about our financial products and services.

Key Pillars of Financial Literacy:

Managing Expenses
Managing Debt
Manage Savings
Navigating the Financial Marketplace

Let’s dive deeper to gain understanding on each of these.

Click to expand details and useful tools.

Managing Expenses

Why Is This Important?

Managing day to day expenses is the foundation of effective money management.

Tips for Managing Expenses:

Keep track of your expenses
Make a budget to manage your expenses and stick to a spending plan

Canadian Tire Bank Tools to Support Managing Expenses

Sign up for an Online Account
Keep up to date with NotifyMe alerts
Set up easy bill payments
Online bill payments
eStatements

Managing Debt

Why Is This Important?

People take on debt in many ways, including credit cards, car loans, student loans, lines of credit, payday loans, and mortgages. Issues can lead to increased debt-related stress, feelings of lack of control, and low levels of financial resiliency.

Want to improve your credit score?

Tips for Managing Debt:

Rebuild your credit & improve your Credit Score

Note: A poor credit score can affect more than your ability to borrow. For instance, many employers require a good credit score in order to hire you. Landlords may also run a credit check before accepting you as a tenant.

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Tablet with Credit Score Ratings Scale Excellent 760 and above Very Good 725 above Good 660 and above Fair 559 and below Poor 500 and below

Make A Plan To Be Debt-Free

The first step for that is to understand your credit card statement, so you can make your payments on time and keep your account in good standing.

Please see below for reference

Page 1 of a sample Triangle Mastercard Statement highlighting the Account Summary, Payment Information, Triangle rewards, and Messages sections

1. Balance from Your Last Statement

You can see your last statement balance here.

2. Total Charges

New charges, such as purchase or cash advance, made during the last billing cycle.

3. Your New Balance

New Balance is the Balance from Last statement minus Total Credits plus Total Charges incurred during the statement period.

4. Credit limit & Available Credit

This is the amount of credit available to you.

5. Balance Due

Pay this amount by the Payment due date indicated in the statement to avoid interest charges on new purchases shown on this statement.

6. Minimum Payment Due

Pay this amount by the Payment due date indicated on the statement to avoid going into default.

7. Payment Due Date

Your payment needs to be received by this date to keep your account in good standing. Always remember to pay either the Balance Due or Minimum Payment Due.
Please allow enough time for your payment to reach us by the due date.

8. Triangle Rewards Account Information

This information is provided by Canadian Tire Corporation, Limited and reflects the CT Money balance and activity in your Triangle Rewards account. CT Money earned on purchases that were returned and adjusted during the statement period.

Tips to avoid taking on more debt

Follow these tips to lower your chance of taking on further debt.

1. Review your budget to reduce spending

Keep track of what you spend each month. Review your budget carefully to see where you can cut costs. Put needs before wants and look for expenses you can live without. By reducing your spending, you'll have more money available to repay your debts.

2. Reduce small, recurring expenses.

Saving a little every day can go a long way.

Tips of ways you can save money may include:

taking public transit instead of driving your car and paying for parking
making your coffee at home
bringing your lunch to work

3. Look for ways to increase your income

Consider selling some of your assets or taking on additional work to make extra money to put towards your debt.

Managing Savings

Why Is This Important?

Saving for goals involves putting money aside for the future. Some of the most common uses for savings are unexpected expenses, education, vacations, and retirement.

Tips for Building Savings:

1. Save money for the future

Save for your goals and prepare for unexpected expenses or financial setbacks. You'll most likely have to deal with an emergency resulting from an unexpected situation or a drop in income at some point in your lifetime. These surprises usually don’t give you time to adjust your budget.
Some examples include:

car breakdown
urgent visit to the veterinarian
job loss
health problems that prevent you from working

Unexpected expenses should not be confused with occasional expenses such as back to school supplies, winter tires or holiday expenses. Occasional expenses should already be planned in your budget.

2. Set up an Emergency Fund

Setting up an emergency fund makes it possible to:

handle an unexpected expense without getting into debt
avoid high-cost loans (for example, a payday loan or credit card cash advance)
have financial control
have peace of mind

The best way to set up an emergency fund is to open a savings account.

It’s important that you choose the right type of account to build your emergency fund. It should be easy to access your money quickly in case of an emergency. Here’s what you should look for in a savings account:

the account should be separate from the account you use for day-to-day transactions
you pay no or low transaction fees
you can make withdrawals without penalty
you earn interest on the money you save

Canadian Tire Bank Products to Support Savings Goals

Learn how you can use our deposit products help you save for a rainy day

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Navigating The Financial Marketplace

Why Is This Important?

Financial products, services, and advice are essential to help Canadians manage their money and achieve financial resilience. Yet navigating Canada’s financial landscape is a challenge for many people due to the growing complexity of financial products and services, the number of choices and players, and the increasing role of financial technology and digital product offerings.

Consumers must be able to access financial products and services that meet their needs, while avoiding those that do not, as well as have a clear understanding of who to turn to if they have a complaint to resolve.

How Canadian Tire Bank can help

1. Products offered by Canadian Tire Bank

Credit Cards
HISA
GIC
TFSA
Credit Card balance coverage

2. Know your Rights and Responsibilities

Complaint Resolution Process

We are committed to building lifetime relationships with our customers by providing superior customer service. When you have a complaint, we encourage you to tell us about it by following our Complaint Resolution Process.

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Seniors Support Page

We support seniors in their interactions with CTB. If you would like to learn about tips and safeguards to protect yourself and your accounts as well as learn about the services we provide, we encourage you to click below for more helpful information.

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3. Protecting Yourself from Fraud

Protecting consumers from the increased risk of fraud, particularly in a digital environment, is key to keeping consumers’ money safe. Learn what steps you can take to avoid falling prey to financial fraud.

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We hope this information helped you gain knowledge to move a step closer to your financial goals. For any more questions, you can always reach out to us at 1-800-459-6415.

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About Canadian Tire Bank

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About Canadian Tire Bank

Legal

Download the Triangle App