Best Bank for Cedarbrae: KOHO
No monthly fees, cash back on TTC and groceries — code 45ET55JSYA
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Toronto LTT: Cedarbrae is in the City of Toronto. Homebuyers pay both provincial and Toronto municipal land transfer tax. Compare
Durham Region where no municipal LTT applies.
Best Banks in Cedarbrae Scarborough — 2025 Rankings
Cedarbrae is a Scarborough neighbourhood in southwest Toronto near Kingston Road and Lawrence Avenue East. The area has a mix of residential housing and commercial strips. Lawrence East station on TTC Line 2 provides subway access to downtown Toronto. Cedarbrae is a predominantly working-class and middle-class neighbourhood with growing Caribbean, South Asian, and Somali communities.
$0/mo
zero fees, cash back
KOHO tops our Cedarbrae rankings. Zero monthly fees and a Mastercard that earns cash back on groceries, transit, and everyday spending. Perfect for Scarborough's diverse communities — no minimum balance, instant approval, and a mobile app in multiple languages. Use code 45ET55JSYA for a welcome bonus at sign-up.
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3.00%
everyday savings interest
EQ Bank pays 3% on everyday savings with zero fees and full CDIC deposit insurance. For Cedarbrae residents saving for a Toronto home purchase — where both provincial and municipal LTT apply — EQ Bank's high rate means your savings build faster than at any big bank.
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Competitive
mortgage and loan rates
Ontario's largest credit union serves Scarborough communities with competitive mortgage rates and personal loans. Members share in Meridian's profits through dividends. If you're buying a home in Cedarbrae, Meridian's mortgage products are worth comparing — often better rates than major banks.
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Full
service with local branches
TD has strong Scarborough coverage with branches near Cedarbrae serving the local community. For mortgage assistance, business banking, and face-to-face financial advice, TD's Scarborough branches provide professional service. Extended hours and strong digital banking complement branch availability.
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Avion
travel and rewards points
RBC offers strong newcomer banking programs with fee waivers for new Canadians and multilingual service at Scarborough branches. Avion Rewards is one of Canada's most flexible travel rewards programs. RBC's Scarborough locations offer banking in multiple languages to serve the diverse Cedarbrae community.
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Scene+
Sobeys, Cineplex rewards
Scotiabank's international money transfer services serve Cedarbrae's immigrant communities well. The StartRight newcomer program and Scene+ rewards program covering Sobeys and Cineplex provide practical daily value. Scotiabank branches near Scarborough Town Centre serve the broader east Toronto area.
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What is the land transfer tax on a $700,000 home in Cedarbrae?
A $700,000 Toronto home (including Cedarbrae) incurs approximately $22,950 in total land transfer tax — $10,475 Ontario LTT plus $9,975 Toronto municipal LTT, minus a first-time buyer rebate of up to $8,475 (both provincial and Toronto rebates combined). This is significantly more than buying in Durham Region, where the same $700,000 home would cost only $10,475 in LTT.
What is the best bank for a TTC commuter in Cedarbrae?
KOHO is the best bank for TTC commuters in Cedarbrae. The KOHO Mastercard earns cash back on transit spending, works seamlessly for Presto top-ups, and has no monthly fees. For residents riding the TTC daily, KOHO's no-fee structure and cash back rewards provide real annual savings compared to paying $15–$17 per month at a big bank.
Free Banking for Cedarbrae Scarborough Residents
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Disclaimer: Rates and offers subject to change. Not financial advice.