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Latest News
Trump is no good for business, say business leaders + MORE Oct 7th
Donald Trump gives a thumbs up after a town hall in Virginia Beach, Va. But some business leaders are giving him a thumbs down. (Evan Vucci/AP)
WASHINGTON – A dozen big-name business leaders, including lifelong Republicans and independents, say they won’t support real estate mogul Donald Tru.... More »
They lack tech glamour. They’ve lagged the market. But blue-chip dividend stocks but can be smart buys + MORE Aug 31st
Columnist David Aston points out the opportunities that can, if you’re smart, eschew the risk from the most volatile sectors..... More »
Kinder Morgan shares open below IPO price after NDP-Green deal in B.C. + MORE May 30th
Shares in Kinder Morgan Canada opened below the price set for its initial public offering on Tuesday morning, after a Monday deal between the provincial New Democratic Party and Green Party in British Columbia cast doubt on the future of the company's proposed Trans Mountain pipeline.... More »
Reasons to consider early RRSP and RRIF withdrawals Oct 19th
Workers contribute to their registered retirement savings plans (RRSPs) during their working years, with the hope of paying a lower tax rate on withdrawals than the tax rate they save when contributing. Even if the tax rates are similar, there can be a benefit to the tax deferral and compounding of .... More »
Beware of scary Brexit headlines pushing you to buy gold + MORE Jul 11th
If you thought the Brexit vote was scary, check out the full page newspaper ad that recently appeared in The New York Times recounting all the horrors in the present tense, as if they were still unfolding: The vote “topples” the British government, “crushes” the pound and “wipes away” b.... More »
Canada’s record on finding tax evaders is dismal
– macleans.ca
A sign of HSBC private bank (Suisse) is seen on June 14, 2013 in the center of Geneva. (Fabrice Coffrini/AFP/Getty Images)Only a week after the so-called Panama Papers burst into the media spotlight early last month, the Canadian government issued a news release vowing to “crack down on tax evasion and tax avoidance.” The leak of a staggering 11.5 million documents from a Panama City law firm promised to reveal as never before the inner workings of tax havens from Switzerland to Cyprus to the British Virgin Islands—and Ottawa at least appeared to be taking decisive action.
Pledging $444 million in new money for the Canada Revenue Agency, the governing Liberals suggested the beefed-up CRA would soon be running down Canadians in the ranks of high-rolling tax evaders who can afford the elite, illicit financial services exposed by the Panama data. “These wealthy Canadians,” the news release said, “should not be able to buy their way out of paying the income tax that they owe.”
Despite the timing, the news release wasn’t, in fact, a direct response to the Panama Papers…
Consumer watchdog proposes ban on some arbitration clauses
– canadianbusiness.com
NEW YORK, N.Y. – If government regulators get their way, it’s going to become a lot easier to sue your bank.
By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Buried in the fine print of credit card agreements, mortgages, insurance policies are what are known as binding, or mandatory, arbitration clauses. It means customers are generally required to take any disputes with a bank to a third-party mediator instead of going to court.
The nation’s top consumer financial regulator wants to put a stop to that. The Consumer Financial Protection Bureau is announcing a proposal Thursday to ban arbitration clauses, which would affect the entire financial industry and the hundreds of millions of bank accounts, credit cards and mortgages that Americans use.
The CFPB’s proposal does have a significant limitation. The ban would only apply when consumers want to create or join a class-action lawsuit. Financial companies will still be able to force individuals to settle disputes through arbitration; however cases where a lone customer wants to sue his or her bank are far less common…
By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Buried in the fine print of credit card agreements, mortgages, insurance policies are what are known as binding, or mandatory, arbitration clauses. It means customers are generally required to take any disputes with a bank to a third-party mediator instead of going to court.
The nation’s top consumer financial regulator wants to put a stop to that. The Consumer Financial Protection Bureau is announcing a proposal Thursday to ban arbitration clauses, which would affect the entire financial industry and the hundreds of millions of bank accounts, credit cards and mortgages that Americans use.
The CFPB’s proposal does have a significant limitation. The ban would only apply when consumers want to create or join a class-action lawsuit. Financial companies will still be able to force individuals to settle disputes through arbitration; however cases where a lone customer wants to sue his or her bank are far less common…
Invesco castoff Hardacre lands at Empire Life
– theglobeandmail.com
Ian Hardacre, 50, starts Monday at Empire Life Investments, a subsidiary of The Empire Life Financial Insurance Co.
Low oil prices force CHC Group into bankruptcy protection
– canadianbusiness.com
IRVING, Texas – CHC Group Ltd., the parent company of Vancouver-based CHC Helicopter, is the latest company to feel the squeeze from the downtown in oil prices.
It has filed for bankruptcy protection in Texas as part of a restructuring to strengthen its financial position by reducing long-term debt while allowing it to continue operating its fleet of aircraft.
CHC Group says it expects day-to-day operations to continue without interruption throughout the court-supervised restructuring.
The filing comes after the company grounded much of its fleet following a deadly crash of one of its helicopters in Norway on April 20 which killed two pilots and 11 oil workers returning to the Norwegian mainland.
“The step we have taken today provides an orderly path to enhance our financial flexibility and establish a competitive capital and operating structure that will allow us to invest in and grow CHC’s business over the long-term,” said president and CEO Karl Fessenden.
“We remain committed to maintaining our position as a world class helicopter service provider…
It has filed for bankruptcy protection in Texas as part of a restructuring to strengthen its financial position by reducing long-term debt while allowing it to continue operating its fleet of aircraft.
CHC Group says it expects day-to-day operations to continue without interruption throughout the court-supervised restructuring.
The filing comes after the company grounded much of its fleet following a deadly crash of one of its helicopters in Norway on April 20 which killed two pilots and 11 oil workers returning to the Norwegian mainland.
“The step we have taken today provides an orderly path to enhance our financial flexibility and establish a competitive capital and operating structure that will allow us to invest in and grow CHC’s business over the long-term,” said president and CEO Karl Fessenden.
“We remain committed to maintaining our position as a world class helicopter service provider…
How Canada became the world’s economic Rorschach test
– macleans.ca
(Chris Wattie/Reuters)What are friends for if you can’t count on them in your time of need? So take heart, you slumping, sputtering, sluggish world—Canada has your back.
At least that’s the prevailing narrative everywhere you turn right now. From digital news site Quartz, which declared Justin Trudeau to be “the best hope for the global economy,” to the Wall Street Journal and the Financial Times with their slightly more restrained analysis, the media has credited the Trudeau government for leading an economically challenged world away from austerity and into the sunny ways of fiscal stimulus.
If that sounds like a message crafted by the government’s own PR squad, it more or less is. Since Finance Minister Bill Morneau released the Liberals’ first post-election budget last month—which repeatedly stated his government was answering the stimulus call of the IMF, the OECD and the G20—the minister and his boss have keenly cast themselves in the role of deficit-spending crusaders…
