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What to know about the know-your-client forms + MORE Nov 28th
Q: When an investment advisor takes on a new client and does not complete the know-your-client forms, is there disciplinary action? Which governing body is responsible?
— Don Henderson
A: Investment advisors are required to follow what are called the know-your-client (KYC) obligations, which ar.... More »
Mexico to auction 15 shallow exploration blocks in Gulf + MORE Jul 19th
MEXICO CITY – The Mexican government announced plans Tuesday for an auction of exploration and shared-production rights on 15 blocks of potential oil fields in the shallow waters of the Gulf of Mexico.
The blocks cover 3,440 square miles (8,908 square kilometres) and contain potential reserves.... More »
Canada Disability Benefit news, updates and how to apply + MORE Jun 20th
The Canada Disability Benefit is here, and it’s about time. Nearly five years have passed since the benefit was first announced by the Liberal government in September 2020, as part of a broader disability inclusion plan. After many delays and much deliberation, the benefit received royal assent—.... More »
Atlantic City belt-tightening plan aims to avoid takeover + MORE Oct 25th
ATLANTIC CITY, N.J. – Atlantic City plans to sell land, lay off 100 more workers, pay down most of its $500 million debt and slash other expenses during the next five years to fight off a threatened state takeover of its assets and decision-making power.
Mayor Don Guardian unveiled the city.... More »
Is the 4% Rule obsolete? Jul 31st
Over the half decade I’ve written this column and attempted to practice what it preaches, a central pillar has been the so-called 4% Rule. As originally postulated by Certified Financial Planner and author William Bengen, that’s the rule of thumb that retirees can safely withdraw 4% of the value.... More »
Claude Mongeau to step down as CN Rail CEO
– macleans.ca
MONTREAL — Canadian National Railway will have its third leader in more than six years after the CEO of the country’s largest railway said Tuesday he’s stepping down because a medical condition makes it difficult to continue in the job.
Claude Mongeau returned to work in January after a five-month medical leave for treatment of a tumour in his larynx.
Luc Jobin, CN’s chief financial officer — who was among members of the leadership team that filled in for Mongeau during his absence — will take over the top job as of July 1.
“Facing up to a situation like this inevitably stirs a lot of emotions, but I step down from my role with a deep sense of pride and the firm conviction that CN remains in good hands and has a bright future,” Mongeau, 54, said in a statement.
He has been CN’s chief executive since Hunter Harrison, now the current head of CP Rail, retired from the railway at the end of 2009.
Prior to that, Mongeau was CN’s chief financial officer for 11 years and has been with the Montreal-based railway for 22 years…
Claude Mongeau returned to work in January after a five-month medical leave for treatment of a tumour in his larynx.
Luc Jobin, CN’s chief financial officer — who was among members of the leadership team that filled in for Mongeau during his absence — will take over the top job as of July 1.
“Facing up to a situation like this inevitably stirs a lot of emotions, but I step down from my role with a deep sense of pride and the firm conviction that CN remains in good hands and has a bright future,” Mongeau, 54, said in a statement.
He has been CN’s chief executive since Hunter Harrison, now the current head of CP Rail, retired from the railway at the end of 2009.
Prior to that, Mongeau was CN’s chief financial officer for 11 years and has been with the Montreal-based railway for 22 years…
Alumni life insurance gets a failing grade
– moneysense.ca
(Getty Images/Charlie Roy)Think twice about purchasing a “discounted” term life insurance policy from your alma mater. Why? Those exclusive rates for university grads aren’t that great of a deal, according to insurance expert Lorne Marr of LSM Insurance. While easier to apply for than standard life insurance (just a questionnaire and usually no medical tests required), the actual rates offer less value and policies are limited, he says. For starters, there are fewer personalization options and, typically, alumni life insurance policies are only offered for five-year terms, meaning your premiums would go up after that time. Also, if you’re in good health, don’t expect to receive preferred rates with an alumni policy, either. Consider a five-year term life insurance quote offered by the University of Toronto, as underwritten by Manulife: A 30-year-old woman would have to pay premiums of $12.25 per month for $245,000 of coverage. Meanwhile, a broker could get you a $250,000, 10-year term policy for $11…
Pay $500 to find out your home’s fair market value
– moneysense.ca
Do you know what your home is worth? Perhaps you have a vague idea, based on current market reports and the fact that your neighbour’s place sold for 10% over asking, just last month. But, put on the spot, most of us have no idea how much our homes are really worth. That’s why we need advice. For many that means calling a realtor. But real estate agents are a bit like family doctors: They are both the first line of inquiry when it comes to your health, or home, whatever the case may be. But, if you really have a concern, or you’re truly serious about buying or selling, you need to seek out a specialist for expert advice. In real estate, that means hiring a mortgage broker for your finances, an inspector for the home’s structural integrity and an accredited appraiser for an accurate market evaluation.
For somewhere between $350 and $500, an appraiser will evaluate your property using an internationally recognized, 25-point inspection that examines the current market, the local neighbourhood and your individual house…
For somewhere between $350 and $500, an appraiser will evaluate your property using an internationally recognized, 25-point inspection that examines the current market, the local neighbourhood and your individual house…
I left Canada—should I still invest in RRSPs?
– moneysense.ca
Q: I have certain questions for the RRSP. My situation is:1. I am Canadian
2. I work abroad and pay tax abroad, too
May I buy Canadian RRSPs?
—Karl
A: You are not unlike many Canadians, Karl, who emigrate from Canada for school or work. From experience, I can tell you that lots of them still keep in touch with Canadian personal finance via MoneySense!
As you likely know, non-residents can continue to hold a Registered Retirement Savings Plan (RRSP) after leaving Canada. Income and gains in an RRSP continue to be earned on a tax-deferred basis—at least as far as the Canada Revenue Agency (CRA) is concerned.
Foreign taxation authorities may tax income and gains in an RRSP on an annual basis rather than upon withdrawal, or in order to ensure continued tax deferral, special tax filings in your country of residence may be required to qualify. You should clarify this with a local accountant, Karl.
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As far as making new contributions, the ability to do so depends on your circumstances…
Valeant tumbled to a loss in its first quarter and the embattled drug maker, squeezed by higher costs, cut its profit and revenue expectations for the year.
