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Is Selling Your Home: A Smart Decision for Retirement? Jan 7th
For many people, owning a mortgage-free home in retirement can be a financially smart decision, as it allows them to keep their expenses low by only having to worry about property taxes, maintenance, utilities, and insurance. However, if your home is particularly valuable or no longer fits your n.... More »
Canadian dollar, euro hit hard by interest rate fears + MORE Mar 11th
U.S. and Canadian stock market indexes moved higher on Wednesday after Tuesday’s sharp selloff, but fears of a U.S. interest rate hike hung over the market..... More »
How prorogation will impact capital gains tax changes in Canada + MORE Jan 6th
Justin Trudeau’s decision to step down and prorogue parliament will keep his government from implementing its proposed changes to capital gains for now, but Canadians might not be off the hook with tax collectors just yet.
The changes would raise the portion of capital gains on which companies .... More »
TSX closes above 13,000 mark for first time this year + MORE Mar 2nd
TORONTO – The Toronto stock market closed at its highest level this year as it found support from rising metals and gold stocks.
The S&P/TSX composite index climbed 35.83 points at 13,017.93.
It’s the first time the exchange has closed above the 13,000-mark since Dec. 31.
The Canadian dollar.... More »
Unifor members approve new four-year labour agreement with Ford - The Globe and Mail + MORE Nov 7th
CBC.caUnifor members approve new four-year labour agreement with FordThe Globe and MailWorkers at Ford Motor Co. of Canada Ltd. have approved a new contract with the company, wrapping up 2016 contract negotiations between Unifor and the Canadian units of the Detroit Three auto makers. Unifor members.... More »
Bob Nazarian, left. (Colin Perkel/CP)The Ontario real estate investor who owned Elliot Lake’s crumbling shopping mall when the roof collapsed—and who, more than two years later, remains the target of a criminal investigation—has agreed to disclose hundreds of pages of previously sealed evidence that should determine whether police finally lay charges or close the file.
As Maclean’s revealed last month, three search warrants executed by the Ontario Provincial Police (OPP) identify Asadoor “Bob” Nazarian as a prime suspect in the ongoing criminal probe of the Algo Centre cave-in, which killed two women and triggered a separate public inquiry that recently issued a scathing final report. The search warrants show that Nazarian, now 69, is being investigated for potential criminal negligence causing death for failing “to maintain the structural integrity” of the mall and for failing to “take sufficient steps to remedy known deficiencies” in the building’s notoriously leaky rooftop parking lot…
Leon’s reports 23% increase in Q3 profit; revenue, systemwide sales also up
– canadianbusiness.com
TORONTO – Leon’s Furniture Ltd (TSX:LNF) is reporting a 23 per cent increase in net income per share in the third quarter.
The Toronto-based operator and franchisor of furniture, electronics and appliance stores says net income was $27.3 million or 34 cents per diluted share in the three months ended Sept. 30, up from $21.8 million or 28 cents per diluted share in the comparable year earlier period. Leon’s said the earnings, which amounted to 38 cents per basic share, were a record for the quarter.
The company, whose banners include Leon’s and The Brick, said revenue rose to $531.7 million from $528.6 million.
System wide sales totalled $629.2 million, included $97.5 million franchise sales, versus $628.6 million, including $100 million of franchise sales, in 2013.
Same store sales were up one per cent compared with the prior year’s third quarter.
“Despite a difficult start in the first quarter of 2014, we are pleased by the increase in profits for the second and third quarter of 2014 versus the prior year,” the company said in its earnings release Thursday…
The Toronto-based operator and franchisor of furniture, electronics and appliance stores says net income was $27.3 million or 34 cents per diluted share in the three months ended Sept. 30, up from $21.8 million or 28 cents per diluted share in the comparable year earlier period. Leon’s said the earnings, which amounted to 38 cents per basic share, were a record for the quarter.
The company, whose banners include Leon’s and The Brick, said revenue rose to $531.7 million from $528.6 million.
System wide sales totalled $629.2 million, included $97.5 million franchise sales, versus $628.6 million, including $100 million of franchise sales, in 2013.
Same store sales were up one per cent compared with the prior year’s third quarter.
“Despite a difficult start in the first quarter of 2014, we are pleased by the increase in profits for the second and third quarter of 2014 versus the prior year,” the company said in its earnings release Thursday…
OTTAWA – The Bank of Canada says it’s weighing the possible benefits of issuing electronic money.
Senior deputy governor Carolyn Wilkins says the central bank is evaluating the merits of digital currencies like Bitcoin — even as it monitors e-money’s potential pitfalls.
In prepared remarks for her speech Thursday in Waterloo, Ont., Wilkins says people who use e-money need to be aware of the risks of putting their trust in a lightly regulated currency with limited or no user protection.
She says e-money ranges from options like PayPal and pre-paid credit cards to cryptocurrencies like Bitcoin — which are exchanged through computer transactions without the oversight of a central bank.
Wilkins says the increasingly popular digital currencies are not yet big enough to pose material risk to Canada’s financial stability as a whole — but she notes the Bank of Canada is watching.
She says the Bank of Canada has been working with the federal government to modernize Canada’s oversight of the payment method…
Senior deputy governor Carolyn Wilkins says the central bank is evaluating the merits of digital currencies like Bitcoin — even as it monitors e-money’s potential pitfalls.
In prepared remarks for her speech Thursday in Waterloo, Ont., Wilkins says people who use e-money need to be aware of the risks of putting their trust in a lightly regulated currency with limited or no user protection.
She says e-money ranges from options like PayPal and pre-paid credit cards to cryptocurrencies like Bitcoin — which are exchanged through computer transactions without the oversight of a central bank.
Wilkins says the increasingly popular digital currencies are not yet big enough to pose material risk to Canada’s financial stability as a whole — but she notes the Bank of Canada is watching.
She says the Bank of Canada has been working with the federal government to modernize Canada’s oversight of the payment method…
Feds say NY family claimed wealth to get mortgages, claimed poverty to get food stamps
– canadianbusiness.com
WHITE PLAINS, N.Y. – Twelve members of a single Brooklyn-based family were charged Thursday with lying about being wealthy to obtain mortgages or lying about being poor to get food stamps and other benefits.
Some did both, the indictment said.
“They alternately played the part of prince or pauper depending on which scam was being perpetrated,” U.S. Attorney Preet Bharara said at a news conference in the White Plains courthouse. “Regardless of whether they were posing as rich men or poor men, they were always con men.”
He said one indicted couple claimed monthly income of $25,000 when taking out a mortgage and $180 when applying for food stamps and Medicaid.
The fraudulently obtained mortgages totalled more than $20 million and the welfare fraud realized about $700,000 in benefits, the indictment said.
Yehuda Rubin, 29, of Monroe, was described in the indictment as “an organizer” of the scheme but Bharara would not say he was the leader. Rubin’s father, Irving Rubin, 58, of Brooklyn, is the lead defendant…
Some did both, the indictment said.
“They alternately played the part of prince or pauper depending on which scam was being perpetrated,” U.S. Attorney Preet Bharara said at a news conference in the White Plains courthouse. “Regardless of whether they were posing as rich men or poor men, they were always con men.”
He said one indicted couple claimed monthly income of $25,000 when taking out a mortgage and $180 when applying for food stamps and Medicaid.
The fraudulently obtained mortgages totalled more than $20 million and the welfare fraud realized about $700,000 in benefits, the indictment said.
Yehuda Rubin, 29, of Monroe, was described in the indictment as “an organizer” of the scheme but Bharara would not say he was the leader. Rubin’s father, Irving Rubin, 58, of Brooklyn, is the lead defendant…
Weekend Reading – Financial literacy, holiday budgets, debt and more
– myownadvisor.ca
Hello friends…in support of Financial Literacy Month #FLM2014 I thought I’d link to this article about name changes needed to some financial accounts.
As a fan of Daryl Diamond and his expertise and perspectives on retirement, I wrote about the Cash Wedge here and I also shared some retirement perspectives of my own.
Next week, stay tuned for a few articles including my latest dividend income update and with it a chance to win a FREE 1-year online subscription to Canadian MoneySaver thanks to my partnership with them.
Enjoy these articles and see you back here next week.
Here are some smart ways to stretch your holiday budget.
Young & Thrifty told us how home equity lines of credit actually work, they remind you it is still debt.
Brian So informed us about some insurance coverage at different life stages.
Michael James on Money told us why some indexers don’t use dividend ETFs.
Million Dollar Journey compared gas rewards programs.
Canadian Finance Blog included this post from Sean Cooper, how to reach financial independence in your 30s…
As a fan of Daryl Diamond and his expertise and perspectives on retirement, I wrote about the Cash Wedge here and I also shared some retirement perspectives of my own.
Next week, stay tuned for a few articles including my latest dividend income update and with it a chance to win a FREE 1-year online subscription to Canadian MoneySaver thanks to my partnership with them.
Enjoy these articles and see you back here next week.
Here are some smart ways to stretch your holiday budget.
Young & Thrifty told us how home equity lines of credit actually work, they remind you it is still debt.
Brian So informed us about some insurance coverage at different life stages.
Michael James on Money told us why some indexers don’t use dividend ETFs.
Million Dollar Journey compared gas rewards programs.
Canadian Finance Blog included this post from Sean Cooper, how to reach financial independence in your 30s…
