5 celebrity foreclosure homes + MORE Sep 9th

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MONTREAL – A new survey suggests many Canadians are pessimistic about their financial futures and expect to work longer than originally planned before retiring.
According to the survey, released by the Canadian Payroll Association, three-quarters of working Canadians polled reporting having put aside less than 25 per cent of the money they expect to need in retirement.
And it says less than half of people even 50 and older have reached that threshold.
The survey, the association’s seventh annual to mark National Payroll Week, also found that 35 per cent of respondents expect to work longer.
According to the survey, the average expected retirement age has risen to 63 years from 58 five years ago.
More than one in five employees surveyed said they will need to work four years or more than they originally expected before retiring, citing a lack of sufficient savings as the main reason…

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In honour of the Toronto International Film Festival’s debut tomorrow (Sept. 10, 2015), I thought it appropriate to highlight a real estate story that involves film celebrities. And nothing fascinates us more than stars with cash problems. While cash-flow crunches happen to the best of us, it’s always shocking to discover that people who make millions each year also face financial problems.
Here are 5 film celebrities who faced either a foreclosure, a fire sale or a property price cut in the last decade.

Mel Gibson: celebrities and foreclosure houses (Flickr / Alan Light)
(Zillow.com)
1) Mel Gibson
Amidst his ongoing legal battles, Mr. Gibson’s real estate portfolio has taken quite a hit. The first property to run into issues was his 75-acre estate in Greenwich, CT. The ranch first hit the market in 2007, for US$39.5-million. Despite price cuts, the property wouldn’t sell until finally in 2010, Gibson agreed to let it go at US$24-million, almost half the original price…

Three income-tax rates: 10%, 25% and 28%, plus a 20% corporate rate and immediate expensing on new investment.

The Financial Post’s Jonathan Ratner looks at some of the day’s top business and financial stories.

WASHINGTON – Income inequality will remain a persistent problem despite brighter prospects for U.S. companies globally, according to an annual survey of Harvard Business School alumni officially being released Wednesday.
Fifty-eight per cent said they thought the U.S. economy would either become more competitive or at least hold its ground against other countries over the next three years, a marked improvement from 2011 when just 29 per cent felt that way.
But only about a third of respondents said they expected companies to be able to increase pay and benefits for workers.
That disparity alarmed many of the surveyed executives, with 45 per cent saying that rising poverty levels could hurt their businesses.
Some companies have tried to remedy the problem with pay raises. Others fear resistance from shareholders whose stock holdings might lose value if higher salaries raise costs and erode profits.
“There is a gap between ‘I don’t think the system is working’ and ‘I don’t know what to do to fix it,’” said Jan Rivkin, a professor of business administration at Harvard and co-author of the survey report…