The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Got extra cash? Your mortgage can wait
– moneysense.ca
Who doesn’t crave the financial freedom that comes with having no debt? In the perennial debate over what to do with some extra cash—throw it at your mortgage or invest it and save for your future—the MoneySense position has always been the pragmatic, conservative and responsible one: Pay off your home, then use the surplus cash to double down on your retirement savings.
It’s a one-size-fits-all strategy. And no question, being mortgage-free feels great. The problem is this advice dates back a decade or more, when mortgage rates were dropping from the double digits and investors could bank on a steady 3% to 5% return from GICs alone. Times change—and so does money advice. So I’m about to make a suggestion that’s akin to financial heresy: Don’t bother paying down your mortgage. Use the money to invest. You’ll come out ahead in the long run.
Risk is smart.
No one would argue that paying off your mortgage faster isn’t a sound investment. This strategy translates to a risk-free, after-tax return of between 2% and 3%—or whatever your negotiated mortgage rate happens to be…
It’s a one-size-fits-all strategy. And no question, being mortgage-free feels great. The problem is this advice dates back a decade or more, when mortgage rates were dropping from the double digits and investors could bank on a steady 3% to 5% return from GICs alone. Times change—and so does money advice. So I’m about to make a suggestion that’s akin to financial heresy: Don’t bother paying down your mortgage. Use the money to invest. You’ll come out ahead in the long run.
Risk is smart.
No one would argue that paying off your mortgage faster isn’t a sound investment. This strategy translates to a risk-free, after-tax return of between 2% and 3%—or whatever your negotiated mortgage rate happens to be…
Repaying withdrawals under the Home Buyers’ Plan
– moneysense.ca
Q: I borrowed $10,200 from my RRSP many years ago under the Home Buyers’ Plan (HBP), which I have since repaid in full through contributions and income inclusion. However, my RRSP account at my financial institution is at $0.00. What happened to the money I repaid then?
—Sarah Felix, via email
A: If you repaid the money into an RRSP account, in all likelihood it is there. However that does not mean the repaid money went back into the same RRSP account you borrowed from. That’s because the Canada Revenue Agency doesn’t care which RRSP account you use to repay the HBP loan—and the CRA doesn’t move the money from one RRSP account to another on your behalf. All the CRA cares about is that you either repay the money or declare that you didn’t and pay tax as if it was an RRSP withdrawal. To get a clear picture, check your HBP Statement of Account, which is sent with your annual Notice of Assessment. The statement is also accessible online.
Bruce Sellery is a frequent guest on financial television shows and author of Moolala…
—Sarah Felix, via email
A: If you repaid the money into an RRSP account, in all likelihood it is there. However that does not mean the repaid money went back into the same RRSP account you borrowed from. That’s because the Canada Revenue Agency doesn’t care which RRSP account you use to repay the HBP loan—and the CRA doesn’t move the money from one RRSP account to another on your behalf. All the CRA cares about is that you either repay the money or declare that you didn’t and pay tax as if it was an RRSP withdrawal. To get a clear picture, check your HBP Statement of Account, which is sent with your annual Notice of Assessment. The statement is also accessible online.
Bruce Sellery is a frequent guest on financial television shows and author of Moolala…
Jarden, Atara, Trina Solar, Baker Hughes and SeaDrill are big market movers
– canadianbusiness.com
NEW YORK, N.Y. – Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and the Nasdaq stock market:
NYSE
Jarden Corp., up $1.41 to $54.09
Newell Rubbermaid is buying the rival consumer and household product company in a $13.2 billion cash-and-stock deal.
Trina Solar Ltd., up $1.11 to $10.66
The solar panel maker said it received a proposal from its CEO and Shanghai Xingsheng Equity to take the company private.
Cheniere Energy Inc., down $1.15 to $40.14
The energy company announced the departure of co-founder and CEO Charif Souki, two months after Carl Icahn boosted his stake.
Baker Hughes Inc., down $1.02 to $46.78
The deadline for regulatory review of the oilfield services company’s $34.6 billion sale to rival Halliburton is Tuesday.
SeaDrill Ltd., down 16 cents to $4
The offshore drilling contractor’s stock fell along with its peers as oil prices remain near nine-year lows.
The Dow Chemical Co., down $2.08 to $51.29
Activist investor Daniel Loeb wants the chemicals company’s CEO removed over a deal with DuPont, according to media reports…
NYSE
Jarden Corp., up $1.41 to $54.09
Newell Rubbermaid is buying the rival consumer and household product company in a $13.2 billion cash-and-stock deal.
Trina Solar Ltd., up $1.11 to $10.66
The solar panel maker said it received a proposal from its CEO and Shanghai Xingsheng Equity to take the company private.
Cheniere Energy Inc., down $1.15 to $40.14
The energy company announced the departure of co-founder and CEO Charif Souki, two months after Carl Icahn boosted his stake.
Baker Hughes Inc., down $1.02 to $46.78
The deadline for regulatory review of the oilfield services company’s $34.6 billion sale to rival Halliburton is Tuesday.
SeaDrill Ltd., down 16 cents to $4
The offshore drilling contractor’s stock fell along with its peers as oil prices remain near nine-year lows.
The Dow Chemical Co., down $2.08 to $51.29
Activist investor Daniel Loeb wants the chemicals company’s CEO removed over a deal with DuPont, according to media reports…
Bill Cosby fires back at 7 women suing him for defamation – CTV News
– news.google.ca
CTV NewsBill Cosby fires back at 7 women suing him for defamationCTV NewsBOSTON — Bill Cosby fired back Monday at seven women who are suing him for defamation, accusing them of making false accusations of sexual misconduct for financial gain. In a countersuit filed in federal court, Cosby alleges the women made "malicious, …Bill Cosby files countersuit against 7 women in defamation caseToronto SunBill Cosby Countersues Accusers For Defamation, Interference With NBC, Netflix …Hollywood ReporterBill Cosby sues group of accusers, alleging they made up assault claims and …New York Daily NewsUSA TODAYall 253 news articles »
Most actively traded companies on the TSX
– canadianbusiness.com
Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (12,695.49, down 94.46 points):
Mart Resources, Inc. (TSX:MMT). Oil and gas. Down two cents, or 30.77 per cent, to 4.5 cents on 15.4 million shares.
Encana Corp. (TSX:ECA). Oil and gas. Down 68 cents, or 8.18 per cent, to $7.63 on 8.6 million shares. Encana Corp. says it expects to end the year with about 600 fewer employees than it started with after being forced to adjust to lower oil and gas prices. The drop amounts to a 19 per cent head count reduction, with half coming from layoffs that mostly took place during the summer.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 51 cents, or 11.49 per cent, to $3.93 on 8.1 million shares.
OceanaGold Corp. (OGC). Miner. Up four cents, or 1.63 per cent, to $2.50 on 5.8 million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Down four cents, or 3.36 per cent, to $1.15 on 5.7 million shares.
B2Gold Corp. (TSX:BTO). Miner. Down 17 cents, or 10…
Toronto Stock Exchange (12,695.49, down 94.46 points):
Mart Resources, Inc. (TSX:MMT). Oil and gas. Down two cents, or 30.77 per cent, to 4.5 cents on 15.4 million shares.
Encana Corp. (TSX:ECA). Oil and gas. Down 68 cents, or 8.18 per cent, to $7.63 on 8.6 million shares. Encana Corp. says it expects to end the year with about 600 fewer employees than it started with after being forced to adjust to lower oil and gas prices. The drop amounts to a 19 per cent head count reduction, with half coming from layoffs that mostly took place during the summer.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 51 cents, or 11.49 per cent, to $3.93 on 8.1 million shares.
OceanaGold Corp. (OGC). Miner. Up four cents, or 1.63 per cent, to $2.50 on 5.8 million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Down four cents, or 3.36 per cent, to $1.15 on 5.7 million shares.
B2Gold Corp. (TSX:BTO). Miner. Down 17 cents, or 10…
