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Ages 13 to 17: Teaching teens to budget + MORE Aug 24th
It happens so fast you could miss it. But in their teens, kids need to start moving from thinking about money in small amounts (weekly) to larger amounts (monthly). “They should start getting more money for longer periods of time, but now they also need to start taking personal responsibility for .... More »
Top 5 questions about family RESPs + MORE May 13th
If you’re saving up for a child’s post-secondary education, a registered education savings plan (RESP) can’t be beat as a savings tool. No other plan or account in Canada will give you access to thousands of dollars in government grants—free money for your kid’s future tuition and other ed.... More »
The best GIC rates in Canada for 2025 + MORE Feb 3rd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Alleged 'shadow' mortgage broker implicated in dozens of shady deals Jan 9th
B.C.'s registrar of mortgage brokers has issued a notice of hearing against a woman accused of acting as a "shadow" operator by feeding altered documents to licensed brokers on behalf of dozens of people who wouldn't otherwise qualify for loans..... More »
Warren Buffett becomes Bank of America’s top shareholder + MORE Aug 29th
Berkshire Hathaway exercised its right to acquire 700 million shares at a steep discount, more than tripling an investment it made six years ago
.... More »
BMO financial planner loses Ont. couple $47,000
– moneysense.ca
Imagine hiring a financial planner you thought you could trust. Then imagine losing nearly $50,000 after listening to their advice.This nightmare situation was a reality for a retired couple who, in 2014, sought advice from a BMO financial planner on how to transfer their retirement savings from an American account to a Canadian RRSP, CBC Go Public reports.
Tom and Gloria Ratcliffe first approached two other big banks (CIBC and RBC) both of which told the retirees that the transfer of funds would result in a huge tax hit for them. At BMO, however, financial planner Karen Gill assured them the transfer was possible. When the the couple asked Gill why the transaction wouldn’t be an issue, she reportedly told them “‘Because BMO is such a big organization, we can do things other people can’t do.’”
As it turned out, BMO couldn’t do the $198,000 transfer after all, at least, not without slamming the couple with a $47,000 tax bill from both the U.S. and Canadian governments…
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 (13,390.19, up 32.08 points):
Acerus Pharmaceuticals Corp. (TSX:ASP). Drug manufacturer. Up eight cents, or 84.21 per cent, to 17.5 cents on 6.3 million shares.
Encana Corp. (TSX:ECA). Oil and gas. Down 21 cents, or 2.68 per cent, to $7.64 on 5.4 million shares.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 20 cents, or 2.86 per cent, to $6.79 on five million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up one cent, or 0.75 per cent, to $1.34 on 4.4 million shares.
Teck Resources Ltd. (TSX:TCK.B). Miner. Up one cent, or 0.10 per cent, to $9.76 on 4.3 million shares.
GeneNews Ltd. (TSX:GEN). Health-care. Up 3.5 cents, or 35 per cent, to 13.5 cents on four million shares.
Companies reporting major news:
Valeant Pharmaceuticals International Inc. (TSX:VRX). Pharmaceutical. Down $3.14, or 7.62 per cent, to $38.07 on 986,822 shares. Shares of the beleaguered Canadian drugmaker plunged again Monday after its CEO was subpoenaed by a congressional committee…
Toronto Stock Exchange (13,390.19, up 32.08 points):
Acerus Pharmaceuticals Corp. (TSX:ASP). Drug manufacturer. Up eight cents, or 84.21 per cent, to 17.5 cents on 6.3 million shares.
Encana Corp. (TSX:ECA). Oil and gas. Down 21 cents, or 2.68 per cent, to $7.64 on 5.4 million shares.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 20 cents, or 2.86 per cent, to $6.79 on five million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up one cent, or 0.75 per cent, to $1.34 on 4.4 million shares.
Teck Resources Ltd. (TSX:TCK.B). Miner. Up one cent, or 0.10 per cent, to $9.76 on 4.3 million shares.
GeneNews Ltd. (TSX:GEN). Health-care. Up 3.5 cents, or 35 per cent, to 13.5 cents on four million shares.
Companies reporting major news:
Valeant Pharmaceuticals International Inc. (TSX:VRX). Pharmaceutical. Down $3.14, or 7.62 per cent, to $38.07 on 986,822 shares. Shares of the beleaguered Canadian drugmaker plunged again Monday after its CEO was subpoenaed by a congressional committee…
How to position your portfolio for a recovery
– moneysense.ca
An inordinate share of the money made by investors in a typical five- to 10-year market cycle materializes in the six months following the bottom. That’s something for Canadians to keep in mind, considering that in January, our stock market entered bear territory, down more than 20% from its peak. In fact, the same is true of most major equity markets around the world, with the notable exception of the United States.
So where should you begin to allocate your risk capital if you anticipate better times ahead? Classical portfolio theory holds that different sectors and asset classes outperform at different stages of the economic cycle. For example, interest-rate-sensitive income stocks and bonds tend to do well coming out of the trough, and more cyclical companies excel later on as the recovery gains steam.
Trying to time these shifts is a fool’s errand. Hence, most investment professionals will tell you to stay diversified and invest for the long term. That means rebalancing your portfolio at least once a year, by selling some of the assets that have done best—and exceeded their model allocation—and buying more of your laggards…
So where should you begin to allocate your risk capital if you anticipate better times ahead? Classical portfolio theory holds that different sectors and asset classes outperform at different stages of the economic cycle. For example, interest-rate-sensitive income stocks and bonds tend to do well coming out of the trough, and more cyclical companies excel later on as the recovery gains steam.
Trying to time these shifts is a fool’s errand. Hence, most investment professionals will tell you to stay diversified and invest for the long term. That means rebalancing your portfolio at least once a year, by selling some of the assets that have done best—and exceeded their model allocation—and buying more of your laggards…
Ex-executive at investment bank charged in $95M fraud scheme
– canadianbusiness.com
NEW YORK, N.Y. – An Ivy League-educated former executive at a New York investment bank was arrested Monday on charges he tried to defraud investors of more than $95 million as he led what a prosecutor called a “shameful charade” to cover his tracks.
Andrew Caspersen, 39, was charged in Manhattan federal court with securities and wire fraud after his Saturday arrest. Prosecutors said he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments from July through March. After an initial court appearance, he was released on $5 million bail.
Dan Levy, a lawyer for Caspersen, declined comment outside court.
Caspersen has homes in New York City and suburban Bronxville, New York. He is the son of Finn M.W. Caspersen, a prominent philanthropist and former chief executive of the financial services firm Beneficial Corp. The elder Caspersen was found dead in 2009 of what authorities said was a self-inflicted gunshot wound.
PJT Partners released a statement saying it was “stunned and outraged” to discover the fraud while Caspersen was a partner in its Park Hill Group…
Andrew Caspersen, 39, was charged in Manhattan federal court with securities and wire fraud after his Saturday arrest. Prosecutors said he scammed clients of PJT Partners Inc. into investing millions of dollars in sham private equity investments from July through March. After an initial court appearance, he was released on $5 million bail.
Dan Levy, a lawyer for Caspersen, declined comment outside court.
Caspersen has homes in New York City and suburban Bronxville, New York. He is the son of Finn M.W. Caspersen, a prominent philanthropist and former chief executive of the financial services firm Beneficial Corp. The elder Caspersen was found dead in 2009 of what authorities said was a self-inflicted gunshot wound.
PJT Partners released a statement saying it was “stunned and outraged” to discover the fraud while Caspersen was a partner in its Park Hill Group…
