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What should I do with physical share certificates? + MORE Oct 21st
A MoneySense reader writes:
When my spouse was a kid, his dad gave him a few physical share certificates of BCE. But this was a long time ago, and he didn’t do anything with them. In fact, he didn’t even know where the actual certificates were.
Recently, he came across the actual sha.... More »
The humiliation, and comeback, of Michael Cooper + MORE Mar 9th
Knocked down by the Alberta slump, a real estate star rebuilds, slowly
.... More »
Are investment fees tax deductible? + MORE Aug 23rd
Q: I pay a few thousand dollars in monthly fees to the various RRSP funds that I have—all with one institution and at a preferred rate. Since these fees are to earn money, are they an allowable tax deduction?
—Jerry
A: Fees paid to a financial institution may be tax deductible, Jerry. It depe.... More »
Single, no pension? Here’s how to plan for retirement in Canada Jul 3rd
Being single in retirement has some financial obstacles. Some people are single as they enter retirement. Others become single due to divorce or death prior to or after retiring. Here are some considerations for planning your retirement as a singleton, especially if you have no defined benefit (DB) .... More »
Elon Musk claims new baby with Grimes is named ‘X Æ A-12’ - Global News May 5th
Elon Musk claims new baby with Grimes is named ‘X Æ A-12’ Global NewsTesla's Elon Musk Puts Two Homes on Market Bloomberg TechnologyElon Musk and Grimes welcome baby CTV NewsElon Musk Isn’t Sure About Tesla Stock BloombergI never thought I’d agree.... More »
New cryptocurrencies offering more than just a way to pay for things online
– canadianbusiness.com
The success of bitcoin has spurred the launch of hundreds of copycat digital payment systems looking to cash in on the popularity of the cryptocurrency.
But now a new generation of digital assets are gaining momentum, offering to do more with blockchain _ the technology that powers bitcoin as a currency _ than just allow a way to pay for things online using virtual Internet money.
Ethereum, one of the biggest cryptocurrencies after bitcoin, has emerged as one of these up-and-coming alternatives, says Bitaccess co-founder Moe Adham, whose company provides software services for financial technology businesses using blockchain.
“It’s a different type of digital currency that has different properties and allows people to do interesting things,” said Adham.
Even the Bank of Canada, together with several other partners, have started to look at whether blockchain technology could be used for wholesale payment systems to move enormous dollar amounts daily. They found that while it may be possible in the future, concerns over issues such as privacy must still be addressed…
But now a new generation of digital assets are gaining momentum, offering to do more with blockchain _ the technology that powers bitcoin as a currency _ than just allow a way to pay for things online using virtual Internet money.
Ethereum, one of the biggest cryptocurrencies after bitcoin, has emerged as one of these up-and-coming alternatives, says Bitaccess co-founder Moe Adham, whose company provides software services for financial technology businesses using blockchain.
“It’s a different type of digital currency that has different properties and allows people to do interesting things,” said Adham.
Even the Bank of Canada, together with several other partners, have started to look at whether blockchain technology could be used for wholesale payment systems to move enormous dollar amounts daily. They found that while it may be possible in the future, concerns over issues such as privacy must still be addressed…
Buffett’s company lends $1.5B to Home Capital, invests $300M
– canadianbusiness.com
Warren Buffett’s company is lending $1.5 billion to Home Capital and spending roughly $300 million to purchase nearly 40 per cent of the troubled Canadian lender’s stock.
Berkshire said Thursday that the credit line will carry a relatively hefty 9 per cent interest rate once Berkshire completes its initial stock investment later this month. The rate is similar to what Berkshire charged on loans it made during the financial crisis to companies including Goldman Sachs and General Electric.
Toronto-based Home Capital has struggled with liquidity issues since Canadian regulators announced in April they were investigating the mortgage lender.
“Home Capital’s strong assets, its ability to originate and underwrite well-performing mortgages, and its leading position in a growing market sector make this a very attractive investment,” Buffett said.
Berkshire is also getting a discount on Home Capital’s stock. Buffett’s company will pay roughly $10 Canadian per share…
Berkshire said Thursday that the credit line will carry a relatively hefty 9 per cent interest rate once Berkshire completes its initial stock investment later this month. The rate is similar to what Berkshire charged on loans it made during the financial crisis to companies including Goldman Sachs and General Electric.
Toronto-based Home Capital has struggled with liquidity issues since Canadian regulators announced in April they were investigating the mortgage lender.
“Home Capital’s strong assets, its ability to originate and underwrite well-performing mortgages, and its leading position in a growing market sector make this a very attractive investment,” Buffett said.
Berkshire is also getting a discount on Home Capital’s stock. Buffett’s company will pay roughly $10 Canadian per share…
Toronto stock index rises in broad based advance, major commodity futures up
– canadianbusiness.com
Canada’s leading stock index was higher in morning trading today in a broad-based advance.
The Toronto Stock Exchange’s S&P/TSX composite index was up 97.91 points to 15,246.44 after 90 minutes of trading.
In New York, the Dow Jones industrial average gained 28.36 points to 21,438.39, the S&P 500 index added 2.84 points to 2,438.45, and the Nasdaq composite index was up 4.85 points to 6,238.81.
The Canadian dollar was trading at 75.63 cents US, up from Wednesday’s average price of 75.13 cents US.
The August crude contract was up 59 cents at US$43.12 per barrel and the July natural gas contract was up four cents at US$2.93 per mmBTU.
The August gold contract was up $5.60 to US$1,251.40 an ounce and the July copper contract was up one cent at US$2.61 a pound.
The post Toronto stock index rises in broad based advance, major commodity futures up appeared first on Canadian Business – Your Source For Business News.
The Toronto Stock Exchange’s S&P/TSX composite index was up 97.91 points to 15,246.44 after 90 minutes of trading.
In New York, the Dow Jones industrial average gained 28.36 points to 21,438.39, the S&P 500 index added 2.84 points to 2,438.45, and the Nasdaq composite index was up 4.85 points to 6,238.81.
The Canadian dollar was trading at 75.63 cents US, up from Wednesday’s average price of 75.13 cents US.
The August crude contract was up 59 cents at US$43.12 per barrel and the July natural gas contract was up four cents at US$2.93 per mmBTU.
The August gold contract was up $5.60 to US$1,251.40 an ounce and the July copper contract was up one cent at US$2.61 a pound.
The post Toronto stock index rises in broad based advance, major commodity futures up appeared first on Canadian Business – Your Source For Business News.
Foreign home buyers surge 37 per cent in Montreal on growth in Chinese purchases
– canadianbusiness.com
Canada’s federal housing agency says the number of foreign buyers in the Montreal area surged by 37 per cent in the first four months of the year.
The 236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions from January to April, the Canada Mortgage and Housing Corp. said in a report.
That’s up from 172 deals representing 1.3 per cent of total sales a year earlier during the same time period.
By comparison, home purchases by foreign buyers in the Vancouver area have hovered around three to four per cent of all transactions since the introduction of a 15 per cent foreign buyers’ tax last August. In the Toronto area, about five per cent of transactions were made by foreigners before a tax was added in April.
Buyers from China accounted for the strongest growth in Montreal, representing 17 per cent of all foreign buyers, up from less than 10 per cent in the first quarter of 2016.
The number of buyers from China more than tripled since the adoption of the Vancouver tax, while the number of French and American buyers increased by about 33 per cent…
The 236 purchases by foreigners accounted for 1.8 per cent of all real estate transactions from January to April, the Canada Mortgage and Housing Corp. said in a report.
That’s up from 172 deals representing 1.3 per cent of total sales a year earlier during the same time period.
By comparison, home purchases by foreign buyers in the Vancouver area have hovered around three to four per cent of all transactions since the introduction of a 15 per cent foreign buyers’ tax last August. In the Toronto area, about five per cent of transactions were made by foreigners before a tax was added in April.
Buyers from China accounted for the strongest growth in Montreal, representing 17 per cent of all foreign buyers, up from less than 10 per cent in the first quarter of 2016.
The number of buyers from China more than tripled since the adoption of the Vancouver tax, while the number of French and American buyers increased by about 33 per cent…
Berkshire Hathaway buys into Home Capital
– macleans.ca
The entry to the Home Capital Group’s headquarters is seen at an office tower in the financial district of Toronto, Ontario, Canada May 1, 2017. Picture taken using a wide angle lens. (Chris Helgren/Reuters)
TORONTO – Home Capital Group Inc. says American investment firm Berkshire Hathaway Inc. has agreed to indirectly acquire $400 million of its common shares in a private placement and provide a new $2 billion line of credit to its subsidiary, Home Trust Company.
Berkshire, through its wholly-owned subsidiary Columbia Insurance Company, has agreed to make an initial investment of $153.2 million to purchase just over 16 million common shares, which represents an equity stake of approximate 19.99 per cent in Home Trust.
RELATED: The war for control of the Home Capital story
Each common share will be issued at $9.55 per common share, which equals a 15 per cent discount to the five-day volume-weighted average price of the shares on the Toronto Stock Exchange as of June 13 when Bershire Hathaway, the firm led by famous American investor Warren Buffett, made its final proposal to the company…
