How the Dow Jones industrial average and other major indexes fared Friday + MORE Sep 12th

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MONTREAL – The first big test many university students face often has more to do with handling their financial affairs, in particular credit cards, than with scholastics. Unfortunately, say credit counselling agencies, it’s one that too often many fail.
While some will handle the monthly obligation, many will eventually become overwhelmed and quickly spiral out of control, says Laurie Campbell, CEO Credit Canada Debt Solutions.
“There are so many first times (for students) that this (a credit card) is just another piece of ammunition for them to get themselves in trouble,” she said in an interview.
Campbell said the credit counselling group sees many young people in their 20s who are struggling with debt racked up during their university years. At least 80 per cent of these clients have credit card debt along with student loans.
Some will vow to use the card solely for emergencies, but weaken their resolve by charging small unplanned purchases…

Toronto StarCanada ratifies China deal, may help smooth relationsDaily MailOTTAWA, Sept 12 (Reuters) – Canada has finally ratified a foreign investment protection agreement with China after a two-year delay in a step that may help ease tensions between the two countries and smooth the way for a possible visit to China by Prime …Harper sell out to China will be locked in – Elizabeth MayNorthumberlandView.caCanada-China investment treaty to come into force Oct. 1CBC.caCanada finally ratifies investment deal with China despite misgivingsWaterloo RecordThe Globe and Mailall 45 news articles »

NEW YORK, N.Y. – The stock market logged its first weekly loss since early August on Friday after a report showed that retail sales in August rose more than economists had forecast. That reinforced expectations that the Federal Reserve could start hiking interest rates sooner than expected.
Dividend-rich utility stocks and energy stocks led the losses.
On Friday:
The Dow Jones industrial average fell 61.49 points, or 0.4 per cent, to 16,987.51
The Standard & Poor’s 500 index rose 11.91 points, or 0.6 per cent, to 1,987.54
The Nasdaq composite dropped 24.21 points, or 0.5 per cent, to 4,567.60
For the week:
The Dow is down 149.85 points, or 0.9 per cent.
The S&P 500 is down 22.17 points, or 1.1 per cent.
The Nasdaq is down 15.30 points, or 0.3 per cent.
For the year:
The Dow is up 410.85 points, or 2.5 per cent.
The S&P 500 index is up 137.18 points, or 7.4 per cent.
The Nasdaq is up 391.01 points, or 9.4 per cent.
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I’ve always believed Canadians should have higher RRSP contribution limits and/or the equivalent space in registered pension plans.
It seems the C.D. Howe Institute agrees, based on this paper released Thursday, and which has already created a fair bit of publicity. I’ve received some emails to the effect that “only the rich” benefit from more RRSP room and that, in any case, low-income earners are better off with TFSAs.
I’ll quote from some of the skeptics below, but first let me reiterate the point that Ottawa will eventually get any tax revenue it may lose by raising RRSP limits now. As any retiree with a substantial RRIF knows, forced annual RRIF withdrawals will be fully taxable and may even result in the clawback of OAS or other benefits. That’s why some question my statement that higher-income earners should welcome more RRSP room.
Two pluses, one minus
I know those with big RRSPs will eventually pay the piper but remember two things. One, several years or decades of deferred and compounded growth on investments is worth a lot…

This GIC rate is offered by Oaken Financial and was updated on 2014-06-06. Click on the link above to get more details or apply online.