ITT Tech shutters all campuses after federal aid sanctions + MORE Sep 6th

Investor group includes British Columbia’s pension fund and Chinese and Singaporean sovereign wealth funds CIC and GIC

The for-profit college chain ITT Technical Institute is shutting down all 130 of its U.S. campuses, saying Tuesday it can’t survive recent sanctions by the U.S. Department of Education.
In a letter to more than 35,000 students, the Indiana-based parent company ITT Educational Services announced that campuses won’t open for the fall term that was scheduled to begin Sept. 12 — leaving students scrambling for last-minute options since many U.S. colleges already have started fall classes. ITT also cut more than 8,000 jobs immediately.
The chain was banned Aug. 25 from enrolling new students who used federal financial aid, because, Education Department officials said, the company had become a risk to students and taxpayers. The department also ordered ITT to pay $152 million within 30 days to help cover student refunds and other liabilities if the chain closed.
Days before those sanctions were announced, ITT’s accreditor reported the chain had failed to meet several basic standards and was unlikely to comply in the future…

A roundup of investment ideas for active investors

Q: I am 66 and retired with no defined benefit pension – just CPP and OAS. I do have RRSPs, both in savings and in mutual funds. I own my own home and it’s mortgage-free. I have some TD shares and Bell shares which are not within the RRSP portfolio.
My question is…in the future when I need funds, is it better to cash in some shares or to cash in from the RRSP?
I want to be sure that what I do is the most efficient for tax purposes (for example my roof needs re-shingling next year, costing approximately $10,000).
—Julie
A: Without knowing all the facts, Julie, it’s hard to give you a perfect “how-to” in your case, but I can give you a number of different considerations.
If you have a spouse, depending on their sources of income, my answers might change. But I’ll assume you’re single since you didn’t mention a partner.
Depending on the amount of your CPP and OAS pensions, you may be entitled to additional government benefits like Guaranteed Income Supplement (GIS), the GST/HST credit and based on your province of residence, various provincial tax credit and incentive programs…

In the midst of the recession it was extremely difficult to set yourself goals. The level of uncertainty was such that for many it was a matter of survival. Holding on to a job was the main goal in life simply so that you could meet your regular bills and feed the family. There were plenty of people that found this impossible and there are still many challenges to face. The first challenge which will help you face the others is to set yourself goals for the future and thereby provide you with a strategy for financial success.
It inevitably involves a little guesswork and is likely to need to adapt as the future becomes the present and circumstances change. Here are 6 things to think about in the whole process and they are things that should remain in the back of your mind along your journey in life:

Your best estimates are the only way you can start but make sure you include everything including your small daily spending because it adds up over a month.
Change targets when circumstances require it…