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Canada's main stock index just endured worst day of 2019 Mar 23rd
Weak manufacturing data from Europe and then in the United States had investors nervous on both sides of the Atlantic..... More »
Great West Life acquires EverWest in U.S. real estate push + MORE Feb 2nd
TORONTO _ Great-West Lifeco’s real estate arm has acquired the business of Colorado-based EverWest Real Estate Partners, marking its first move into the U.S.
The terms of the deal announced today were not disclosed.
The president of GWL Realty Advisors says the acquisition of EverWest provides.... More »
Making sense of the markets this week: October 15, 2023 + MORE Oct 13th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
Clearly, the biggest world news is the conflict in Israel and Gaza. This week we are holding off discussing the effects.... More »
The Wealthy Barber says Canadians face more opportunities—for profit and peril Dec 9th
David Chilton was down on his luck. In 1988, the aspiring author decided to cash in his RRSP and self-publish a book about a savvy barber who dispenses financial advice—like not to cash in your RRSP—to curious, wisecracking customers. “The one time I was struggling—badly—in finance was whe.... More »
I hate working: What can I do about it? + MORE Jan 29th
Feeling drained, unmotivated or generally unenthused at work? You’re not alone. Many young people, particularly Gen Z, are grappling with job dissatisfaction and financial stress and wonder if they are destined for a loveless work relationship.
With the pressure to succeed on top of a competiti.... More »
Financial literacy programs work—if they’re done right
– macleans.ca
ShutterstockBuilding Canadians’ financial literacy is one important part of our mandate at the Financial Consumer Agency of Canada (FCAC). We define financial literacy as having the knowledge, skills and confidence to make informed financial decisions, and we encourage a healthy debate about how to achieve this outcome.
It’s in this spirit that I’d like to respond to an argument made by Daniel Munro in his recent Maclean’s article, “How financial literacy programs can do more harm than good.”
As a data-driven agency, FCAC’s financial literacy programs, online resources, consumer information campaigns, and outreach are all based on evidence. And our evidence clearly shows that financial literacy programs—when properly designed and implemented—are essential in enriching Canadians’ financial well-being.
Mr. Munro refers to a 2014 analysis to support the view that many financial literacy programs “just don’t seem to work.” But on reviewing this seminal study, our conclusion—and that of the wider research community—is that financial literacy programs do work if done right…
Credit Suisse lands ex-Morgan Stanley managing director
– theglobeandmail.com
Quick courtship of veteran investment banker Ram Amarnath a sign of the importance investment banks attach to covering Canada’s private-equity firms and pension plans
What’s to blame for shrinking stock markets?
– theglobeandmail.com
Amid mass delistings and a wilting market for IPOs, options for investors are vanishing
Harvard program aims to equip Indigenous communities with keys to financial success
– theglobeandmail.com
The new Harvard Business School program spanned four days, attracting students eager to develop investment and governance expertise
What to do if you don’t trust the executor of a will
– moneysense.ca
Q: We are five kids in the family and my sisters and I think my brother, who’s the executor of my parents’ will, will find a way to take everything. How can we protect ourselves?
—Trina
A: Trina, you think your parents’ estate executor may be “somewhat shady”? Is the executor bankrupt, dishonest, a criminal or incompetent? These situations all require different responses.
You must respect your parents’ decision unless there are reasons not to. They choose their executor. I assume this decision was made with a lawyer’s help. So here is what you need to know to protect yourself.
Executors are fiduciaries. They are entrusted to put the interest of the estate before their own. They are required to act honestly and have duties that I will describe. Unfortunately, many trustees lack the skills or knowledge they need.
I tell executors to follow an easy-to-use mantra to administer an estate. Executors need to:
Protect the estate – secure and identify property
Probate the will – sell assets, obtain tax clearance
Pay everyone – pay creditors and beneficiaries
Executor Have Fiduciary Duties
Executor fiduciary duties are often described in positives (“do this”) and negatives (“don’t do that”)…
