Equifax CEO Richard Smith steps down, less than three weeks after the credit reporting agency disclosed a damaging hack to its computer system that exposed highly sensitive information for about 143 million Americans, as well as 100,000 Canadians and 400,000 in the United Kingdom.

Equifax CEO Richard Smith stepped down Tuesday, less than three weeks after the credit reporting agency disclosed a damaging data breach that exposed highly sensitive information for about 143 million Americans.

NEW YORK _ Credit reporting agency Equifax is ousting CEO Richard Smith in an effort to clean up the mess following a data breach that exposed highly sensitive information about millions of consumers in the United States, United Kingdom and Canada.
Smith’s sudden departure comes less than three weeks after Equifax revealed that a security breach had exposed sensitive information about 143 million in the United States..
It later said about 100,000 Canadian consumers may have had their personal information compromised in the massive cyberattack, in addition to 400,000 in the United Kingdom.
Equifax said hackers exploited a software flaw that the company didn’t fix to heist Social Security or Social Insurance numbers, birthdates and other personal data that provide the keys to identify theft.
Although many analysts had applauded Equifax’s performance under Smith, who had been CEO since 2005, he and the rest of his management team had come under fire for lax security and its response to the breach…

Chefs Gordon Ramsay and Antonio Park with Amex’s David Barnes at this morning’s Amex Cobalt launch eventAs we mentioned yesterday, we said Tuesday would be busy and that was strictly due to the launch of the New American Express Cobalt Card! If you follow us in Twitter and Instagram you’ll have seen our photos from the launch event but we also had our earlier blog post and the card has been placed on many of our resource pages. Here is the complete list of pages where you can find the details of this new card on Rewards Canada: Introducing the American Express Cobalt Card – this card is simply amazing Rewards Canada’s review of the American Express Cobalt CardCredit Card Comparison – All Canadian Travel Rewards CardsCredit Card Comparison – Hybrid Travel Rewards CardsAmerican Express Bonus Offers PageAll Credit Card Sign Up offers pageThe card will be placed on other pages as well as time allows plus we’ll need to update several of our Ultimate Credit Card portfolios now as this card will make those change…

The fate of the Virgin America rewards program is unclear as it merges with Alaska Airlines

The Canadian Imperial Bank of Commerce is taking over President’s Choice Financial bank accounts with a new online brand as it responds to the continuing trend towards digital banking.

Vice chair of the Federal Reserve said that there are troubling signs of a drive to return to the status quo that preceded the 2008 financial crisis

CIBC and PC Financial are breaking up a 20-year banking marriage and divvying up the assets — news one financial expert says isn’t necessarily a good or bad thing for consumers.

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Prime Minister Justin Trudeau can’t have been expecting serious opposition to his announcement that arguably the most prized piece of vacant real estate in Canada—the former U.S. embassy building directly across from the Parliament Buildings—will be turned into an Indigenous centre.
But opposition is what he’s getting, at least from the Indigenous Task Force of the Royal Architectural Institute of Canada. Made up mainly of Indigenous architects, architecture students and academics, the task force says the empty beaux-arts beauty at 100 Wellington Street is all wrong as a showcase for First Nations, Métis and Inuit culture.
Those who admire the building, with its marble and mahogany and classical lines, might find it hard to imagine anyone turning down the chance to exploit its obvious aura of prestige and power. It served as the U.S. embassy from the time it was completed in the early 1930s until the Americans moved to a new, bigger Ottawa building in 1999…

Making a sale is so much easier than making a loyal customer. That’s especially true in Canada where three out of four Canadians have likely switched away from one of their preferred brands in the past year. A Maclean’s Canada Project poll asked “Are you willing to pay more for a brand name or are you happy using no-name versions?” Only 35 per cent said they would pay more for a brand name while almost two-thirds would not.
 
Who are those people who love brands the most? Two groups were willing to pay more: Immigrants and Gen-Xers. The poll showed that 55 per cent of immigrants were more likely to pay more for brands versus 44 per cent of first generation Canadians.
Bernice Cheung, vice-president of Financial Services and Cultural Markets at Environics Research in Toronto offers a logical reason for the brand appeal to immigrants.  “Food fraud is prevalent in some countries,” she explains, citing steroid and other kinds of additives. “You will often find foods that aren’t real food in Asian countries…

The post How to buy quality dividend stocks appeared first on MoneySense.

Sears Canada’s stock has plunged this morning following a news report that it’s preparing to seek bankruptcy protection within weeks.

Sears Canada’s stock has plunged this morning following a news report that it’s preparing to seek bankruptcy protection within weeks.

Shares in Kinder Morgan’s Trans Mountain pipeline expansion fell in their debut on the Toronto Stock Exchange as political uncertainty swirled around the project.About 15 minutes after the opening bell, the newly listed shares were trading at $15.77, down 7.24 per cent from the $17 they were priced at in their initial public offering.

Toronto StarKinder Morgan Canada says pipeline expansion will proceed in BCToronto StarShares in Kinder Morgan Canada dipped to as low as $15.75 before recovering somewhat to $16.33 in late morning trading, while the future of the Trans Mountain Expansion has been clouded in doubt. Pipes are seen at the Kinder Morgan Trans Mountain …Kinder Morgan Canada shares fall in debut amid political uncertainty in BCCBC.caCSIS report on Trans Mountain describes 'violent confrontations' over resource developmentNational PostKinder Morgan's Canadian unit debuts below IPO price on TSXThe Globe and MailCalgary Herald -Globalnews.ca -CityNews -TheChronicleHerald.caall 184 news articles »

The pension fund is taking a 40-per-cent stake in Aerostar Airport Holdings, the operator of Puerto Rico’s largest flight hub

Rarely has an IPO drawn as much political attention as Kinder Morgan’s sale of its Canadian unit, a deal designed to fund the Trans Mountain pipeline expansion. At $1.75 billion, the public market debut of Kinder Morgan Canada (TSX:KML) is on track to be the fourth most valuable in Canadian history.
Here’s a look back at some of the biggest IPOs in Canada since Manulife Financial went public for $2.49 billion in 1999. The figures, based on data provided by Thomson Reuters, include proceeds raised through over-allotments:
Sun Life Financial: $1.89 billion in 2000. Soon after Manulife’s blockbuster IPO, fellow insurer Sun Life Financial followed suit. It listed on the Toronto market in March 2000, one of a wave of so-called demutualizations by insurers in 1999 and 2000. Other insurers that went public around that time include Clarica, which Sun Life took over in 2001, and Canada Life Financial, which was purchased by Great-West Lifeco in 2003. The stock debuted below $14 and rose to more than $55 by 2007…

Q: I have a mortgage of $120,000 with an interest rate of 2.25% variable.
I have some monies which I move around depending on the interest I get with the bank.
My income is $48,000.
I have some monies in TFSA. With these monies, I could pay off half my mortgage.
Should I pay off my mortgage partly or continue as is?
—Jane
A: The question of whether to pay down your mortgage or invest is an age old one in Canadian personal finance lore, Jane. There are varying opinions. Some people even suggest borrowing to invest à la “Smith Manoeuvre.”
I’m generally not a big fan of borrowing to invest, as I feel most investors don’t have the temperament, patience or risk tolerance to ensure it is worthwhile. Often those who borrow to invest are convinced to do so by mutual fund salespeople and the high fees on their investments negate much or all of the potential benefit anyway.
Ask a Planner: Leave your question for Jason Heath »
The thing is, Jane, you are indirectly borrowing to invest right now…

Trump meeting with GOP House and Senate leaders in early March (AP)
This should be the Republican party’s moment of triumph. Against the expectations of every pollster in America, their man was elected president. Making it even sweeter, he did it by defeating the GOP’s greatest nemeses, the Clintons. The party now controls the White House and both houses of Congress. This is only the second time in 60 years that their stars have aligned like this.
It gets even better. The new president will be appointing the next Supreme Court justice and possibly as many as three more over his term, stacking the court for a generation. At the state level, almost two-thirds of the legislatures are now controlled by Republicans—one more and they will have the supermajority needed for constitutional amendments. And, the new president is inheriting one of the strongest economies in decades, with a sky-high stock market and record job growth. According to an analysis by RealClearPolitics, this is the strongest the Republican party has been in 80 years…

Source Energy Services Ltd. is moving along with its plans to IPO, while STEP Energy Services Ltd. is delaying its public debut amid falling oil prices

Is it possible for investors to focus too much on fees? This might sound like heresy coming from a long-time advocate of Couch Potato investing. Low cost is a pillar of the strategy, but when you consider all the costs of investing, management fees and trading commissions are not the only items on the list. They may not even be the largest drag on your returns.
Back in January, MoneySense ran a feature called The Ultimate Couch Potato Guide, where we weighed the trade-offs between cost and convenience. We considered three options:

The Tangerine Investment Funds are balanced index funds that offer “one-stop shopping” for a fee of 1.07% annually
The TD e-Series is a family of four individual index mutual funds you can combine to build a balanced portfolio with a fee of about 0.45%
Exchange traded funds (ETFs) come in enormous variety and allow you to build a highly customized portfolio for 0.15% or less

Alongside the article, we included a quiz that asked investors a series of questions and then suggested the option we felt would be most appropriate to their situation…

Canada’s financial consumer watchdog is launching a review of business practices among the major banks following reports citing unnamed employees who alleged the lenders were signing customers up for services without their consent.

OTTAWA— Canada’s financial consumer watchdog said on Wednesday it was launching a review of business practices among the country’s major banks following reports citing unnamed employees who alleged that the lenders were selling services without the consent of their customers.
Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada, said she is concerned by the allegations and issued a statement reminding the lenders of their obligations to obtain prior consent before increasing credit limits and providing clients with new products.

TD Bank shares down amid sales target allegations »

“Financial institutions’ compliance with these rules is non-discretionary and the message must be disseminated from the boards of directors on down to customer-facing staff,” Tedesco said.
“Through the industry review we are announcing today, we will examine financial institutions’ business practices in relation to express consent and disclosure, including the identification of any factors that may be contributing to non-compliance…

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OTTAWA – Canada’s financial consumer watchdog said on Wednesday it was launching a review of business practices among the country’s major banks following reports citing unnamed employees who alleged that the lenders were selling services without the consent of their customers.
Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada, said she is concerned by the allegations and issued a statement reminding the lenders of their obligations to obtain prior consent before increasing credit limits and providing clients with new products.
“Financial institutions’ compliance with these rules is non-discretionary and the message must be disseminated from the boards of directors on down to customer-facing staff,” Tedesco said.
“Through the industry review we are announcing today, we will examine financial institutions’ business practices in relation to express consent and disclosure, including the identification of any factors that may be contributing to non-compliance…

Canada’s financial consumer watchdog is launching a review of business practices among the major banks following reports citing unnamed employees who alleged the lenders were signing customers up for services without their consent.

Employees from all five of Canada’s big banks have flooded Go Public with stories of incredible pressure to meet sales targets — at any cost.

CBC.caConsumer watchdog launches bank review in wake of CBC storiesCBC.caCanada's top consumer watchdog says it is reviewing business practices at Canada's federally-regulated charter banks starting next month, following a CBC investigation that has uncovered reports of troubling sales practices at Canada's major financial …Canadian banks face increased scrutiny under Financial Consumer Agency investigationBNNFinancial Consumer Agency Probes Canadian Banks After TD AllegationsHuffington Post CanadaCanadian Banks Under Review on Report of High-Pressure TacticsBloombergall 13 news articles »

CBC.caConsumer watchdog launches bank review in wake of CBC storiesCBC.caCanada's top consumer watchdog says it is reviewing business practices at Canada's federally-regulated charter banks starting next month, following a CBC investigation that has uncovered reports of troubling sales practices at Canada's major financial …Canadian banks face increased scrutiny under Financial Consumer Agency investigationBNNFinancial Consumer Agency Probes Canadian Banks After TD AllegationsHuffington Post CanadaCanadian Banks Under Review on Report of High-Pressure TacticsBloombergall 13 news articles »

A million-dollar mansion in Canada may be anything but that, according to a report released today by a Canadian real estate company.

Murray Leith describes his firm’s current investment philosophy in a Trump era and why they sold UPS to buy Amazon

An international group representing oil-importing countries warns that the global supply of oil could fall short of demand after 2020 and push prices higher.
There is a worldwide glut of oil now, and the International Energy Agency says the supply looks adequate for the next three years thanks to rising production in the U.S. and a few other nations.
But the group says that supply growth will slow after 2020, with a drop in spare production capacity expected unless new projects are approved soon.
Investment in new projects fell during a slump in oil prices that began in mid-2014. In addition, OPEC members agreed to short-term cuts to boost prices.
Global energy demand is still rising, with about half the increase in China and India, but it’s growing at a slower rate than a few years ago.
The international group, whose members include the U.S. and other oil-importing nations, issued its latest five-year forecast at a major energy conference Monday in Houston.
Oil prices bottomed in early 2016 below $30 a barrel but have risen into the mid-$50s…

Daniel Kahneman and Amos Tversky’s 1960s work on busting the myth of rationality was foundational. Michael Lewis's biography of the duo reminds us that their insights strongly resonate today — especially when it comes to the investment world

An historic manor in rural Nova Scotia that captivated social media users with its ornate finishes and rustic charm has sold over asking _ and it may have coattails for other well-priced prestige properties in the province.
The 107-year-old Mounce Mansion in Newport Landing was listed last month at $434,900 and sold for $455,000, though the deal has not yet been closed.
Wanda Graves of Eastern Valley Real Estate said Monday she was stunned the home attracted so much attention, with dozens of inquiries coming in from across the country, the United States and even Ireland after it was listed Feb. 6.
In less than a week, views of the listing surpassed one million on the company’s website and its Facebook post had been shared more than 36,000 times within days.
Graves said her office and cellphone were flooded with calls after the listing went up, adding that her line would beep incessantly as she fielded up to 60 calls a day at a time of year that is usually sluggish in the real estate market…

Lacey Hamilton hopes to attend the 2018 Winter Olympics in Pyeongchang, South Korea to cheer on the Canadian athletes. To save for the trip, the 22-year-old Mississauga resident drops spare change and $5 bills into a 0.9-litre mason jar that she empties into a savings account when it becomes full.

This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
In January, people tend to cut back on certain expenses as they rehabilitate their credit and make up for overspending during the holidays. Less shopping, less restaurant visits, less entertaining… The effects that overspending have on lifestyle are usually pretty apparent.
But what many may not realize is how a bad credit choice can have a huge, long-term impact on your credit score. Some of these choices may seem harmless upfront, but they’ll ultimately make it harder to qualify for a low interest rate when you borrow money, whether it be for a car, your tuition or even a house.
If your credit cards are getting a workout this month, here are some common credit mistakes you may have made and some suggestions on how to fix them…

Although travel doesn’t have to be expensive, it’s definitely worth asking yourself; can I afford a vacation? Sometimes it’s a pretty straightforward answer, but in many situations, it’s not that simple since we all have individual priorities. Maybe money is tight, or perhaps saving for retirement might be a better idea; then again we shouldn’t ignore the emotional benefits of taking a vacation.
I totally recommend that people take vacations. The experience alone is worth it, but I also think it’s worth travelling whenever you can since we’ll never know what will happen in the future. That being said, travel does cost money so you definitely need to consider a few things before you book that trip.
The only things that matter
Outstanding consumer debt – Can I afford a vacation? Not if you have any outstanding consumer debt. The interest rate on credit cards averages 20%, while unsecured and auto loans can approach double digits too. These kinds of debts are absolutely crippling…

TORONTO _ The Canadian Federation of Independent Business says it is concerned that a deal struck between Walmart Canada and Visa over merchant fees could lead to higher costs for smaller businesses.
Details of the agreement, which ended a months-long dispute between the two corporate behemoths, have not been provided by the companies.
But CFIB president Dan Kelly says he suspects Walmart was able to negotiate a reduction in merchant fees.
Kelly says typically a good deal for one big company can mean bad news for small businesses, as Visa and the banks could look to make up the difference by raising the merchant fees charged to other companies.
He says he will be keeping a close eye on the situation and will continue to lobby both Visa and MasterCard for lower merchant fees for small- and medium-sized companies.
The federation represents over 109,000 business owners across the country.
In July, Walmart began refusing Visa credit cards at its three stores in Thunder Bay, Ont., citing excessive fees…

Corporate behemoths Walmart Canada and Visa have declared a truce in their dispute over merchant fees, allowing Walmart customers in Manitoba and Thunder Bay, Ont., to resume using the credit card beginning Friday.

The Winnipeg-based firm says the China Asset Management Co. deal will diversify its business outside of Canada

Wall Street flat amid technology stock losses.

A new report from CIBC says about half
of Canadians aren’t taking sufficient
steps to stay on top of their financial
priorities in the coming year.

(Illustration by Iker Ayestaran)
Investors are an obsessive bunch. They get preoccupied with all sorts of things—elections, central bank policies, the weather—but nothing has dominated investor thinking as much lately as bond rates and income stocks. Since the Great Recession, fund managers have been talking about rising fixed-income yields and their impact on equities and, more specifically, dividend-paying companies. Numerous experts have said that in a rising rate environment, investors should sell off their utilities, telecoms, real estate investment trusts (REITs) and other interest-rate-sensitive equities that they’ve been overweighting all this time.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}The U.S. Fed’s interest rate hike is a message: inflation is back
Up until now, this issue has mostly been watercooler fodder, but with the Federal Reserve having raised rates in December and Donald Trump’s election victory causing the 10-year treasury yield to spike by 19% since election day, many investors are now reducing their exposure to these rate-sensitive sectors…

At this festive season of the year it is more than usually desirable that we should make some slight provision for the poor and destitute, who suffer greatly at the present time. Many thousands are in want of common necessaries; hundreds of thousands are in want of common comforts.
Those are the slightly paraphrased words of one of the “portly gentlemen” in Mr. Dickens’ A Christmas Carol. They asked Mr. Scrooge for a donation and got an earful in exchange. But, now that Christmas has passed, its spirit has no doubt inspired even the meanest of us to spare a few thoughts for the less fortunate.
When you’re thinking about giving to a good cause you should consult the MoneySense Charity 100, which grades some of the largest charities in the land.
But, as is my habit, I recently asked around for a few less formal recommendations at a couple of online investment forums.
The index-oriented crowd over at the Financial Wisdom Forum favoured giving to the Mennonite Central Committee and Doctors Without Borders/Médecins Sans Frontières…