Briefly:

(March 27, 2008) Practice makes perfect — or so Canadians seem to think when it comes to spending. A survey released by Bank of Montreal found that 93% consider themselves to be “smart spenders,” and 26% went so far as to say they are “very disciplined.”

Then again, 78% of survey respondents had debts beyond their mortgage, with an average debt load of $29,400.

There is some hope, however, that they might be racking up debt as an investment. When asked what they would do with additional credit, 41% said they would spend it on home renovations, and 34% said they would invest in their retirement savings.

Vancouver residents appeared most concerned with planning ahead, with 45% saying they would use additional credit to invest for retirement. Montreal was home to the most disciplined spenders — as defined by themselves — with 64% saying they did not want to live beyond their means.

RBC’s Caribbean expansion goes ahead

(March 27, 2008) Royal Bank of Canada has cleared a hurdle on its path to expansion in the Caribbean, as shareholders of RBTT Financial Holdings Limited voted in favour of amalgamating with RBC Holdings (Trinidad & Tobago) Limited.

At a special vote held in Trinidad, more than 98% of voters were in favour of the plan, which was initially announced on October 2, 2007. RBC is paying approximately $2.2 billion US for the bank, which is based in Trinidad and Tobago.

The transaction is still waiting for regulatory approval but is expected to close in May or June 2008.

(03/27/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.