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(March 31, 2008) Current business owner-managers and potential company successors have a new tool for developing and implementing successful business transfer plans to a new generation of managers and owners.

Developed by HEC Montréal and its partners, the original website [www.fromsuccesstosuccession.com] is intended to be useful to any person thinking about taking over or transferring a business.

“The issues surrounding a successful business transfer are crucial for the business community,” said Michel Patry, director of HEC Montréal, one of the developers of the site. “[With this site] we can provide entrepreneurs a tool that is relevant, complete, and current.”

The site follows three themes: Think, Choose, and Act. Within each theme the website offers potential successors and current owner-managers a framework for thinking and acting that is applicable to the specific situation of the company concerned.

“It is a real working guide that covers the human, strategic, tax, financial, and legal aspects of a business transfer,” adds Louise St-Cyr chair of SME development and succession.

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TD Bank acquisition of U.S.-based Commerce Bancorp complete

(March 31, 2008) TD Bank Financial Group announced it has completed the acquisition of Commerce Bancorp, a U.S.-based retail bank serving customers from Maine to Florida.

With the acquisition, TD now employs more than 74,000 employees, serving approximately 17 million customers in more than 2,100 retail branches across North America.

The deal gives TD almost a third of a trillion dollars in deposits, and ranks TD in the top seven retail banks in North America.

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Securities regulators and credit union educator launch course to fight fraud

(March 31, 2008) Credit union employees will learn how to detect and prevent investment fraud by participating in a new training course developed by a group of securities regulators and the key education provider for credit unions across Canada.

The 30-minute online course teaches employees how to identify common types of investment fraud, recognize warning signs, understand the financial and social impact of investment fraud, and help those who may be at risk.

The course, funded by the securities commissions in British Columbia, Alberta, Manitoba, New Brunswick and Nova Scotia, is one of the new training courses offered by CUSOURCE Credit Union Knowledge Network, the strategic people development organization for the credit union system in Canada.

Credit Union subscribers to CUSOURCE Knowledge Network will have access to the course free of charge.

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Four in 10 Canadians aged 18 to 34 are victims of fraud

(March 31, 2008) According to a study commissioned by the Competition Bureau of Canada, 41% of Canadians aged 18-34 said that they or someone in their household have been a victim of fraud. The study also found that younger Canadians aged 18-34 are less likely (20%) to consider reporting incidents of fraud to police.

The study, conducted in conjunction with Capital One Canada and Fraud Squad TV, was released to mark the end of Fraud Prevention Month.

“Young people are quickly becoming a prime target for fraud. As fraudsters continue to take advantage of new technologies to scam innocent victims, the prominence of technology in young peoples’ everyday lives makes them a likely target for computer-based scams,” says Craig Hannaford, retired RCMP Fraud Investigator and Executive Consultant of Fraud Squad TV. “Feedback from our law enforcement network and our audience indicates that there is a huge gap in educating youth about the dangers of identity theft and fraud. We need to take immediate action.”

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Average bankrupt Canadian, average Canadian

(March 31, 2008) Hoyes, Michalos & Associates Inc. examined approximately 3,000 insolvency filings as part of their presentation to the Senate Committee on Banking, Trading and Commerce. The result was a new study that reveals that “a typical bankrupt is a male, 42 years old. He has one dependent and has a monthly income of around $2,071 and he has total unsecured debt of over $51,000.”

This is virtually the same profile of the average Canadian, said Douglas Hoyes, a trustee with Hoyes, Michalos & Associates Inc.

In Ontario, a record 42,434 bankruptcies were filed in 2007, up 8.2% from 2006.

The study was released to correspond to the federal government’s recent revision of bankruptcy laws. Trustee Ted Michalos commented that “the new laws, when enacted, will provide some relief to bankrupts with student loans and RRSPs, but bankrupts with tax debt or significant monthly income will end up paying more. We expect to see an increase in the number of proposals filed to deal with these debts. The new laws could also alter the profile of those we see filing for bankruptcy.”

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Canadians dream of having no debt

(March 31, 2008) If Canadians had a magic button to rid themselves of the most bothersome aspect in their lives, most would erase credit card debt and mortgage payments first, according to a new Angus Reid Strategies survey sponsored by Intuit Canada, makers of QuickTax.

According to the survey, debt is at the top of Canadians’ deduction wish list, with 26% of respondents choosing to deduct credit card debt from their lives; 22% chose to remove mortgage debt, while 15% opted to lose the extra winter pounds.

(03/31/08)