Briefly:

(May 23, 2008) The federal government’s budgetary surplus for the past fiscal year slipped $1.2 billion, on a year-over-year basis, but don’t worry, the feds still have more than a little pocket change. The surplus for April 2007 to March 2008 is estimated at $11.7 billion, according to the Ministry of Finance’s latest Fiscal Monitor report.

Revenues climbed by $10.6 billion, largely driven by income tax, but program costs rose by $12.5 billion on higher transfer payments. Debt reduction measures saved $600 million on the cost of servicing the national debt.

This report is not the final word on the past year’s finances, however, as the cost of the Public Transit Capital Trust 2008 and the Police Officers Recruitment Fund will trim another $1.5 billion from the surplus.

IFIC calls for harmonized CRM

(May 23, 2008) The fund industry is calling on the IDA to adopt a flexible approach to performance reporting requirements in its proposed Client Relationship Model.

Pointing out that there are several related issues being addressed by regulators, security commissions, and within the mutual fund industry itself, the Investment Funds Institute of Canada (IFIC) called for more co-operation in crafting a consistent set of rules.

“Many mutual fund companies have already developed meaningful, high quality information in these areas,” said Joanne De Laurentiis, president and CEO of IFIC. “It is essential that the prescriptive nature of some of the proposed requirements not impede this progress.”

(05/23/08)

Staff

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