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(November 7, 2008) Canadians want to learn more about the tax-free savings account (TFSA) — which will be available to them in January #&151; according to a survey by Scotiabank, with 61% of poll respondents looking for more information.

Several financial services firms are already accepting pre-registration for the account. The Scotia poll found that 40% of respondents who had not already taken advantage of pre-registration are still interested in opening a TFSA.

“Information is vital for Canadians to understand the benefits of the TFSA and how they can incorporate it into their financial plan,” said Gillian Riley, managing director and head of retail deposits, Scotiabank. “As part of our efforts to inform and educate Canadians, we have trained our advisors to be prepared to answer questions and provide solutions around the account. We have also developed an online TFSA calculator that, by asking a few simple questions, can determine how much money an individual can save using the TFSA.”

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2009 should be good for farmers

(November 7, 2008) Next year should be a good one for advisors serving rural Canada, as TD Economics predicts farm incomes will rise in 2009.

The bank points to falling input costs, including the price of fuel and fertilizer, as one side of the equation in predicting healthier farm balance sheets. At the same time, the election of Senator Barack Obama as the next president of the United States is seen as a boost to crop prices, as he is an advocate of ethanol as an alternative to petroleum.

Demand for foodstuffs is expected to remain strong in emerging markets, while the falling Canadian dollar should make our exports more competitive.

But while cash croppers will benefit, the same cannot be said of the livestock side of the industry. Higher crop prices mean feed costs will be higher. Meanwhile, the U.S. has imposed country-of-origin labelling for beef and pork products, which is expected to drive American consumers toward U.S. product.

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AGF Trust pares workforce

(November 7, 2008) AGF Management has confirmed that it has laid off more than 10% of the workforce at its AGF Trust division. The cuts affect about 50 staffers across the country.

“The market volatility has had a significant impact on the financial services industry as a whole, with many institutions responding appropriately to the changing economic times for their business,” said Lucy Becker, vice-president, communications for AGF. “We realigned our Trust structure this week to respond to these market conditions and to help us streamline our operations.”

In a prepared statement, Becker went on to point out that unit’s business is seasonal in nature, and that staff levels are periodically adjusted.

While the current investment climate is hitting all investment managers, investors have little appetite for leveraged investing at this point. AGF Trust provides investment loans and mortgage financing.

(11/07/08)