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(February 28, 2007) On the heels of a busy investing season, the Ontario Securities Commission has introduced a new brochure to help families find out what they should know about Registered Education Savings Plans before they invest.

Developed in response to investor concerns, the RESP Checklist highlights some key areas of research before choosing a plan, including the different types of RESPs, the consequences of missing a payment, which postsecondary programs qualify for an RESP and what happens if the child does not go on to a qualifying program.

“During RRSP season, many families make the bulk of their financial decisions for the year, including how much to allocate for postsecondary education savings,” said Perry Quinton, manager of investor communications at the OSC. “Before you commit to any investment, careful research can help you protect your money.”

The OSC said it is releasing the checklist and some other resources in response to investor inquiries and complaints.

“In many cases, these inquiries and complaints reflected a lack of understanding of how the investment works and its associated risks and costs,” said Quinton. “Given that the RESP market has grown quickly in recent years, we want to help families know exactly what they’re investing in.”

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Late-year declines can’t stop record oil production: StatsCan

(February 28, 2007) Statistics Canada reports that the production of domestic crude oil in Canada hit an all-time high in 2006, due to strength in Alberta’s oil sands.

StatsCan reports that total production last year rose 4.5% from 2005 to a record 152.9 million cubic metres (each cubic metre is equivalent to 6.3 barrels of oil). However, production in December 2006 fell 1.1% from the same month a year earlier.

Offshore production last year in Newfoundland and Labrador declined from 11.5% in 2005 to 11.1% of total domestic production. StatsCan reports the decline was due to a shutdown of the Terra Nova oil field for a significant part of the year. Output last year also fell in British Columbia, which was down 5.0%, and Nova Scotia, which was down 5.9%.

Demand for crude oil declined in 2006, but exports, most of which went to the United States, remained strong. Exports accounted for two-thirds of the total domestic production in 2006, an increase of 12.8% over 2005. About 58.2% of this volume was delivered by pipeline to the U.S. Midwestern states.

StatsCan also reports that natural gas prices fell in 2006. Warm weather was responsible for a 6.5% decrease in domestic sales from December 2005. A 2.3% increase in industrial sales only slightly offset lower residential and commercial sales, which were off 13.9% and 13.7% respectively.

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Former premiers team up on energy strategy

(February 28, 2007) Ralph Klein and Brian Tobin announced in Calgary on Wednesday that a continental energy strategy for Canada will improve regulatory and other government policies, allowing Canadians to derive benefits from energy resources while at the same time protecting the environment.

The two former provincial premiers, who are now senior fellows with the Fraser Institute, laid out the basis for their work on developing a continental energy strategy before attending a tribute dinner for Klein.

“North America is finally awakening to the potential of Alberta’s oil sands. But all across Canada, we have huge, untapped resources for hydroelectricity, natural gas, coal bed methane and uranium. With an energy-hungry neighbour to the south, we need a clear strategy that will allow Canadians to tap the market opportunities before us,” Klein said.

The Continental Energy Strategy Project, which Klein and Tobin will work on through the Fraser Institute’s Centre for Energy Policy Studies in Calgary, will look to define Canada’s role in North America’s tri-national energy market. The project will span several years, during which it will publish a series of research papers, and sponsor conferences and events that will highlight the importance of energy issues.

“With governments at all levels focused on environmental concerns, it’s also critical that policy decisions related to energy complement environmental policies. That will be a critical component of our energy strategy,” Tobin said.

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Standard Life hires Mick Kelly to head retail division

(February 28, 2007) Standard Life has appointed Mick Kelly to the position of vice-president, sales, retail markets.

Kelly will be responsible for the merged Standard Life mutual funds and insurance products distribution teams across the country, with the objective of further consolidating a newly implemented distribution strategy.

Kelly was most recently Standard Life’s regional vice-president for Western Canada in Vancouver. In his new role, he will be based in Calgary.

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(02/28/07)