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(July 31, 2007) Social investing just got a huge boost, as Credential Financial became the country’s first wealth management provider to join the Social Investment Organization.

Joining the SIO as an associate member is a natural move for Credential. Its sister organization, the Ethical Funds Company, is the country’s leading manager of socially responsible mutual funds and has trained more than 600 investment specialists on socially responsible investing.

“Credential has long been part of the SRI industry through its relationship with the Ethical Funds Company,” said Eugene Ellmen, the SIO’s executive director. “By joining the SIO, Credential is actively showing its support for this rapidly evolving and growing investment sector.”

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INVESCO hires new investment strategist

(July 31, 2007) A new investment strategist is joining the INVESCO team. The company recently announced that Diane Garnick, a former strategist at Dresdner Kleinwort, will help bring customized solutions to clients.

“I’m pleased that an industry professional of Diane’s standing is joining INVESCO to assist in providing the types of sophisticated investment strategies that our clients want and have come to expect from us,” says Mark Armour, senior managing director and head of worldwide institutional. “Diane’s arrival is further evidence of our commitment to proactively help our clients achieve their investment objectives.”

Garnick has been in the investment business, on both the buy and sell side, for more than 10 years. She’s been named to the Institutional Investor All-Star team for equity derivatives and quantitative strategies numerous times.

Her past experience includes a stint as a global investment strategist for State Street Global Advisors and a position as a global equity derivatives strategist at Merrill Lynch. She started her career at Deloitte & Touche.

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CRA and Ontario Ministry of Revenue a step closer to harmonization

(July 31, 2007) The Canada Revenue Agency has moved a step closer to becoming the single tax authority in Ontario. The government announced Tuesday that the CRA has signed a human resources agreement with the Ontario Ministry of Revenue, which explains how staff in corporation tax audit, appeals and advisory roles can transfer into new jobs at the CRA.

“In Budget 2007, the Government of Canada made a commitment to reduce the federal paper burden and tax compliance costs for small businesses,” says Carol Skelton, Minister of National Revenue. “Single administration of Ontario’s corporate tax will reduce the compliance burden on the province’s businesses by an estimated $100 million a year in administrative costs alone.”

Skelton says Ontario businesses will notice “tangible benefits” of this union in February 2008, as they start to remit single installment payments to the CRA.

“The hiring of the Ontario employees at the CRA means that corporations will see integrated audit and objections processes in April of next year,” she says. “The single return will follow in 2009 for tax years ending after December 31, 2008.”

When the CRA takes over, businesses will have to follow only one set of rules, fill out one form, and be faced with one audit and one appeals process. The government says businesses will also collectively save $90 million a year in Ontario corporate income taxes as a result of the change.

(07/31/07)

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AIM Trimark renames fund

(July 31, 2007)On Tuesday, AIM Trimark announced it was changing the name if its American Mid-Cap Growth Class fund. Starting August 13, the fund will become the Trimark North American Endeavour Class, and will also change its mandate from a U.S. small/mid-cap product to a North American equity offering.

The company says the change reflects an “expanded universe of investment opportunities” and a broadened mandate should create better returns. Geoff MacDonald and Clayton Zacharias will manage the fund.

AIM Trimark shareholders also approved a change to the Trimark Diversified Income Class and the Trimark Monthly Income Private Pool. Starting August 20, the company will re-designate existing series A and F shares to series T6 and F6 shares for the Monthly Income Private Pool and T8 and F8 shares for the Diversified Income Class.

(07/31/07)