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(October 10, 2006) The British Columbia Securities Commission is following the lead of its neighbour, issuing sanctions against a man who was jailed in Alberta.

Thomas Kim Seto of Edmonton is barred from trading securities and cannot be a director or officer of any publicly-traded company in B.C. until 2017. In 2000, the Alberta Securities Commission banned Seto for illegally soliciting and raising money on the World Stock Exchange, a website Seto founded to act as an online stock exchange.

In 2005, Seto was sentenced to five months in prison and banned for an additional 12 years for breaching the ASC order.

“Seto has not hesitated to cross borders to avoid regulation. Seto is clearly unfit to hold a position of trust as a director or officer,” a BCSC panel said in issuing its decision. “We must deter Seto from engaging in conduct similar to that described above in B.C. or (acting elsewhere) putting at risk the interests of BC investors.”

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Sentry Select teams up with BMO on new notes

(October 10, 2006) Sentry Select Capital has launched a new note designed to replicate the performance of the company’s Canadian income fund. The Bank of Montreal Sentry Select Canadian Income Deposit Notes are composed of an income trust portfolio — managed by Sandy McIntyre — and a bond portfolio.

As of September 30, the Sentry Select Income Fund had a one-year return of 8.8% and a two-year return of 20.2%.

The notes are on sale until December 15. They mature in 2014 and are priced at $100 each with a minimum investment of $2,000.

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Genworth introduces 40-year mortgage

(October 10, 2006) Genworth Financial Canada is now offering mortgages amortized over a 40-year period. The company says the extended mortgage period reduces a borrowers’ monthly payments, enabling more buyers to afford a home.

Insurance for loans under the 40-year program will include a 0.2% premium surcharge for every five years of amortization beyond the traditional 25-year mortgage period.

“As home prices continue to escalate, there is the need for more flexible payment options to make the dream of home-ownership a reality for more Canadians,” said Peter Vukanovich, president of Genworth Financial Canada.

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Ontario and Ottawa sign corporate tax agreement

(October 10, 2006) The federal government and the government of Ontario have reached an agreement under which the feds will collect and administer Ontario’s corporate taxes.

Businesses would make combined payments starting in 2008 and file a single return beginning in 2009 for taxation years ending after December 31, 2008.

“By moving to a single corporate tax collector, we are slashing red tape and reducing up to $100 million in annual compliance costs for Ontario businesses,” said Federal Finance Minister Jim Flaherty.

The federal government already collects corporate income tax for seven provinces and three territories.

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