Briefly: “Parents tighten purse strings” and more news

Canadians are cutting back slightly on back-to-school spending for their kids, according to a survey conducted for Scotiabank. The study also found that the majority of parents do not budget for elementary and secondary school expenses.

The average Canadian parent with children in preschool through grade 12 plans to spend $293 on back-to-school shopping, a decline of $17 from 2009. Parents also expect to spend an additional $353 throughout the school year, down from $406 in 2009.

Only 25% of parents said they save in anticipation of back-to-school expenses, and 24% said they have budgeted for incidental costs.

While these amounts may sound trivial, the declines signal a broader trend toward lower spending on discretionary items.

“Canadian consumers are likely to remain cautious shoppers for now,” said Adrienne Warren, senior economist, Scotiabank. “Despite the solid pace of job creation and economic growth over the past year, unsettled financial markets and signs of moderating global growth will keep household spending on a modest track.”

– Steven Lamb

• • •

NEI launches Northwest Tactical Yield Fund

Northwest & Ethical Investments has launched a new high yield fund for investors seeking income. The Northwest Tactical Yield Fund is managed by Aviva Investors North America.

The fund provides investors with exposure to a wide range of high-yield securities including corporate bonds, government bonds, dividend-paying shares, REITs, and income trusts. The fund has no geographic constraints.

“We are excited to offer investors a fund that seeks income opportunities across the globe and from any asset class,” said John Kearns, CEO at Northwest & Ethical Investments. “This flexibility, along with fund manager Aviva Investors’ disciplined investment process and risk management expertise, will provide conservative investors with the potential for higher income and excellent downside protection.”

Aviva Investors North America is also the manager of the Northwest Specialty High Yield Bond Fund and the Northwest Specialty Global High Yield Bond Fund.

– Steven Lamb

• • •

OSC seeks new members for committee

The Ontario Securities Commission has put the call out for new applications for membership on its Continuous Disclosure Advisory Committee (CDAC). The committee is made up of 15 members, meets five times a year, and members serve a two year term.

Selection is based on extensive knowledge of continuous disclosure issues and a strong interest in related policy.

Representatives of reporting issuers, industry associations, advisors, investing organizations and any other interested persons are invited to apply in writing for membership on the CDAC. Applications and questions regarding the committee may be forwarded to:

Kelly Gorman Deputy Director, Corporate Finance Ontario Securities Commission 416-593-8251 kgorman@osc.gov.on.ca

(09/01/10)