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Prior to July 7, Canadians forced into bankruptcy could kiss their entire retirement savings goodbye. But thanks to a new rule implemented at the beginning of the month, creditors can no longer raid a client’s RRSP savings. The rules also apply to RRIFs and deferred profit-sharing plans. Terri Williams, CFP and director of educational services […]
By Bryan Borzykowski |October 7, 2008
2 min read
The current federal tax policy that requires seniors to make minimum withdrawals from registered retirement income Funds (RRIFs) no longer makes sense in an environment of increased longevity risk and low interest rates, a study released by the C.D. Howe Institute argues. Currently, after canadians reach age 71, they must transfer their RRSP assets into […]
By Mark Noble |October 7, 2008
1 min read
(October 7, 2008) While many Canadian employers face retirement levels of 20% or more over the next five years, most admit that they are not fully prepared to deal with this important issue, according to a survey. The Human Resources Professionals Association (HRPA)/Life’s Next Steps survey finds that 26% of employers expect up to 20% […]
By Staff |October 7, 2008
4 min read
In one quick move, the entire wealth management industry in Canada has been transformed. Sun Life has agreed to sell its 37% stake in CI Financial Income Fund to Scotiabank. The sale has made Scotiabank a big player in wealth management overnight and presumably gives CI the distribution network it has so long desired to […]
By Mark Noble |October 6, 2008
Implementing a regulatory framework applicable to credit rating agencies that would require compliance with the recently amended code of conduct established by the International Organization of Securities Commissions (IOSCO); Implementing a regulatory framework applicable to credit rating agencies that would require compliance with the recently amended code of conduct established by the International Organization of […]
By Staff |October 6, 2008
Canadian investors lost their nerve in September, yanking up to $5 billion out of mutual funds, according to preliminary estimates by the Investment Funds Institute of Canada. Total net redemptions for the industry were between $4.4 billion and $4.9 billion. “September saw a sizeable decrease in both assets and sales due to the financial situation […]
By Steven Lamb |October 3, 2008
(October 3, 2008) CIBC has reached a deal with a fund led by Cerberus Capital Management that the bank says will significantly reduce its exposure to the American subprime mortgage market. Under the arrangement, the Cerberus fund will invest just over $1 billion US in CIBC’s U.S. residential real estate portfolio, which includes residential mortgage-backed […]
By Staff |October 3, 2008
(October 2, 2008) Russell Investments Canada has announced the appointment of Marsico Capital Management to the management team of the Russell Global Equity Pool, part of the Russell Sovereign Investment Program. Marsico has also been added to the management team of the Russell Global Equity Fund. In both instances, Marsico replaces AllianceBernstein. • • • […]
By Staff |October 2, 2008
With equity markets dropping over the last month, it’s no surprise that 41 Morningstar Fund indices experienced losses in September, while just two — both money market-related — saw near-zero returns. “Equity markets plunged, and investment funds along with them, in the face of the worsening U.S. credit crisis,” says Morningstar Canada in a release. […]
By Bryan Borzykowski |October 2, 2008
As the first non-actuary appointed to head Standard Life, Joseph Iannicelli, chief executive officer of The Standard Life Assurance Company of Canada, is confident his company can compete, both in the Canadian and in the International market. Considered a large global company, Iannicelli wants to put Standard Life front and centre in Canada. Reporter Mark […]
By Mark Noble |October 1, 2008
10 min read
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