Industry News

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2006 fund sales expected to come in at $21 billion

December capped off another strong year for mutual fund sales in Canada, according to preliminary data from IFIC. Net sales for the month are expected to be between $3 billion and $3.5 billion, compared to $1.7 billion in December, 2005. If the numbers hold up when IFIC releases its final tally later this month, net […]

By Doug Watt |January 3, 2007

2 min read

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(January 2, 2007) The Office of the Superintendent of Financial Services has announced the termination of an agreement with CIBC that required the bank to employ an independent auditor to oversee all of its business operations in the U.S. The agreement was struck in December 2003 and was limited to a three-year period. The agreement […]

By Staff |January 2, 2007

2 min read

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CEO pay out of control: study

Among many corporate governance concerns, the one that resonates best with the average Canadian is probably excessive executive pay and perks. Actual illegal activity — be it backdating of options or outright fraud on the balance sheet — somehow pales in comparison to what executives can earn through legal means. A study released by the […]

By Steven Lamb |January 2, 2007

2 min read

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(December 29, 2006) Federal Minister of Finance Jim Flaherty has announced a proposal “to improve the taxation of financial institutions by better aligning the current tax rules with new accounting standards.” The accounting standards, set out by the Accounting Standards Board, came into effect on October 1, 2006. Details of the proposed tax changes are […]

By Staff |December 29, 2006

2 min read

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Canadian dollar polarizes expert opinions

(December 29, 2006) The Canadian dollar could remain volatile in 2007, a virtual currency-rate roller-coaster, according to experts, or it could show a surprising amount of stability with several forces boosting the Canadian dollar and dragging down the American dollar. On the roller-coaster side of forecasts, Toronto-based Guardian Group of Funds predicts that the U.S. […]

By Al Emid |December 29, 2006

3 min read

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(December 28, 2006) Midnight on December 31 is the last chance for clients to make charitable contributions for the 2006 tax year. Fortunately, technology is making the process easier for those interested in making last-minute contributions. “Our goal is to make giving simple, fast and flexible,” says Jason Cote, executive director of CanadaHelps.org, an online […]

By Staff |December 28, 2006

3 min read

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Experts cautiously optimistic for 2007

A little choppy, but no shipwreck seems to be the general sentiment for the year ahead in the economy and the markets. While there are clouds on the horizon in the form of the ongoing correction in the U.S. housing markets, experts are expressing guarded optimism about 2007. Peter Hodson, senior portfolio manager with Sprott […]

By Patrick Metzger |December 28, 2006

4 min read

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(December 27, 2006) The U.S. economy is on track to shake off the slumping housing market and avoid a recession in 2007 while Canada continues to work through a moderate, albeit short-lived, slowdown, according to Laurentian Bank Securities economists. According to Carlos Leitao, Laurentian’s chief economist and strategist, the U.S. housing market will undergo only […]

By Staff |December 27, 2006

4 min read

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Small dealers resign from the MFDA en masse

The Mutual Fund Dealers Association of Canada could be on a path to becoming a self-regulatory organization without any members to oversee. The number of MFDA member firms is dropping at a rate of approximately 10% a year, down from a high of about 220 firms in 2002 to its current level of 170. And […]

By Mark Brown |December 27, 2006

6 min read

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(December 22, 2006) The federal government has tabled a draft version of the legislation that will impose a tax on income trusts, under the Tax Fairness Plan, announced October 31. In a superfluous adherence to the legislative process, the government is now seeking “constructive commentary” on the plan. There has already been ample hue and […]

By Staff |December 22, 2006

2 min read

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