Industry News

Briefly:

(November 2, 2006) The Canadian Federation of Independent Business says Ottawa should reduce employment insurance premiums, calling the massive surplus in the EI account “unconscionable.” In a letter to the federal government, CFIB president Catherine Swift observes that the government’s EI account surplus is $48 billion and rising. She adds that the new EI rate-setting […]

By Staff |November 2, 2006

3 min read

Industry

October shows its cheery side

October cast aside its reputation as a scary month for investors, with nearly all mutual funds categories posting positive returns, according to Morningstar Canada. Only one of Morningstar’s 42 new fund indices failed to join the rally: the Canadian Inflation-Protected Fixed Income group lost 0.2% on the month. The top gaining fund group was the […]

By Steven Lamb |November 2, 2006

3 min read

Industry

Word on the Street: Comments on income trust change

Not surprisingly, Ottawa’s unexpected decision to introduce a tax on income trusts has produced a wave of reaction from across the investment world. Some are concerned or angry; others say not to worry. As a sampling, Advisor.ca has pulled together observations from a number of experts and other interested parties. Don Drummond, senior vice-president and […]

By Staff |November 2, 2006

3 min read

Industry

Fund sales expected to top $1.6 billion

Preliminary data suggests that October was a strong month for the mutual fund industry, with IFIC estimating net sales of between $1.4 billion and $1.9 billion. Net sales came in at $1.1 billion in September. However, October also marked a return by investors to long-term funds, says IFIC vice-president Pat Dunwoody. “Money market funds, which […]

By Staff |November 2, 2006

1 min read

Briefly:

(November 1, 2006) For the fourth consecutive year, the CRA has issued a statement warning taxpayers to be aware of the risks of “gifting trust arrangements” or “leveraged cash donations.” In this case, it was art-flipping. On Tuesday, the Supreme Court of Canada refused to hear an appeal relating to one of these schemes, which […]

By Staff |November 1, 2006

3 min read

Trick or treat?: More on Ottawa’s tax changes

While much of Bay Street cries foul about tricks played on the income trust world, they’re overlooking a few tax policy treats that also came with the announcement, which are intended to soften the blow for seniors. Although the “main event,” a distribution tax on income trusts and limited partnerships, is featured in most of […]

3 min read

The future of the trust structure

Federal Finance Minister Jim Flaherty’s surprise decision that he plans to tax income trusts may have been a nasty trick on All Hallow’s Eve, but tax experts say the writing was on the wall. If tax leakage was ever an issue for the federal government than Telus’s decision to convert to a trust certainly sent […]

By Mark Brown |November 1, 2006

4 min read

Briefly:

(October 31, 2006) The New Brunswick Securities Commission has issued a temporary cease-trade order against three firms and three individuals after an investigation revealed they were trading in securities without being registered. The companies involved are Jabez Financial Services, based in Panama, JFS Credit Union, which purports to be headquartered in Sweden, and JFS-INC.NET, the […]

By Staff |October 31, 2006

3 min read

Partners In Planning in play

Is Partners In Planning about to be bought out? That rumour began circulating this week, naming Calgary-based Walton International Group as a potential buyer for the Saskatchewan-based mutual fund dealer. “Nobody is supposed to know about this, but it’s the worst-kept secret this year,” said one anonymous industry insider. “It’s my understanding that there are […]

By Steven Lamb |October 31, 2006

2 min read