Industry News

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Briefly:

(March 31, 2006) A Quebec man who operated an income tax filing service has been slapped with a 12-month prison sentence and a $533,251 fine after pleading guilty to tax evasion charges. A CRA investigation revealed that between 1997 and 2002, Christian Avard, operating under the business name Le Pro de l’impot, encouraged many of […]

By Staff |March 27, 2006

16 min read

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Canadian bank websites need improvement

Canada’s financial institutions need to work on their online banking services, according to a recent study. Forrester Research says only one of Canada’s seven largest bank websites is completely up to snuff. TD Canada Trust earned the highest ranking in the survey, scoring 74 out of a maximum 100 points in Forrester’s assessment. It was […]

By Mark Brown |March 27, 2006

2 min read

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Potential Norshield creditors swell

Public Sources An examination of documents prepared by Norshield group receiver RSM Richter, Mount Real receiver Raymond Chabot Grant Thornton, as well as regulatory filings on the SEDAR clearing-house website, offers a complicated picture of Norshield’s non-hedge fund investments or associations. One of the directors of the company that provided fund administration services — i.e., […]

By Scot Blythe |March 27, 2006

9 min read

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CI to revisit trust conversion

While retail investors are spending the day bidding up Tim Horton’s newly listed stock, there is another, perhaps more interesting story unfolding in the financial services sector. CI Financial announced Friday morning that it was revisiting the idea of converting to an income trust. The stock ended the day nearly 6% higher. CI had announced […]

By Steven Lamb |March 24, 2006

2 min read

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Portus put into bankruptcy

An Ontario court has rubber-stamped KPMG’s request to place Portus Alternative Asset Management into bankruptcy, bringing investors a step closer to retrieving at least some of their money. Still, those investors will have to wait until June 21 for their first meeting. There were no Portus representatives in attendance to oppose the motion when Justice […]

By Mark Brown |March 24, 2006

3 min read

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Plan sponsors need to revisit liability matching

Pension plan sponsors need to think about liabilities as a benchmark and how a risk/reward strategy can reduce them in the future, according to State Street Global Advisors. Speaking to reporters, Sean Flannery, chief investment officer with State Street in Boston, said although liability driven investments seemed quaint in the 1990s, when equities were booming, […]

By Joel Kranc |March 23, 2006

2 min read

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Securities industry posts record profits: IDA

The securities industry posted higher profits in 2005, setting a third consecutive record for earnings, according to the IDA’s annual Securities Industry Performance report. Total adjusted operating profits for the securities industry shredded the previous record of $3.6 billion in 2004, reaching $4.3 billion last year. The industry got a $1.215 billion boost in the […]

By Steven Lamb |March 23, 2006

3 min read

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Ontario reduces capital tax

Ontario says it will reduce the province’s capital tax by five per cent, starting next year. That was the only tax measure announced in Thursday’s provincial budget. The cut, two years ahead of schedule, is expected to cost the province $60 million in fiscal 2007, according to Dwight Duncan, Ontario’s finance minister. Duncan adds the […]

By Doug Watt |March 23, 2006

1 min read

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Central bank flexible on regulatory regime, Dodge says

Governor David Dodge says the Bank of Canada has no strong leaning towards a single national securities regulator, as long as the country has uniform securities laws. Speaking on Tuesday to reporters in Toronto, Dodge said that goal can be achieved through total harmonization of securities laws, rules and procedures across the country, leaving intact […]

By Doug Watt |March 22, 2006

2 min read

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U.S. slowdown could hit Canada, TD warns

While the opening months of 2006 have seen a rebound in both the U.S. and Canadian economies, the second half of the year could see a mid-cycle slowdown south of the border with ripples affecting Canada’s growth, according to a report from TD Economics. While a deceleration in late 2005 was caused by isolated incidents, […]

By Steven Lamb |March 22, 2006

4 min read

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