Christopher Chin Loy

There are financial and logistical challenges to being single in #retirement. Here are some tips to tackle them, especially if you don’t have a pension. pkag.ca

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Excess capital is likely their driver, and the fact they have exited several other foreign investments in recent years. This is a problem for all the big banks - a captive/closed market at home results in excess capital that must be put to productive uses. And I gather…..the good opportunities for same in the US are few and far between at this time, and, it’s no easy market to operate in (just ask TD), so perhaps this is seen as a low risk foray, to attempt to acclimatize themselves to that very unique marketplace.

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Banks have a responsibility to bring positive change to Canadian society. That’s what I’m so pleased that Concentra Trust, part of the Equitable family, has launched a national Registered Disability Savings Plan (RDSP) awareness campaign to educate Canadians about an underused tool that can be enormously empowering for those with disabilities. The need for this campaign is clear as RDSPs are far less understood than its TFSA or RRSP cousins. Nearly 40% of Canadians living with a potentially eligible medical condition don’t believe they make enough money to contribute. The reality is that beneficiaries actually don’t need to contribute a cent in order to get benefits from this program....that's right it is very different than simply the tax sheltering provided with TFSAs and RRSPs and it is unambiguous that everyone that qualifies will benefit by opening an RDSP. Add compound interest into the mix and you have a truly transformative construct. Many thanks to Lillian Bayne and Michael Hayes, who were instrumental in helping me and so many other Canadians understand how an RDSP represents opportunity, empowerment and stability for those who often need it most.    I’m especially proud of the role credit unions are playing in this effort, and we’re pleased to bridge Canada’s RDSP knowledge gap with them. Our values strongly align with the credit union ecosystem’s community focus and cooperative spirit, and the deeply rooted trust they have with their members will play a crucial role in spreading the word.   I encourage you to explore the resources we’ll share in the coming months and connect with your local credit union if you or someone you know could benefit from an RDSP. Our team has put together a helpful, high-level brochure to get started:  https://lnkd.in/gbFCzccw.   #ChallengerBank #CreditUnions #RDSP   

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Understanding prepayment penalties is crucial for smart mortgage management. 🏠 Let Mortgage4Less.ca provide the insights you need to avoid unwanted surprises. Contact us today for personalized advice!

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The options for digital financial advice will only increase, but what won’t change is the need to grow and nurture strong relationships and trust between clients and professional financial planners. Through education with FP Canada Institute™, you can now acquire the skills you need to ensure meaningful, high value relationships. The CFP Professional Education Program and the QAFP Professional Education Program offer human behavior skills development for financial planning. If you’re on the path to CFP certification or QAFP certification and have completed the prerequisite courses, consider enrolling. Visit http://spr.ly/6048ouQI4 today. #CFP #QAFP #FinancialPlanning #Education

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Did you know ? As of October 11, 2024, new anti-money laundering (AML) regulations from FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) will come into effect, impacting various sectors including the mortgage industry, correspondent banking relationships, and funding mechanisms for FINTRAC's compliance program. Mortgage brokers, administrators, and lenders will now be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) yThese entities are required to implement AML and anti-terrorist financing (ATF) compliance programs. Key obligations include: - Establishing a compliance program with a designated compliance officer, regular risk assessments, and staff training. - Verifying clients' identities, maintaining detailed records, and reporting large cash transactions, large virtual currency transactions, and suspicious activities to FINTRAC Mortgage professionals and financial institutions need to stay compliant with these updates or risk significant fines and reputational damage https://lnkd.in/gm4AupFm

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Will June's "awful" employment figures force the Bank of Canada's hand to cut rates this month? Don't bet on it, say economists. Dive into our latest piece to find out why the Bank is likely to take its time with future rate cuts. #Economy #BoC #InterestRates

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Being wrong for a Right Reasons Bank of Canada (BOC), cut #interestrate first time since 2022 and after 4 years since last rate cut started in pandemic. The first G7 country to take a call. Canada inflation data shows improvement compared to United States. This put Canada on a different trajectory of rates, and affects are seen on Loonie. Further divergence will take a toll on Loonie, therefore #BOC has to be cautious. In the past the country had a divergence and there is a limit which some analysts suggest 50 bps to 100 bps.  https://lnkd.in/guWMMy8f

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Bank of Canada reduces policy rate by 25 basis points The Bank of Canada has reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. This decision reflects continued easing of underlying inflation and aims to support economic growth while maintaining balance sheet normalization. Key Points: ➡️Global Economy: Grew by 3% in Q1 2024, aligning with the April Monetary Policy Report (MPR) projection. The US economy expanded slower than expected, while the euro area and China's economies showed stronger activity. ➡️Canadian Economy: Resumed growth at 1.7% in Q1 2024. Consumption grew by 3%, and business investment and housing activity increased. Labour market hiring continues, though at a slower pace. ➡️Inflation: CPI inflation eased to 2.7% in April, with core inflation measures showing continued downward momentum. However, shelter price inflation remains high. The Governing Council is confident that inflation will continue to move towards the 2% target, prompting the reduction in the policy interest rate. The next update will be on July 24, 2024, alongside the full MPR outlook. For More details visit : From bankofcanada.ca

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CIBC's 𝗤𝟮 𝟮𝟬𝟮𝟰 𝗥𝗲𝗽𝗼𝗿𝘁: Income rose despite rising provision for credit losses (PCL). Allowance for credit losses (ACL) is even higher than the depth of the pandemic, indicating uncertain economic conditions. 𝗞𝗲𝘆𝗻𝗼𝘁𝗲𝘀: • Loan write-offs surged 170% Year-over-Year to $621M, the highest over the past five years. •  Adjusted earnings exceeded expectations: $1.75/share vs. $1.65 expected, mainly due to lower-than-expected PCL. • Net quarterly income rose 3.6% Year-over-Year to $1.75B. • PCL increased 17% Year-over-Year while declining 12% quarter-over-quarter to $514M. • No rise in dividends similar to Scotiabank. • CIBC successfully reduced its exposure to commercial real estate in the US, but this still poses risks to its balance sheet. 𝗢𝘁𝗵𝗲𝗿 𝗶𝗻𝗳𝗼 𝗮𝗯𝗼𝘂𝘁 $𝗖𝗜𝗕𝗖 (𝗠𝗮𝘆 𝟯𝟬, 𝟮𝟬𝟮𝟰): • Dividend yield: 5.6% • P/E: 10.6 • Market Cap: CAD$65B  ----------------------- Provided by WOWA.ca Simply Know Your Options🔍

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🎙️ Webcast Recap: Conversations with Seniors (About Their Trusted Contact Persons - TCP) 📅 Date: May 28th 🌐 Hosted by: Dynamic Funds 🎤 Featured: 🔹 Ellen Bessner BCOMM, LLB, ICD.D, Financial Industry Litigator (Guest Speaker) 🔹 David Portal, CFP, FMA, CEA, FCSI, Vice President, Systemized Solutions of Dynamic Funds (Moderator) ________________________________________ 🔍 Introduction: Our webcast was about understanding the pivotal role of Trusted Contact Persons (TCPs). Why should this matter to financial advisors? Misconceptions about TCPs' responsibilities or limitations could hinder your ability to effectively support your clients when they need it most. TCPs provide a crucial communication channel, allowing you to reach out to a trusted individual designated by your client, enabling you to gather information, address concerns, and take appropriate actions to safeguard their well-being and financial security. ________________________________________ 🚀 KEY TAKEAWAYS: • Myth-Busting: We separated facts from fiction, addressing myths like "TCPs are only for older people." • Lawyer Insight: Ellen Bessner provided a litigator's perspective on 6 major TCP pitfalls to avoid. • Client Empowerment: We learned how TCPs offer protection for both advisors and clients. • Compliance Risks: Discussed inherent risks and whom advisors should contact first, before contacting the TCP. • Power of Attorney vs. TCP: Explained why a client's POA should differ from their TCP. • Best Practices: Shared practical tips for managing client incapacity. ________________________________________ 🙌 Appreciation and Recognition: Kudos to Ellen Bessner BCOMM, LLB, ICD.D for shedding light on the intricacies of TCPs via scenarios and Q&A, and for empowering our advisor community with knowledge. And a heartfelt thank you to Yasminka Marcus for organizing this insightful webcast. Your dedication to educating advisors is invaluable. 🔹 Missed the Webcast? You can watch the replay of Ellen's presentation and the lively audience Q&A, access her TCP "Cheat Sheet", and earn a CE credit by taking the short quiz available at www.dynamic.ca under Tools/Education Zone. 🔹 Your Thoughts? What resonated with you during our session? Share your thoughts in the comments below. 🤝 #DynamicFunds #TrustedContactPerson # #EllenBessner

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The CBCS’ 2024 Financial Stability Report (FSR) was released today. The FSR brings a comprehensive overview of the state of the financial institutions in the monetary union during 2023, the challenges they encountered and the trends and developments that potentially affect the financial system. In this FSR a recovery of financial buffers is presented. The report also features a box article on climate change and financial stability. To read the 2024 Financial Stability Report click here: https://lnkd.in/e3Sd3y89 #montaryunion #financialstability #financialstabilityreport #FSR2024 #centralbanking

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Kootenay Savings can help you take your mortgage to the next level! Introducing the Three Summits Mortgage – your path to financial success starts here. Learn more at https://lnkd.in/gzqJy-rt

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Just as the BoC was at crossroads, caught between the peril of lower interest rates and the financial disaster of keeping rates high for too long, OSFI now predicts a major geopolitical event that will cause financial institutions to become a target for politically motivated attacks. You can't make this stuff up. "OSFI says a major geopolitical event could disrupt markets and create instability for institutions, while the escalation of political tensions and the polarizing effect of geopolitical issues have the potential to make Canadian institutions a target for politically motivated attacks." Seems like the DIGITAL ID, CBDC plan is moving along. https://lnkd.in/gKB_tDwY #canada #bankofcanada #interestrates #canadianeconomy #reset #bankingcrisis

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Join TABE and the CFA Society Toronto for our 2024 Annual Financial Market Outlook Panel (In-Person Event) on Wednesday, June 5th from 11:30AM-1:30PM. Hear what our moderator and TABE Board Member, Eric Lascelles (Chief Economist, RBC GAM), Jim Allworth (Investment Strategist, RBC) and Steve Saldanha (Executive Managing Director, Total Fund Management) speak about market-specific subjects, such as Chinese equities (can they perform more reliably?), U.S. equities (are they transitioning from leader to laggard?), margins (can they continue to rise?), the outlook for private assets, and the impact of de-globalization on markets. Participants will learn about: - Economic insights and recession expectations - Interest rate and inflation forecasts - How might the next cycle and beyond be different than the past - Investment risk and risk premiums - Where do the biggest near to medium-term market opportunities lie? Participants have the chance to engage with the panelists during the session and network with industry peers from TABE and the CFA Society Toronto following the discussions. Lunch will be provided. TABE members can register on the link below at the CFA Society Toronto website. TABE members use the discount code 24TABE to receive the same price as CFA Society Toronto members. Lunch will be provided.

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