Dreams&Money-02-Feb-2011

“Montreal becomes less affordable than Toronto”

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FEBRUARY 2011

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laherty said at a news conference: "The main Freason we're

taking the action is for the longer

term, that we avoid even the beginning of the development of the kinds of issues in some other countries that have

been very damaging to families.”

The new mortgage rules will take effect in March 2011, with the new rules for the HELOC taking effect later, in April 2011.

What are those rules?

Reducing the maximum amorti-zation period to 30 years from 35 years for government-backed insured mortgages

Ÿ

Home ownership continues to be out of reach for many Canadians. Home prices in some centres have grown

income and above 5, rated “severely exponentially, far outpacing income

unaffordable”. Hence, housing markets growth. A new study released by the

to be rated as “affordable”, housing Frontier Centre for Public Policy brings

should not exceed three times gross out many such interesting observations.

annual household income (the Median This is based on the affordability in 325

Multiple)housing markets across seven countries,

Following are notable observations including 35 in Canada.for Canada.

Housing markets are rated as Ÿ As a nation, Canada has “affordable” at or below 3 times gross

reasonable housing affordability. annual household income (Median Around half of the Canadian Multiple), “moderately unaffordable” at markets in the survey are either or below 4 times income, “seriously at, below, or very unaffordable” at or below 5 times

Canada's mortgage brokers are voicing concerns that negative press in the United States is hurting their business, and their reputations.

The findings are a result of a survey of over 500 Canadian mortgage brokers conducted by the Real Estate and Mortgage Institute of Canada (REMIC), which found that 72 per cent feel that they are being inaccurately tarnished by their American counterparts. Broken down by province the numbers varied however, with 80 per cent in Ontario, 78 per cent in BC and 56 per cent in Alberta agreeing with the statement.

“Canadians have been inundated with stories of how mortgage brokers in the United States, due to questionable business practices, contributed to the American mortgage meltdown,” said REMIC President Joseph White. ”Canadian mortgage brokers typically employ sound business practices, are highly regulated and ongoing surveys show that their customers exhibit high levels of customer satisfaction, a far different experience than what has been reported in the United States.

“The survey further indicates that Canadian brokers want to see a more

ank of Canada appears that the bank BGovernor Mark may keep rates on hold Carney repeated his for longer than markets warning on Canadian's had expected. For the debt levels recently. He time being, the over-once again reiterated night rate continues to that Canadians should be at 1%. The Bank Rate take steps to deal with i s cor respondingly high levels of household 1.25% and the deposit debt because interest rates would at rate is 0.75%some point rise from near-historic lows. So what is bank of Canada

The Bank of Canada last year Governor's message?became the first central bank among the “Don't take the current situation and Group of Seven to raise interest rates extrapolate it, extend it out to the future”since the financial crisis hit. It hiked its key policy rate three times, but left it at 1 percent as fresh strains emerged domestically and abroad.

Low interest rates have encouraged Canadians to take on debt to a higher level Recent data from Statistics Canada showed household debt has risen to a record 148 percent of disposable income.

However, the central bank held its key interest rate steady in January. It

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Flaherty tightenedmortgage rulesin January.

“The measures were necessary”,

Finance Minister Jim Flaherty said,

“because a minority of Canadians

are borrowing to the max.”

“” Turn Pg.2

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anadian Mortgage debt has now surpassed $1 trillion, according C

to the sixth Annual State of the Residential Mortgage Market report from the Canadian Association of Accredited Mortgage Professionals, released November 8th, last year.

The report cites most commonly debt consolidation and debt repayment as the main reasons for taking equity out

Highlights of the report: of their homes. The second most popular reason is home renovations. Ÿ Vast majority of borrowers Other reasons people leverage their holding highest risk mortgages existing equity in their homes include have considerable room to absorb education and the purchase of other interest rate increases investments.

Ÿ Assuming a 5 per cent interest However, their latest report in rate (1 per cent increase on fixed

January 2011 says that "lenders and and 2.5 per cent increase on borrowers have been highly prudent in variable mortgages) the mortgage market."

Ÿ the average gross debt service

Flaherty tightens rules to curb borrowings

What does Flaherty want to achieve?

From Pg. No.1 At a news conference in Ottawa, Mr. Flaherty said the measures will encour-Ÿ with loan-to-value ratios of more age Canadians to save more through than 80 per cent. home ownership. He said they will also

Ÿ Lowering the maximum amount reduce the exposure of Canadians to Canadians can borrow in refi- financial risks. Mr. Flaherty said his nancing their mortgages to 85 per concern is not Canada's mortgage cent from 90 per cent of the value default rate - which is less than 1 per of their homes. cent. Rather his concern is those who are

Ÿ Withd rawing gove rnmen t borrowing as much as possible.insurance backing on lines of Mr. Flaherty expects "some moder-credit secured by homes. ating" impact on the housing market.

lower priced homes.

Ÿ Unaffordable premium increases are a negligible risk factor at present and in the near-to-medium term future. Recent discussions have focussed on this negligible factor.

Ÿ Most mortgage defaults stem from reduced ability to pay mostly because of job loss or

(GDS) would increase to 24.6 reduced income. Over-extension

per cent and the average total - adding more debt after taking a

debt service (TDS) would mortgage - is another risk.

increase to 33.7 per cent Ÿ A third cause - unaffordable

Ÿ Less than 1 per cent of these increases in mortgage payments -

highest risk mortgages would is the source of recent concerns

have TDS ratios of 45 per cent about future threats.

or more The study concludes that very few

Ÿ Applying these results to the Canadians face unaffordable increases

broader population, there in mortgage costs and Canadian lending

might be about 800 to 950 criteria are already tight.

buyers whose mortgages were funded during 2010, with variable/adjustable rate mortgages, whose TDS ratio would be 45 per cent or higher

Ÿ Among the high ratio loans approved in 2010 - with the reduced amortization period (30 years versus the prior 35 year limit), a small minority (about 2 per cent) would have TDS ratios above 45 per cent and those loans would probably not qualify. Some of those consumers would still be able to buy, by buying

Canadian Mortgage debt has now surpassed $1 trillion

3

DREAMS MONEY FEBRUARY 2011

Perrii Muthuraman MBA; M.ComPerrii Muthuraman MBA; M.Com

Ph: 416.473.6100 / 647.352.4945Ph: 416.473.6100 / 647.352.4945

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es. Canadian real estate is the 11 % decrease compared to the first two priciest in the world” says weeks of January 2010Y

International Monetary Fund. The IM While off the record pace experi-F concluded that on a price-to-rent enced last January, sales remain high basis. Canada has some of the most from a historic perspective and market expensive real estate in the world. conditions remain tight enough to

So a lot of people nearing retirement support a sustainable rate of price age are hoping the housing market will growth," said Toronto Real Estate Board

(TREB) President Bill Johnston.

In l ook ing a t t he ave rage transactional price, there was an increase however. The average price for transactions in the first 14 days of stay buoyant until they cash out, January was $413,565- up 5% from this allowing them to downsize, pay off their time in 2010. debts and still have plenty of money left

over. "Average price growth continues to be supported by a positive affordability What's the likely trend for 2011?picture. A household earning the

2011 is starting off just under the average income can afford mortgage

shadow of 2010, at least in terms of payments associated with the purchase

resale housing figures. For the first two of an average priced home," said Jason

weeks of January 2011, there were a Mercer, TREB's Senior Manager of

reported 1,563 sales – which marks an Market Analysis.

Is Canadian Real EstateThe Priciest In The World?

Canada's dollar retreated against its ment from the bank is one of the U.S. counterpart for the first time during principal reasons why the Canadian the later part of January. Reasons dollar has slipped a little,” according to attributed for this fall were: the Bank of Shaun Osborne, chief currency strate-Canada left the lending rates unchanged gist at Toronto-Dominion Bank in and commodities fell on concern China Toronto.will seek to curb growth. However, many analysts believe that

“The very neutral-sounding state- this is a temporary setback.

“Montreal becomes less afford- unaffordable markets are in able than Toronto” - British Columbia; a new study reveals Ÿ Montreal(5.2)* is less affordable From Pg.No.1 than Toronto(5.1)* for the first

time in this index; near the affordability threshold of three years' income to buy a Ÿ Saskatoon is less affordable than house; both Calgary and Edmonton,

something that would have been Ÿ Broken down into regions, the unthinkable only five years ago. most affordable market in Saskatchewan has been losing Canada, Windsor(2.1)*, ON, is affordability throughout its almost five times more affordable recent economic renaissancethan the least affordable,

Va n c o u v e r ( 9 . 1 ) * , B . C . *Figures in brackets indicate the Vancouver is also the third most respective affordable index unaffordable market out of 325 number.housing markets worldwide; Conclusion of the survey is: “If you

Ÿ Four out of the six severely get the land price wrong – everything else is wrong.”

Due to unnecessary politically inflated land costs, housing markets are “very wrong” in Hong Kong, Australia, New Zealand, the United Kingdom, Ireland and some parts of Canada and the United States.

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1. Read everything you sign:

Few people bother to read in full every document they sign. They should. Understand what you are signing to avoid nasty

surprises down the road.

2. Ask questions:

Knowledge is power. If something isn't clear to you, ask for more information or clarification. If you still don't understand, bring along someone you trust so you both hear the explanation.

3. Keep records:

The individual or institution you are dealing with will have a record of their interactions with you. So should you. Take notes of important conversations, confirm instructions in writing, and keep copies of everything.

4. Save your money:

Set aside a portion of your income each month for your retirement and unforeseen events. Life is full of surprises; have a contingency fund in place for the unpleasant ones.

5. Review your account statements:

Carefully review all account documents sent to you each month, whether by mail or electronically. Report any errors or suspicious activity immediately; if you wait too long, you might be held responsible.

6. Safeguard personal information:

Keep your financial documents in a safe and secure place. Shred all personal financial information that you no longer need so the bad guys can't use it.

7. Plan ahead:

Have a financial plan so in the future you can live the life you want. Don't be caught unprepared in later years.

A young university girl came running in tears to her father. "Dad, you gave me some terrible financial advice!"

"I did? What did I tell you?" said the dad.

"You told me to put my money in that big bank, and now that big bank is in trouble."

"What are you talking about? That's one of the largest banks in the country," he said. "there must be some mistake."

“I don't think so," she sniffed. "They just returned one of my cheques with a note saying, 'Insufficient Funds'."

FEBRUARY 2011

How to resolve your problems with your Bank ?Banks have a multi-step process in

place to help resolve complaints or problems. Should you encounter a problem with a particular financial product or service, refer to the steps below to settle your dispute.

Step one

Communicate the problem or concern to your branch or service c e n t r e . A c u s t o m e r s e r v i c e representative will help you. Or, ask to speak with a supervisor or manager. Your first contact with the bank has information on the bank's complaint-handling process. Step four 416-287-2877Step two Independent ombudsman services Fax: 1-888-422-2865 or

416-225-4722If the issue has not been resolved to There are two independent bodies your satisfaction, find out what to do that investigate complaints from E-mail: [email protected] with your bank. In some cases, the individuals and small businesses about www.obsi.canext step is to contact a regional/area products and services provided by bank

401 Bay Street, Suite 1505, manager, local executive office or financial groups. The objective of these Toronto, ON M5H 2Y4customer care/call centre. Ask a services is to provide impartial and

representative or manager at your Before you contact the OBSI or ADR prompt resolution of complaints and branch/service centre for the number or Chambers you must first try to resolve they are available free of charge.address of who you should contact. your complaint directly with your bank. Banking customers of Royal Bank Each bank has a brochure outlining the (Source : Canadian Bankers of Canada should contact:process for dealing with complaints, Association. www.cba.ca)ADR Chambers Bankingincluding contact numbers. Similar

Ombuds Office information is also available on the bank website. We have also provided some Tel: 1-800-941-3655helpful phone numbers and web Toll-free fax: 1-877-307-0014addresses below.

www.bankingombuds.caStep three

112 Adelaide Street East, Toronto, If the problem still can't be settled to ON M5C 1K9

your satisfaction, involve your bank's All other complaints should be ombudsman. An ombudsman helps directed to: consumers resolve disputes with their Ombudsman for Banking Services bank. Also included below is a complete and Investments (OBSI)list of ombudsmen's offices across

Canada: Tel: 1-888-451-4519 /

they can't make things right for you, know that there are other places where you can go for assistance, like the Ombudsman for Banking Services and Investments.

8. Make a will: OBSI is the national independent dispute resolut ion service for They say that the only things certain consumers and small businesses with a in life are death and taxes. No matter complaint they can't resolve with their how old you are, make sure that you banking services or investment firm. As have a valid and updated will. If you a free alternative to the legal system, don't, you lose control over where your they work informally and confidentially wealth goes. Don't let lawyers or the to find fair outcomes to disputes about government make the decision for you.banking and investment products and 9. Create a Power of Attorney:services.

Regardless of your age, have a valid OBSI looks into complaints about

power of attorney in place in case you most banking and investment matters

become unable to manage your own including: debit and credit cards;

affairs. By doing so you can prevent mortgages; stocks, mutual funds,

heartache for your loved ones should income trusts, bonds and GICs; loans

something happen to you.and credit; fraud; investment advice;

10. Speak up: unauthorized trading; fees and rates; transaction errors; misrepresentation; Most banking services and and accounts sent to collections. Where investment firms want to do the right a complaint has merit, OBSI may thing for their customers. If you have a recommend compensation up to a concern or complaint, don't be afraid to maximum of $350,000.let your financial services firm know. If

“Time and time again, we see the same sorts of financial complaints

coming in the door; many of these issues would be mitigated or even

avoided altogether if everybody adopts these simple resolutions. ”— Ombudsman Doug Melville

An ombudsman is a person designated to take complaints about unfairness. He acts as a trusted i n t e r m e d i a r y b e t w e e n a n organization and some internal or ex terna l cons t i tuency whi le representing not only but mostly the broad scope of constituent interests.

What is anOmbudsman anyway?

Top Ten Financial Resolutions for 2011Recommended by Canada's Ombudsman for Banking Services and Investments (OBSI)

"Insufficient Funds”

5

“Significant events, such as a change reach an all-time high, partly because of in employment or income, a change in low borrowing costs introduced during family status or a serious illness, can the financial downturn to stimulate cause a huge drain on finances,” James spending.Callon, superintendent of bankruptcy However, on a brighter note, the warned recently. number of insolvencies reported in

“The combination of a large amount October -- though up 0.2% from of debt and the sudden occurrence of a September -- was still down 9.1% from major life event could lead to the harsh October 2009, when Canada was just

beginning to emerge from recession.

Consumer insolven-cies decreased by 8.1% compared with October 2009, while business i n so lvenc i e s have decreased by 31.7%.

The proportion of insolvencies in the form of consumer proposals, which offer creditor protection while a portion of debt is repaid, has increased about 8% compared with the year-earlier period.

The bankruptcy office said that could be realities of insolvency.” Callon noted

a sign that consumers are taking that the number of insolvencies -- which advantage of changes to the Bankruptcy include both bankruptcies and the less and Insolvency Act enacted in drastic consumer proposal -- filed in the September 2009 that allow consumers 12 months ended October 2010 was more flexibility in filing proposals.22.5% higher than the pre-recession

levels recorded in 2007-2008. The superintendent of bankruptcy is just echoing what everyone else is Canadian debt loads have grown to saying. That's right.

our credit report is a chart showing your payment history snapshot of your credit over the last two years and a scale that history. It is one of the main shows the number of Y

tools lenders use to decide whether or times you paid your not to give you credit. bills 30, 60 or 90

days after the due Your credit report contains informa-date.tion about your past and present

personal financial situation, including information about any credit you may currently have, such as a loan or credit cards, banking information, whether you have ever had a debt referred to a collection agency and details of any enquiries anyone has made about your credit.

Your credit report also lists your credit rating on a scale from 1 (you pay your bills within 30 days of the due date) to 9 (you never pay your bills at all or have made a consumer debt repayment proposal to a lender). The report also includes a

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You should check your credit report yourself.every year. To get a copy of your credit No one can force a credit bureau to report, contact each of Canada's major remove accurate negative information credit reporting agencies (Equifax or before the legal time that it must appear Trans Union). Check that the report is on your credit report is up. There are no accurate. If there are mistakes you can't loopholes or laws that credit repair fix yourself through the credit bureau, companies can use to get correct

contact your provincial or territo- information off your credit report. The r i a l

only way to repair bad credit is with consumer affairs office good credit practices over time.

for help.To learn more about your credit

You might see or hear report and credit score, consult advertisements from compa- Understanding Your Credit Report and

nies that promise to clean up or Credit Score, produced by the Financial erase your bad credit report. They Consumer Agency of Canada (FCAC).

charge high fees, usually hundreds It can be found under the Consumer of dollars, but may not deliver on their Publications section of their website.

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company can do anything you can't do

Know YourCredit Report

6

F r o m F i n a n c e M i n i s t e r t o Bankruptcy chief, all are talking about mounting Canadian household debt levels. IMF points out that Canadian debt levels are now at par or exceed the American levels.

When we think of debt, what comes to mind is two types of cholesterol: good cholesterol and bad cholesterol. Similarly all debt is not bad. There are good debts as well as bad debts.

No one, particularly when one starts one’s independent or married life, would be able to afford to buy a home out of own savings. Certainly debt is required. This is a good debt, so long as the payments are affordable. It becomes bad, when it exceeds the limit or greediness sets in.

Debt expansion for speculative purposes is undesirable. Home equity should not be milked for financing such speculative aspirations. That type of behaviour kills the very soft nature of family fabric and ties. Such economic misbehaviours lead to family and social problems.

Will Finance Minister or any other authority succeed in controlling such individual misbehaviours? Answer is yes and no. It is possible to a limited extent. Only individuals and their right thinking can protect themselves from any financial and social disasters.

Immigrant settlement programs assist immigrants to settle and integrate into Canadian society. The programs include the delivery of direct services to immigrants such as orientation, translation, interpretation, referral to community resources and counselling.

The Liberals point out newcomer-settlement organizations in Canada's largest city, Toronto, began receiving notices about dramatic cuts to their funding just days before Christmas.

Liberal MPs consider federal funding cuts of $50-million to the settlement programs is politically motivated. So also majority of Torontonians. People immigrate to Canada with full of dreams and contribute to her growth and wealth. Third or fourth generation immigrants should not forget the hardships that new immigrants undergo to get integrated with their chosen new land, Canada. Better to keep the politics out of immigration policies and funding for the larger benefit of the nation.

The story of an elderly Scarborough woman who died in the freezing cold is really disturbing.

According to the police some residents heard or even saw the 66-year-old woman in distress but didn’t help.

Last summer she was the subject of a police search after disappearing for several hours. It is evident that this is not the first time such an incident is happening.

This time, she was found around 5 a.m. without vital signs outside a Kennaley Cres. home, in the Brimley Rd. and McNicoll Ave. area, by a person delivering newspapers.

This incident reminds us of several things.

First and foremost, the need to be humane

Then the care that is necessary to take care of such seniors.

Let us hope such incidents are not repeated

FEBRUARY 2011

happened to see your digital e paper.IArticles are nice but the fonts are too

small and unclear. May be you can add a zoom option within the digital edition. Zooming within browser does not help and it makes the fonts worse and not readable.

Other than this the content looks great and all the best for your venture.

Pal Subbiah

Thanks for your suggestion. We have made some changes to make the e paper more reader friendly. PDF version is also available. If you have not tried the PDF version , you can try that also.

You can subscribe for e paper. It is free. By registering, you will have immediate access to the e paper, when published, every month.

Chief Editor

read the newspaper, all 24 pages. It's very useful for all facets and for one and Ieveryone.

Meiya Annamalai, Brampton

find your paper interesting. I have only one comment. As it is for investors, my Iview is that it should have a section on recommended Canadian as well as international shares, mutual funds or bonds that one should invest, have in their portfolio or dispose off if one have them.

Best of luck and hope your paper will be a success.

Nara Manickam, Richmont Hill

y accident, I saw your paper in my Grocery Store. I picked up one for a Bcasual reading. When I started reading, I realised the value of content. Nice articles. I appreciate your service. You are empowering everyone with day to day financial knowledge. Keep it up.

Valieri John, Markham

liked your paper, particularly health section. I cut some information for Ipasting it in our fridge, for the whole family's benefit. After cutting it only, I saw that there is equally important information at the back side also. I went to the mall to pick up another copy of your paper. What a surprise! It's not there any longer.

Rose Mary, Etobicoke

Thanks for your feedback. We print and circulate 10000 copies. To avoid disappointment, you can subscribe to our e paper. It is free. By registering, you will have immediate access to the e paper, when published, every month. You can also print any information, you like. PDF version is also available.

Chief Editor

or New immigrants, your career guidance section will be useful. I liked F"how to get a bank job" article. All articles are useful.

Lily Wong, Toronto

liked your paper. It covers all aspects of life focusing mainly on money. IExcellent and practical information on Real Estate, Mortgage, Insurance, Estate Planning and all other aspects. Even your jokes were enjoyable.

Kevin Richard, Scarborough

EDITORIALSYou said it!Your mails!

DISCLAIMERDreams and Money takes care to present all

the information as accurately and efficiently as possible. Any advice or recommendation appearing in the paper is also part of information only. They should not be construed as an expert opinion. Please note that no representation or warranty with respect to the accuracy or the completeness of the information is given. Information always keeps changing. Hence all the information, including advice and recommendations are to be treated as of general nature only. For your speci f ic circumstances, you are always advised to consult an expert before acting on any information.

unsolicited articles are welcomeselected ones will be publishedemail : [email protected]

& community news

Copyright © 2010 Dreams and Money, Canada. All Rights Reserved.

Chief Editor & PublisherPerrii Muthuraman

Direct : 416 473 6100

105-2100 Ellesmere Road,Scarborough, ON, M1H 3B7

Ph: 647 352 4945 | Fax: 647 352 6110Email: [email protected]

www.dreamsandmoney.com

Layout, Graphic Designing & Digital Epaper

NEWSSMART, INDIA

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Editorial & Development Committee

V.S. Thurairajah

Raja M. Mahendran

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NargisNanji

Chandresh Brahmbhatt

Karthik .M

Aishwar .M

Congrats to the Chief Editor Mr Perrii Muthuraman of Dreams & Money. As one of the free lance writer from India living in Toronto for the past ten years, I was excited to see the first issue of Dreams & Money. It gave me the confidence that South Indians like Perrii Muthuraman can do a lot for Canada's economy and culture through this kind of media service.

I plan to contribute a column in “Dreams & Money” regularly on 'Special social events in and around us'.

Some of the important community events that I came across in January 2011 included

Pongal Festival of Tamils, Indian Mela and Indian Republic Day celebration organized by Panorama India, Canadian Tamil Film Festival 2011 and 6th Annual Chinese Business Excellence Award & New Year celebration Gala.

Let me conclude by saying that I am proud to be part of Dreams & Money in bridging and uniting all the communities of GTA.

I wish the best of success to Dreams & Money.

Pudhuvai N.Raman

2011 DREAMS & MONEY

OPINION

Are Canadians on the

verge of a U.S.

- style default crisis?

Immigration Politics

Let us be watchfuland human

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or by regular mail.105-2100 Ellesmere Road,Scarborough, ON, M1H 3B7

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In every issue, in this column, we intend to publish some tough questions and the best possible answers.

Here are the first set of questions and answers.

Where do you see yourself five of accomplishments. For example, if years from now? you take a great deal of initiative and

quickly move into leadership positions, This open-ended question is one of you might use a personal example the most difficult and stressful ones job relating to your recent community seekers face. Employers ostensibly ask work: organized a community walk-a-this question because they are looking thon that raised $30,000 in matching for people who know what they want to funds to purchase new computers for Tell me about yourself. W h a t is your biggest failuredo and who are focused on specific the local library. Talk about results of ?professional goals. If you lack goals, This is really more of a request than achieving your goal. This indicates you you will have difficulty answering this a question. But these few words can put Focus on something outside your set realistic goals and that you can question. Be sure you arrive at the you on the spot in a way no question work or something that happened on focus on outcomes. Select an example interview with a clear vision of what can. Many quickly lose control of the the job that you later fixed. Do not that has interesting outcomes related to you want to do today, tomorrow and interview during the most critical time- admit to any personal quality that your efforts. The example should five years from now. Be consistent with the first five minutes. This is not the might hamper job performance, such as showcase your skills and abilities.the objective on your resume and the time to go into a lengthy history or procrastination, laziness or lack of

Now that you've had a wander off in different directions. Your concentration. Choose something that chance to learn more response should be focused and will not reflect badly on your ability to

about us, what would purposeful. Communicate a pattern of perform in the given position, such as you change about our interests and skills that relate to the one that took place early in your career. company?position in question. Consider your What are the major reasons for

response to this question as a Be careful here. Most your success?c o m m e r c i a l t h a t s e l l s y o u r companies don't want you

This is not the time to become autobiography. Provide an answer that to come in and shake up extremely self-centered and arrogant. includes information about where you the place. At the Keep in mind that employers are often grew up, where you went to school, same time, they don't looking for team players rather than your init ial work experience, want someone who Lone Rangers. A good response to this additional education and special s a y s , " N o t h i n g , question may relate to a mentor/and or training, where you are now, and what everything looks great here." philosophy of work or the people you you intend to do next. One of the most Seek a middle ground by work with. Also, use this question as an effective ways to prepare for this focusing on one or two non-opportunity to inquire about an question is to develop a 60-second threatening issues that may appropriate "fit for success" with this biographic sketch that emphasizes a have come up in your discussions. companypattern of interests, skills, and Your response should sound sensible

We're considering two other accomplishments . Focus your and innovative.skills and accomplishments you're candidates for this position. Why response around a common theme We all have weaknesses. What are communicating to the interviewer. should we hire you rather than related to your major interests and some of your major weaknesses?

someone else?skills. Do not indicate that you hope to This is not the time to confess all start your own business, change Do not be distracted by the mention You can say a lot within 60 seconds your problems nor to confidently say careers, or go back to school. Such of two other candidates, you don't by staying focused. The message you have no weaknesses. The best way responses indicate a lack of long-term know anything about them and they should be clear; it has to convey that to handle this question is to mention interest since you do not plan to be could be fictitious. Focus on what you have both passion and focus personal weaknesses that are outside around for long. While some may strengths you bring to the table. These relating to the position. Encourage the the job or a professional weakness that respond that they honestly haven't should be consistent with the four interviewer to ask additional questions you have already improved upon. really thought that far ahead, the things most employers are looking for about your education and experience. What type of decisions do you interviewer infers that the applicant in candidates during the job interview: Do not discuss your childhood, family, have difficulty making?lacks vision and goals. competence , p ro fess iona l i sm, hobbies, travels, and interests.

enthusiasm, and likability. Remember, Show that you are generally Describe a major goal you've set Repeat Key Accomplishment they are looking for chemistry between decisive but mention that there are for yourself recently.Statements Throughout the interview you and them. Be prepared to situations that give you time to pause or you will be asked numerous questions Give an example of a goal you both summarize in 60 seconds why you are you are learning how to better make about your attitude and ability to do the set and achieved. Ideally, this should be the best candidate for the job. Also, let decisions. For example,job. Whenever possible, talk about a professional goal; such as improved the employer know you want the job your accomplishments in terms of what "I sometimes have difficulty time management skills, achieved new and you will enjoy working with them. you did and the results of your actions choosing between two equally good performance targets, or learned a new A lack of interest in the job may for employers. Give examples of your ideas." or "I used to have difficulty skill. A personal example can also be indicate a lack of enthusiasm for the job effectiveness, which should include saying 'no' to people until I learned to appropriate if it reinforces your pattern and them.specific skills and statistics. better set priorities."

FACING THE INTERVIEW Career Guidance

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8

While Canada's economic news in 2011 will look a lot like it did in 2010 - the year starting with solid growth, a mid-year rate hike and year-end

result, he has raised his projection for performance a little less than consensus Canada by about a half point but expects - the growth dr ivers wi l l be growth will still be just shy of 2 1/2 per fundamentally more sustainable this cent. year than last, finds the latest forecast

from CIBC World Markets Inc. "As in 2010, the best growth rates could come earlier in the year, the Bank The forecast calls for Canada's of Canada will launch a tightening economy to rely less on debt-financed round but pause after raising rates a government spending, home building percentage point, and consumer purchases for growth in the U.S. Federal 2011 and see a greater contribution from Reserve Board will increased business investment that will b e u n m o v e d , enhance productivity. On the policy growth will be a tad front, the federal government will be d i s a p p o i n t i n g focussed on not only cutting its own overall, but equities spending but also slowing that of will still outperform increasingly indebted Canadians. b o n d s a s a n "Canada's economic mix has been investment class. the polar opposite of the U.S., with last

" B e h i n d t h e year's winners featuring debt financed scenes, however, booms in consumption and home the year will mark a building," says Avery Shenfeld, chief changing of the economist at CIBC, in his new forecast guard as some of entitled, Not Yet Heaven in Twenty last year's growth Eleven. "But policy makers now have leaders falter, and a that credit buildup in their policy gun f u n d a m e n t a l l y sights, and will use higher rates and superior mix of drivers takes their regulatory changes to bring spending place," says Mr. Shenfeld. into better line with income, and cool

mortgage demand. One of the key drivers that will provide a healthy lift to growth will be "Canadians aren't on the verge of a business spending on machinery and U.S.-style default crisis - not at these equipment by companies on both sides interest rates, and not with debt having of the 49th parallel, a shift clearly been granted to stronger hands than was evident in recent survey results. This the case before America's crisis, when increased investment by Canadian firms sub prime mortgages and credit cards will be a payoff for recent cuts in were given out like candy. But maintain corporate tax rates and a spur to much this diet of borrowing for five more needed productivity improvements. years and debt obesity would indeed

weigh down the household sector's "All told, the economy will not momentum. It's time to start the ascend to heaven in twenty eleven, borrowing diet now, and that means either in terms of the unemployment policies aimed at slower debt-financed rate or the pace of growth," adds Mr. consumption growth and a cooler Shenfeld. "But as we learned in 2010, housing market." asset returns can also be affected by

optimism about the longer-term Mr. Shenfeld notes that the slower recovery ahead. build-up of government and private debt

will cut into Canada's GDP growth in "Stocks handily outperformed bonds 2011 which will otherwise see solid - last year, and should do so again in 2011. and more sustainable - growth from a Dividend yields are still closer to bond strengthening export market in the U.S. yields than they typically are, and even and increased business investment. As a with a modest rise in 10-year Canada

rates to 3.6 per cent, the future stream of yields, and a bear market flattening. dividends will still represent solid value The report calls for U.S. Treasuries at today's low discount rates." to outperform Canada's out to 5 years,

He adds that bond fund managers given that markets are already way too won't have as easy a ride in 2011, noting early in pricing in some odds of a Fed that the price decline on a 10-year bond hike by year end. "With so much slack,

why start to slow U.S. growth?," says Mr. Shenfeld. "After all, the Bank of Canada didn't raise rates until the unemployment rate was eight per cent."

On the currency front, he expects the U.S. greenback to have the edge over most majors for the first half of the year. Europe's fiscal woes and their banking implications will keep downward pressure on its currencies, while commodity currencies like the Canadian and Australian dollars should give back ground as resource prices come down from recent heights.

“But any pull back in the loonie won't last long. The market isn't priced for the further widening in short-term rate differentials that we expect, in part could wipe out a lot of the coupon yield. because it gives some odds to a Fed rate He adds that while the front end of the hike that in our view would be widely Canadian curve reflects rate hikes premature for an economy still facing beginning in the second quarter, it massive unemployment. A more doesn't yet appear to leave enough room generous yield advantage in Canada for a full one per cent hike in four should see a return to a near-parity successive moves. That suggests exchange rate by year end."upward pressure on two-year bond

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9

Commercial real estate financing If you are the business owner, then can take on very different terms than the you must carefully examine and be residential mortgages. Deals are ready with answers for any possible structured based on a number of questions on all the above factors, prior factors, including: to seeking commercial real estate

financing.

You also need to examine the type of loans offered by different lenders. Unlike obtaining financing for residen-tial real estate, where the transaction is based on the value of the home at the time of the sale, commercial real estate

financing will be based — in part — on the value of the business in the

future.

The key to starting the process is to have

the necessary paper-work in order. All

lenders remain primarily concerned with the level of

risk they'll be taking. Following are the basic

documentation:

Ÿ Income and expense statement for the property

demonstrating a solid income stream;

Ÿ Financial statements on all principals involved as owners of the property;

ŸProfiles of the management team; Ÿ Anticipated use of the property;

Ÿ Property appraisal; Ÿ Anticipated returns from the

Ÿ Financial statements on the property;

borrowing entity; Ÿ Geography;

Ÿ Plans, including construction Ÿ Type of real estate; blueprints (if available) for the

use of the property. Ÿ Size of real estate;

If the lender decides to offer a loan, a Ÿ Perceived risk to lender; commitment letter is presented with

Ÿ Market conditions. their terms included. The loan agree-

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ment will usually include the length of the loan, interest rates (fixed or vari-able), and what the loan is for (new follows, and it is usually more complex construction, the purchase of an existing than that of a residential mortgage. property, refinancing). Such a commit- Issues such as tenants, leases, environ-ment letter or loan agreement will likely mental reports, and even zoning also include: ordinances may all need to be factored

into the closing process, which can take Ÿ Closing conditions; up to two or three months, in some

Ÿ Owner occupancy requirements; cases. Ÿ Affirmat ive and negat ive The key to commercial real estate

covenants regarding what the financing is to find a lender that will borrower does and does not agree meet the needs of the business. to do; Nargis Nanji is a mortgage agent

Ÿ Representation and warranties. with Avanti-Financial Services inc. She is helping clients to find a right Once the lender and borrower have lender. She has access to several negotiated and come to mutually institutional and private lenders. She agreeable terms, the closing process can be reached at 416 471 1148.

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10

o you've decided to sell your ness's sale abilitybusiness. It's really a difficult Ÿ Maintaining confidentiality decision. You worked hard to S throughout the process.

build this business. You have many Ÿ Time, ability and patience to memories and now you realise, it's

handle the enquiries.time to leave them behind and move Ÿ Finding a buyer forward. (fully explained below). Ÿ Pre-screening and pre-qualifying First question that comes to your 2. Sale, using the services of a

every potential buyermind is “price”: “How much will I get?” realtor (or sales rep): A realtor (or a sales and professional manner.

rep) is a professional who markets your Ÿ Assisting you at every stepNext question is “when” or “how When the seller takes upon himself/ business through various sources to get soon?” Ÿ Negotiating skills and experience

herself the task of selling, oftentimes you the best possible price in a competi-Third question is “How am I going to Ÿ Clear thinking and objectivity.he/she ends up accepting all kinds of tive market. Often times, realtors are sell?” concessions that will result in lost Ÿ Taking care of your interestsable to get better price for their clients Well. Basically, there are two ways opportunity situations. It may turn out to than what they will get otherwise under Ÿ Empowering you with knowl-

to sell your business. be a bargain buy for the buyer. In other the word of mouth method. The whole edge.words, the business is sold at a lower 1. Sale by word of mouth: Seller transaction is handled in an unemotional

It is also important to remember that price than market spreads the message by word of mouth the majority of sellers value. and potential buyers contact the

Ÿ Are not financial experts. business owner directly. An offer is Benefits of directly made to the seller. After some using the Ÿ Are not watching the market negotiation, both agree upon price and services constantly.make a deal. This approach is simple of the realtor:

Ÿ Have never sold a business beforeand straight forward. Seller has the A good real Ÿ Have no idea about the market satisfaction of saving the realtor's estate representa- valuecommission. But In reality, it may cost t i v e ' s s e r v i c e much more than a realtor's commission In short, Realtor (or b e n e f i t s w i l l

include

ŸHelping you to determine the right asking price.

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ŸE n h a n c i n g your bus i-

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DREAMS MONEYFEBRUARY 2011 BUSINESS OPPORTUNITY

Your Options To

Sell Your Business

Turn Pg.11

By PERRII MUTHURAMAN

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Perrii Muthuraman MBA; M.ComPerrii Muthuraman MBA; M.Com

Commercial & Residential Sales RepresentativeCommercial & Residential Sales Representative

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Your OptionsTo Sell Your Business

From Pg.10

threatened or is not profitable. Your than the value of business's tangible a realtor (or sales representative). clear and genuine reasoning should assets. Business's goodwill is reflected Remember selling a business is not address this important question. as the excess value over the tangible emotional to the real estate representa-

assets value. Potential buyers must be tive. He/she is not going to be affected Selling Method :sales rep), not only Provides profes- screened and must be asked to sign a by any negative comments about your Selling Assets or Selling sharessional input for the whole process but confidentiality agreement before business. With their objective approach

Asset sale:also helps you to find a better buyer at a receiving any information about the and negotiating skill, you may be able to

You sell all or part of your business better price. business. A professional can do a better get better price or sell your business assets to the new buyer. Assets could job of this, than the seller him- soon or both. Not all are equal; do your Whatever be the method of selling, include equipment, real estate etc. or self/herself. homework. Decide your strategy and seller must be clear on the following intangible assets such as goodwill, the realtor. Good luck.aspects. Price determination can be done by reputation, patents and licenses etc. You Perrii Muthuraman is a realtor with professional business appraisers; Reason(s) for selling retain the business liabilities such as Homelife/GTA Realty inc., however that may be more suited for

Most buyers want to know the reason debts, tax etc. This method may be Brokerage. You may contact him for large businesses than the small busi-you are selling. Buyers have a legitimate suited to the buyer as the new legal a free advice on selling your nesses. A professional can certainly help concern that your business might be entity represented by the buyer might be business. Call : 416 473 6100the business owner either to identify the

able to depreciate equipment, goodwill right professional business appraiser or

etc. again and again. After the purchase, using some kind of multiplier method,

this type of depreciation will save tax to arrive at the right asking price.

over the years for the buyer. Most of the In addition to preparing a short small business sale in Canada are assets

business profile for the benefit of sale only.potential buyer, it is prudent to keep the

Share sale: following documents/ information

The whole business as a legal entity readyis sold to the new owner. The buyer

Ÿ Last 3 to 5 years financial assumes all of the existing or future

statements business liabilities. This method offers

Ÿ Lease contract some important tax advantages to the seller. If the seller qualifies for the Ÿ License(s) required to run the lifetime capital tax exemption, the first business $750,000 of the deal might be only Ÿ Equipment list marginally taxable for the seller.

Ÿ Basic information about Usually sellers agree to sign an agree-customers ment where they accept to take respon-

sibility for any new liability that is Ÿ Business activity breakdown caused by an event that had happened Many times, sellers may not like to before the share transfer. disclose their intention to sell in the

If your business is profitable, you public for various reasons. Such can expect to sell for prices much higher situations can be handled effectively by

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Financial Services incvanti

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- Mahatma Gandhi

Customer & the Business

12


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V.S. THURAIRAJAHV.S. THURAIRAJAHPresident

(Commissioner of Oaths)President

(Commissioner of Oaths)

INSURANCE :: INVESTMENT :: MORTGAGES INSURANCE :: INVESTMENT :: MORTGAGES

105-2100 Ellesmere Road, Scarborough, ON. M1H 3B7 | Email: [email protected]

• Life, Disability, Critical Illness, Long Term Care Insurance

• Travel Insurance For Visitors & New Immigrants

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• RRSP, RESP, RRIF, LIF, Segregated Funds, GIC,

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Bus: 416.548.7300 Fax: 416.913.2887 Cell: 647.829.4044

Use joint ownership with n the last article, five elements of sold) on death. Capital gain from the so right of survivor:Estate Planning- Will, Power of called deemed disposition of capital I

Attorney, Living Will, Life Insurance property on death and all other income Spouses or close family members and Letter of Instructions- were such as employment (or self- mostly use this strategy for real estate explined. (If you have missed it, you can employment) income in the year of Tax Free Saving Account (TFSA):and non-registered investments. When read it at (http://www.dreamsand death, investment income, CPP/QPP one of the joint owners dies, the other In TFSA you can designate your money.digitalepaper.in ) benefit, RRSP income, employment automatically gets the title. spouse as successor owner and/or you

insurance benefit and trust income will In this article, I will highlight key Designate beneficiary: can also designate beneficiary in case be reflected on the final personal strategies to minimize taxes upon death. your spouse predecease you. Capital This strategy is for all your RRSP, income tax return

growth in TFSA is tax-free; making RRIF, TFSA accounts and life insur-· Probate fees known as Estate TFSA one of the best estate planning ance and critical Illness polices. This Administration Tax in Ontario is tools.will allow these assets to be transferred payable on the death and would be Make your non regis-

reassessed on demise of the surviving tered investment with

spouse estate. The probate fees are Life Insurance compa-based upon the total value of your estate. nies:This is in addition to the income tax

when you invest with Life upon death, we discussed. According to insurance companies in Estate Administration Tax Act, 1998 the investments for example, formula to calculate tax is:segregated funds you can

$5 for each $1000 or part thereof, of designate beneficiary. This the first $50000 of the value of the will allow you to transfer the estate, and assets without paying probate

$15 for each $1000 or part thereof, of fees.the value of the estate exceeding Transfer of Capital $50,000. property to your Spouse

Strategies to reduce estate tax: or Spousal Trust:to the beneficiary without any tax. Keep When you transfer property to You can transfer tax- free any capital in mind if your designated beneficiary is To reduce the taxes, first we need to

another individual or to a trust; you can property you own to your spouse a legal spouse than only a tax free understand the taxes (known as estate eliminate property from your estate for (including common- law spouse) or a RRSP/RRIF rollover is permitted in the tax) that have to be paid on the death of tax purpose. The transferred assets are spousal trust at the adjusted cost base of beneficiary's name. (Separate rule for an individual in Canada. The two types now not part of the probate procedure. the property. Make sure both of you dependent children). If beneficiary is of taxes are:That's the basic formula to minimize the must be resident in Canada at the time of other than spouse than you will save

· Income tax: Capital property is estate tax. Let's briefly examine some of the Transfer. Also if the assets are probate fees but still have to pay income deemed to be disposed (means treated as the important strategies. invested into a spousal tax.

Reducing Taxes upon Death - It's all about Estate PlanningChandresh Brahmbhatt

MBA CFP

Turn Pg.16

14

our real wealth is your excellent health. Many times, people take many Y

years to understand this simple truth. way you need. With this money, you can variable feature of most policies. Some When the word “insurance” is cover your mortgage or debt payments, define it as being unable to pursue your

uttered, people associate it with death. adapt your home to better accommodate Buying a critical illness is strongly regular work, while others define it as This is not true. There are insurance a physical disability, continue with your recommended for the following reasons being unable to pursue any work. Some policies for the living as well. retirement savings, seek alternative care plans pay partial benefits if you return to Ÿ Critical illnesses are more

or just spend on anything you like. It's work part-time, and some do not. So, What follows here is a simplified common than you think.totally up to you. know the limits of your plan's coverage explanation of different types of

Ÿ Now-a-days, people don't die at a first, if you want to know how it worksinsurances to help you when you live. How it works young age; but often the quality Based on the definition, so long as If you're diagnosed with a covered of life suffers when affected by Critical illness insurance

you have disability, you receive regular critical illness, and the critical illness.payments from the insurance company.have survived for 30 Ÿ Financial protection may give

days , you w i l l some comfort in such a situation.receive the cash

Ÿ Policies are available with return payment. Thus, of premium. This is something only two conditions like putting the money in the have to be satisfied. savings account of the bank, 1. You were/have which does not offer great returns been affected by the but your money is safe. With the covered i l lness. return of premium option, at (Check before you some point of time, you are buy the coverage bound to receive back, what you and the definition of

Drawbackspaid for all those years.covered diseases). The costs of disability insurance are Ÿ Some companies cover Long 2. Survived for 30 Cancer, Heart attack, Stroke are

determined by the features and/or Term Care also under CII for no days (minimum)known as core critical illnesses. All conditions of the plan, including the extra premium. If you can get one critical illness policies of all companies Drawbacksfollowing:such policy, it is better.cover these. Further coverage may The only drawback, I can think of is

Ÿ Waiting perioddiffer from company to company or Disability Insurancethe cost. Still you have alternatives to with in the same company, among the Ÿ Amount of benefitschoose from. Different types of plans Goal/Benefitsdifferent policy plans. with different level s of premiums are Ÿ Duration of benefitsProtection of (part of) monthly Goal/Benefits available in the market.

Ÿ Cause of disabilityincome or regular cash flow, in case of Protection against the financial Recommendation disability. Ÿ Payments for loss of vision,

aspects of critical illness. Understand the costs and benefits; if hearing, speech, or use of limbsHow it worksYou get all the sum assured as a lump cost is an issue, go for a basic coverage.

Ÿ Inflation-adjusted The definition of “disability” is a sum cash benefit, that can be used in any


By PERRII MUTHURAMAN

Insurances – Simplifiedfor Living

Turn Pg.15

15


benefits

Ÿ Guaranteed renewal or non-cancellable clause

In general, the greater the number of these features or conditions that apply, the higher your premium.

All plans have a waiting period from the time of disability to the collection of benefits. Most are between 30 and 90 days, but some are as long as 180 days. The longer the waiting period is, generally, the less the premium.

Plans also vary in the amount and duration of benefits. Benefits are usually offered as a percent of your current wages or salary. The more the benefits or the longer the insurance pays out, the higher the premium. Some plans offer lifetime benefits, while others end benefits at age sixty-five.

more relevant In addition, some plans offer benefits

Ÿ Understand the costs and benefitsin the following cases, all of which carry

Ÿ Check whether any disability higher premiums:insurance is available through

Ÿ Disability due to accident or your employer

illnessŸ Some Government benefits are

Ÿ Loss of vision, hearing, speech or also available. Know what is

the use of limbs, regardless of available for you

disabilityŸ After following all these steps, it

Ÿ Benefits that automatically will become easy for you to

increase with the rate of inflationdecide, what you want under

Ÿ Guaranteed renewal, which disability insurance.insures against losing your

Long term care insurancecoverage if your health deterio-rates Long term care may include:

Recommendation Ÿ Nursing care

Ÿ If you are self-employed or not Ÿ Rehabilitation and therapy covered by your employer,

Ÿ Personal care (help with activities considering this insurance is

which is more flexible. It offers the income when you require the care, without having to prove you had expenses.

Drawbacks

Many of the drawbacks like waiting period, amount of benefit, duration of benefits etc., mentioned under disability insurance are applicable here as well.

Recommendation

Need for Long term care may become real at some point of time in life for most people. It is better to be prepared for such an eventuality. As already mentioned, some companies cover this to a limited extent under critical illness. It is worth considering, depending upon your need, earning capacity and net-worth, an appropriate long term insurance coverage.

of daily living like dressing, eating and bathing)

Ÿ Homemaking services ( m e a l p r e p a r a t i o n , cleaning, laundry)

Ÿ Supervision by another person

When a person is dependent on another to perform any 2 or more of the 6 following activities of Final Clarification: daily living or if continual supervision is Ÿ Long Term Care (LTC) is NOT required because of deteriorated mental intended to replace Disability condition, a person is understood to insurancehave the need for long term care.

Ÿ LTC can be looked on as a Ÿ Bathing potential source of additional Ÿ Dressing revenue in the event of a truly

major disability.Ÿ Feeding Ÿ If you think, you have the ability Ÿ Toileting

to work to age 65 or more and will Ÿ Transferring have more than enough assets to Ÿ Continence personally fund long term care,

probably you can avoid LTC Goal/Benefitsinsurance.An assured source of funding, when

Ÿ Psychologically it may be easier people enter a long term care facility or to spend the insurance company's receive special medical care in home. money rather than your own. If Chances of a need for a long term care is you consider yourself as wealthy, real for most people at some point of then you may also evaluate the time in life.alternate earning value for your How it worksown money, instead of investing

There are two kinds. it in LTC or Disability insurance.1. One reimburses you for eligible Perrii Muthuraman is a licensed

expenses you receive on a given day, up insurance professional. If you have to a pre-set maximum. any questions or need free advice

contact him at 416 473 6100.2. The other type of long term care insurance is the income-style plan,

Critical Illness can happen to Ÿ 26.6% originate from heart anyone. In Canada, it is estimated there diseaseare: Ÿ 7.4% originate from a cerebral

Ÿ More than 70,000 heart attacks vascular disease (stroke)each year Survival rate is as high as 90% in

Ÿ Between 40,000 and 50,000 many instances. But the financial strokes each year challenges can be as severe as the

physical and emotional strain.Ÿ More than 3,000 Canadians During life time diagnosed with cancer every

week Ÿ 1 in 4 will develop heart diseaseOf all disabilities in Canada Ÿ 1 in 3 will develop cancer

Ÿ 27.2% originate from cancer. (source: Heart and Stroke Foundation of Canada, Canadian Cancer Society and others)

Statistics about Critical Illness

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16

Reducing Taxes upon Death -It's all about Estate Planning

Corporation:

If you own a Canadian small business corporation and if it qualifies

From Pg.No.13as Canadian Controlled Private

trust, all the income and capital of the Corporation (CCPC), shares of your spousal trust must be exclusively for use corporation qualify for the lifetime of your spouse during his or her life Capital gains Exemption up to $750000. time. Your small business corporations is also

exempt from the attribution rules that Estate Freezing:apply to the loans and transfers made to You can freeze the value of your corporations of which spouse and growth assets such as stocks, real estate, children are share holders.business interest and shares of a private

Some of the strategies to reduce corporation; so that the future growth of estate taxes, discussed here, are these assets will occur in the hands of general in nature and should not be your spouse or children. In such an considered as advice. Please consult estate freeze the accrued value in the an expert for your specific circum-assets before freeze, belongs to you stances. Chandresh Brahmbhatt and subsequent growth in the values MBA, CFP is an independent accrues usually to your spouse or Certified Financial Planner. He can children.be contacted at 416-722-8993 or

S h a r e s o f S m a l l B u s i n e s s email:[email protected]

f you want to save taxes and avoid costly penalties, let me recommend some rules.I

Ÿ If you have dependants, details and assess accordingly. Canada 1. Be well organized with all the such as Name, Relationship, Revenue Agency will assign a penalty if

tax information accurately. Birth date, Net income for year you file a return and forget to include a etc2. Approach a knowledgeable tax tax slip for the second time within a

preparer or do it yourself in time. four-year period. Ÿ If you are self-employed, a So, in preparation for this upcoming 3. Submit the returns in time, season, get in touch with your invest-

along with tax dues paid receipt, if any. ment companies. And if you moved during the tax year, contact employers 4. Relax (and look for refund, if it and other sources of tax slips to make is due) sure they have your correct address and

To get yourself well organized, you are going to send them. Post-secondary have to collect all the Tax information students especially need to be alert slips such as T4, T4A, T4A(P), about this.T4A(OAS), T3, T5, T4RSP,TRIF, etc.

CRA does not need the slips. Every You should also have the following slip the taxpayer gets (T4, T3, T5, etc.) supporting information/ documents CRA gets the same slip from the ready, if applicable.reporting entity (employer, bank,

Ÿ WSIB or social assistance tax slip transfer agent...). T5017

So if you try and hide that interest Ÿ Child Tax Benefit tax slip RC62 income received from a bond, GIC or Ÿ Medical expense receipts forgotten bank account, CRA eventually

will find out about it and come to get you Ÿ Charitable donation receiptscomplete with penalties.

Ÿ Transit passes receiptsIn effect the audit done by CRA is

Ÿ Children's fitness credit receiptsdone not solely with information on

Ÿ Child care expense receipts your return but with information received from all other reporting Ÿ Union dues receipts “The penalty from Revenue Canada statement of business income and entities. for a 2nd time missed tax slip is 20% of expenses.Ÿ If married, spouse's net income

the amount on the slip,” This is often Sree kannuthurai is helping people Ÿ If you receive rental income, a Ÿ spouse's SIN and birth date seen in re-assessment notices. “They to file their tax returns for the last statement of rental income and Ÿ For home owners: Total property will also charge you interest on the 14 years. You can contact him for expenses.

tax paid during year balance due, calculated from the April any assistance in filing your tax If you missed any of your T4 slip and 30th deadline of the year the slip was returns or information. His Phone #. Ÿ For renters, for each address lived

did not include it when you filed, CRA applicable.” 647-268-2300. email: at in the year: Landlord's Name, would adjust your return for missing T4 [email protected] & Total rent paid This includes T3 slips and T5 slips.

FEBRUARY 2011

Personal Income Tax

SP Solution

Rental Statement Home Renovation Credit Business Statement

Business Tax and Corporate Tax

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Tel : 416 438 3350seyonfi [email protected]

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Price as low as from$9.95 +Tax

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17

evag Haroutunian, Executive committee advisor, Armenian Youth Federation – Toronto invites all to the Armenian SYouth Federation of Canada’s WINTER FEST 2011, to be held February 4 & 5, 2011 at the Armenian Youth Centre.

For the past 14 years, the Armenian Community of Toronto has successfully organized its annual Summer fest, which attracts more than 7000 guests every year. Continuing the succeses of the ACC Summer fest, the Armenian Youth Federation presents the first ever Winter fest at the Armenian Youth Centre.

This event promises to be a fun-filled weekend for people of all ages, offering great music, traditional Armenian and Native Canadian dance ensemble. It will feature a large heated tent, an outdoor skating rink, an ice-hockey tournament, games for children, rock/hip hop bands, winter themed food vendors and much more! It is truly a celebration of our great Canadian winter with all cultures under one sky. The Winter fest will also feature a special performance by Armenian music superstar Sako from LA on Saturday night! This event is right here in NORTH YORK for all families.

visit www.ayfwinterfest.com

Does it make Bad news andsense? worse news

freezing to 300°C. scientist made some quick calculations, An Alsatian went to a A doctor says to his

he said “it's no good trying to outrun it, The Russians used a pencil.telegram office, took out a patient, "I have bad news and its catching up”.

blank form and wrote, “Woof. Woof. worse news".What a kind man! The philosopher kept a little ahead Woof. Woof. Woof. Woof. Woof. Woof. "Oh dear, what's the bad news?" asks and replied “I am not trying to outrun the A man and a friend are playing golf Woof.” the patient.lion, I am trying to outrun you !”one day at their local golf course. One of

The clerk examined the paper and The doctor replies, "You only have the guys is about to chip onto the green politely told the dog: “There are only Next what? 24 hours to live."when he sees a long funeral procession nine words here. You could send another

on the road next to the course. He stops Two hunters are out in the woods "That's terrible", said the patient. 'Woof' for the same price.”

in mid-swing, takes off his golf cap, when one of them falls to the ground. He "How can the news possibly be worse?"“But,” the dog replied, “that would closes his eyes, and bows down in doesn't seem to be breathing, his eyes The doctor replies, "I've been trying

make no sense at all.” prayer. are rolled back in his head. The other to contact you since yesterdayguy whips out his cell phone and calls His friend says: “Wow, that is the Take it Easy...the emergency services. He gasps to the most thoughtful and touching thing I

When NASA first started sending up operator: "My friend is dead! What can I have ever seen. You truly are a kind astronauts, they quickly discovered that do?" man.” ballpoint pens would not work in zero

The operator, in a calm soothing The man then replies: “Yeah, well gravity. To combat the problem, NASA voice says: "Just take it easy. I can help. we were married 35 years.”scientists spent a decade and tons of First, let's make sure he's dead." There is

dollars to develop a pen that writes in who is clever? a silence, then a shot is heard. zero gravity, upside down, underwater,

The guy's voice comes back on the A scientist and a philosopher were on almost any surface including glass line. He says: "OK, now what?"being chased by a hungry lion. The and at temperatures ranging from below

amil speaking People, who are plantations. Puduvai Raman present's Tmigrated from Srilanka to the second group's pongal celebrations Canada broadly fall into two categories. in Toronto. The first are the Sri Lankan Tamils, who Pongal, a harvest festival, is an descend from the Tamils of the old important festival for all Tamils all over Jaffna kingdom. The second are the the world. Pongal is celebrated at Indian Tamils or Hill Country Tamils, harvest time. It is traditionally intended who are descendants of people sent to thank the Sun God and farmstead from Tamil Nadu, India to Sri Lanka in livestock that helped create the material the 19th century to work in tea abundance.

FEBRUARY 2011

Armenian Youth Federation of Canada’s WINTERFEST 2011communitycommunity

eventsevents

&&

Srilankan Tamil Community of Indian Origin's Pongal Celebrations in Torornto

NO OFFENSE! FOR YOUR LAUGHTER ONLY!

18

Many teach ings f rom Zen- The Buddha asked his disciples to Buddhism are told in short and get a large magnificent elephant and delightful stories. They are usually four blind men. He then brought the four designed to develop the mind and to free blind to the elephant and told them to

told him " I left her on the other side of it from distortions and so to connect find out what the elephant would "look" the road, but you are still carrying her."with our spirit. like.

3. Finding a Piece of the TruthSome of them are really inspiring The first blind man touched the and enlightening. It is helpful to the elephant leg and reported that it One day Mara, the Evil One, was

stand it no longer. She told her parents mind to think about them and feel the "looked" like a pillar. The second blind travelling through the villages of India the truth – that the real father of the child deeper meaning. Even if it is not man touched the elephant tummy and with his attendants. He saw a man doing was a young man who worked in the fish possible to grasp them fully, the beauty said that an elephant was a wall. The walking meditation whose face was lit market.and simplicity of the message usually third blind man touched the elephant ear up on wonder. The man had just

gets through to us one way or the other. and said that it was a piece of cloth. The discovered something on the ground in The mother and father of the girl at fourth blind man hold on to the tail and front of him. Mara's attendant asked once went to Hakuin to ask his The following 10 Zen stories are a described the elephant as a piece of what that was and Mara replied, "A forgiveness, to apologize at length, and selection of the ones I found most rope. And all of them ran into a hot piece of truth." to get the child back again.inspiring and really worth to ponder argument about the "appearance" of an about. Some may be instantly "Doesn't this bother you when Hakuin was willing. In yielding the elephant.understood, some others need to be someone finds a piece of truth, O Evil child, all he said was: "Is that so?"

thought through and recognized in The Buddha asked the citizens: One?" his attendant asked. "No," Mara 6. Maybeoneself. "Each blind man had touched the replied. "Right after this, they usually

Once upon the time there was an old elephant but each of them gives a make a belief out of it."They are about the following topics: farmer who had worked his crops for different description of the animal. life in the present moment, different 4. The Other Side many years. One day his horse ran away. Which answer is right?"perspectives, attachment, resistance, Upon hearing the news, his neighbors

9. Right and Wrongjudgment, delusion, beliefs and thought came to visit. “Such bad luck,” they said

as mental concepts but not truth and When Bankei held his seclusion-sympathetically.unconditional love. After reading the weeks of meditation, pupils from many

“Maybe,” the farmer replied.first, follow it's advice to read all the parts of Japan came to attend. During others. :) The next morning the horse returned, one of these gatherings a pupil was

bringing with it three other wild horses. 1. A Cup of Tea caught stealing. The matter was “How wonderful,” the neighbors reported to Bankei with the request that Nan-in, a Japanese master during the exclaimed. the culprit be expelled. Bankei ignored Meiji era (1868-1912), received a

the case.“Maybe,” replied the old man.university professor who came to inquire about Zen. Later the pupil was caught in a The following day, his son tried to

similar act, and again Bankei ride one of the untamed horses, was Nan-in served tea. He poured his disregarded the matter. This angered the thrown, and broke his leg. The visitor's cup full, and then kept on other pupils, who drew up a petition neighbors again came to offer their pouring.asking for the dismissal of the thief, sympathy on his misfortune.

The professor watched the overflow One day a young Buddhist on his stating that otherwise they would leave “Maybe,” answered the farmer.until he no longer could restrain himself. journey home came to the banks of a in a body."It is overfull. No more will go in!" wide river. Staring hopelessly at the The day after, military officials came

When Bankei had read the petition great obstacle in front of him, he to the village to draft young men into the “Like this cup," Nan-in said, "you he called everyone before him. "You are pondered for hours on just how to cross army. Seeing that the son's leg was are full of your own opinions and wise brothers," he told them. "You know such a wide barrier. Just as he was about broken, they passed him by. The speculations. How can I show you Zen what is right and what is not right. You to give up his pursuit to continue his neighbors congratulated the farmer on unless you first empty your cup?" may go somewhere else to study if you journey he saw a great teacher on the how well things had turned out.wish, but this poor brother does not even other side of the river. The young “Maybe,” said the farmer. know right from wrong. Who will teach Buddhist yells over to the teacher, "Oh

7. Cliffhanger him if I do not? I am going to keep him wise one, can you tell me how to get to here even if all the rest of you leave."One day while walking through the the other side of this river"?

wilderness a man stumbled upon a A torrent of tears cleansed the face of The teacher ponders for a moment vicious tiger. He ran but soon came to the brother who had stolen. All desire to looks up and down the river and yells the edge of a high cliff. Desperate to steal had vanished.back, "My son, you are on the other save himself, he climbed down a vine 10. Nothing Existsside".and dangled over the fatal precipice.

Y a m a o k a 5. Is That So?As he hung there, two mice appeared Tesshu, as a young The Zen master Hakuin was praised from a hole in the cliff and began student of Zen, by his neighbors as one living a pure gnawing on the vine. visited one master life.2. The BurdenSuddenly, he noticed on the vine a after another. He

A beautiful Japanese girl whose Two monks were returning to the plump wild strawberry. He plucked it called upon Dokuon parents owned a food store lived near monastery in the evening. It had rained and popped it in his mouth. It was of Shokoku.him. Suddenly, without any warning, and there were puddles of water on the incredibly delicious! Desiring to show her parents discovered she was with road sides. At one place a beautiful

8. The Blind Men and the Elephant his attainment, he child.young woman was standing unable to said: "The mind, Several citizens ran into a hot walk across because of a puddle of This made her parents very angry. B u d d h a , a n d argument about God and different water. The elder of the two monks went She would not confess who the man sentient beings, religions, and each one could not agree up to her lifted her and left her on the was, but after much harassment at last after all, do not to a common answer. So they came to other side of the road, and continued his named Hakuin. exist. The true nature of phenomena is the Lord Buddha to find out what way to the monastery. In great anger the parents went to the emptiness. There is no realization, no exactly God looks like.

In the evening the younger monk master. "Is that so?" was all he would delusion, no sage, no mediocrity. There came to the elder monk and said, "Sir, as say. is no giving and nothing to be received."monks, we cannot touch a woman ?" When the child was born, the parents Dokuon, who was smoking quietly,

The elder monk answered "yes, brought it to the Hakuin, who now was said nothing. Suddenly he whacked brother". viewed as a pariah by the whole village. Yamaoka with his bamboo pipe. This

They demanded that he take care of the made the youth quite angry.Then the younger monk asks again, child since it was his responsibility. “Is "but then Sir, how is that you lifted that “If nothing exists," inquired that so?” Hakuin said calmly as he woman on the roadside ?" Dokuon, "where did this anger come accepted the child. from?"The elder monk smiled at him and

A year later the girl-mother could

FEBRUARY 2011

The 10 Very Best Zen StoriesCompiled by

Myrko Thum

19

Who am I? around you. It includes knowing yourself, your significant other, your Have you ever asked this question?work environment, in short, everything

Your possible answers could include in and around you.describing your relationship with

“How is it possible?,” you may ask.another.It is not impossible, if you keep your You may be a child to your parents;

mind calm and free from disturbances. life partner to your spouse; parent to By practice, you can calm your mind your child; friend to an intimate person; and also can keep it free from distur-employee in a work place; we can keep bances. Meditation is one of the tools for on adding many things to this list, like Endless things can be said about attitude this practice. When such practices are this. Is that you? but I will stop here. followed consistently and regularly,

May be; but you can also describe mind reaches the higher level of the your physical or social features; you universe. In an advanced level, the may describe yourself as a male or person will get any information from the female, white, black, brown or universe, just for asking. It is like a yellow;60 kgs; 5 ft 6 inches; educated or google search. In the beginning of such uneducated etc, etc; Is that you? May be. practice, a person may experience

Truly “Who am I?” or “who are attracting right circumstances and right you?” people into his or her life.

This piece of writing is not intended ABC or attitude, body and con-to be spiritual or philosophical; yet sciousness are interrelated. Attitude is a some traces of such thoughts are non physical entity whereas body is a unavoidable, when we think of the physical entity. Both can disappear topic. someday. Consciousness is the ultimate

reality. Sometimes this is equated to In the human history, time and again, soul by some people.many great philosophers and thinkers

have tried to find an answer to this As stated in the beginning, purpose thought provoking question. Why such of this writing is not spiritual but to a question is raised here now? The make your life happier and richer. Just to purpose is to make your life richer; help you to know yourself; to know richer, not only in material life but also others.in every aspect of your earthly life. Go into any relationship looking at

It is my conclusion that “I” or “You” what you can give and not what you can are made of three things; they are receive. The more you give, the more ©attitude, body and consciousness or you will be given.simply ABC.© If we can take care of This is the conclusion:” take care of this ABC, then certainly we can make ABC to be richer in every aspect of our life richer; richer, not only in earthly life”material life but also in every aspect of

Your body is your address in this life; We will see another set of articles your earthly life.preserve it. Healthy foods and simple under the same title in the next issue.

What is an attitude? and regular exercises like thirty More than 30 years ago, more or less

minutes of walking etc can go a long An attitude is a mental state involv- under the same title, “The ABC’s of life” way in preserving your address (body) ing beliefs, feelings and values. It is a book was written by Charles Collins. It in this life. Don't lose your health to earn your way of thinking or being. Attitude is a great book. Generously, he shares your wealth. Remember, all your wealth determines your altitude. this great book with everyone without cannot give back your health.Attitude may be positive or negative. expecting any material benefit from any

Consciousness is an alert mental Positive attitude may not always one. His main realisation or discovery, state or awareness in which you are guarantee your success; but certainly according to him, is that people’s illness aware of yourself and everything negative attitude guarantees failure. is due to their own thinking. Can we call

FEBRUARY 2011

ABCof Life

By GNANI

him a modern day enlightened, unde-clared western guru?

Some excerpts from the book will be presented in the next issue. Before that, people, who are more curious to know, can visit http://www.thoughtscreate.com/zauthor.html

“Man, know thyself.

- Socrates

Knowing others is wisdom, knowing yourself is enlighten-ment.

- Lao Tzu

All life is an experiment. The more experiments you make, the better.

- Ralph Waldo Emerson

Until you make peace with who you are, you'll never be content with what you have.

- Doris Mortman

The unexamined life is not worth living.

- Socrates

It is far better to be hated for who you are than to be loved for who you are not.

- Unknown

If you don't know who you are, a university is an expensive place to find out.

- A. Armstrong

Do not squander time, for that is the stuff life is made of.

- Benjamin Franklin

We carry within us the wonders we seek without us.

- Eric Butterworth

It's never too late to be what you might have been.

- George Elliot

Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.

- Dr. Seuss

Never put off until tomorrow what you can do today.

- Lord Chesterfield

Who Am I?SOME QUOTES

LOOK at anything in a physics lab.TASTE anything in a chemistry lab.SMELL anything in a biology lab.TOUCH anything in a medical lab.and, most importantly,LISTEN to anything in a philosophy department.Don't

Take it or leave it ADVICE

John and Dr Moon is in Leo. go on a camping trip. Horologically, I After a good dinner and deduce that the time is a bottle of wine, they retire for the approximately a quarter past three. night, and go to sleep.

Meteorologically, I suspect that Some hours later, John wakes up we will have a beautiful day

and nudges his faithful friend. tomorrow. “Moon, look up at the sky and tell me

Theologically, I can see that God what you see.”is all powerful, and that we are a

“I see millions and millions of small and insignificant part of the stars, John” replies Moon. universe. But what does it tell you,

“And what do you deduce from John?”that?” John is silent for a moment.

Moon ponders for a minute. are millions of galaxies and potentially “Moon, you idiot!” he says. “Well, billions of planets. “Someone has stolen our tent!”

Astronomically, it tells me that there Astrologically, I observe that Saturn

”

What does it tell you?

20

FEBRUARY 2011

(Toronto symbol XIU), for TFSA investing.

The fund is a recommendation of our Canadian Wealth Advisor newsletter. Its

On January 1, 2011, you gained an units are made up of stocks that repre-additional $5,000 of contribution room sent the S&P/TSX 60 Index, which in your tax free savings account consists of the 60 largest, most heavily (TFSA). traded stocks on the exchange. Most of

the stocks in the index are high-quality The federal government first made companies.tax free savings accounts (TFSAs)

available to investors in January 2009. The exchange traded fund's units These accounts let you earn investment trade on the Toronto exchange, just income — including interest, dividends like stocks. Prices are quoted in and capital gains — tax free. You could newspaper stock tables and online. contribute $5,000 in 2009 to start your You'll have to pay brokerage commis-

sions to buy and sell them, but you will quickly make these back because of the low manage-ment fees, which are just 0.17% of the fund's assets.

Over the years, as the value of your TFSA increases, you could switch to a well-diversified portfolio of conser-v a t i v e , m o s t l y dividend-paying stocks.

How to choose between RRSPs and TFSAs

Unlike RRSPs, tax free savings account.TFSA contributions

Every year, you can contribute an are not tax deduct-additional $5,000 to your TFSA. If you i b l e . H o w e v e r, contribute less than $5,000 to your withdrawals from a TFSA are not taxed.TFSA in any given year, you can carry

RRSPs may be the better choice in the difference forward. That means your years of high income, since RRSP TFSA contributions for 2009 and 2010 contributions are deductible from your total $10,000, rising to $15,000 in 2011, taxable income. In years of low or no $20,000 in 2012 and so on.income — such as when you're in

Exchange traded funds remain our school, beginning your career or

top choice for tax free savings between jobs — TFSAs may be the

account investingbetter choice.

Even though the limit is rising to Investing in a TFSA in low-income

$15,000, it's still difficult to build a years will provide a real benefit in

diversified portfolio within your TFSA. retirement. When you're retired, you can

Instead, we continue to recommend that draw down your TFSA first, then begin

you look to exchange traded funds, like making taxable RRSP withdrawals.

the iShares S&P/TSX 60 Index Fund

defer the new tax until later in 2011 or beyond.

This flexibility adds appeal, but factors like this only make up part of our decisions. We also look at a trust's overall investment quality, using factors

Ottawa's new tax on income trusts like payout ratio, cash flow, profitabil-came into effect on January 1, 2011. ity, industry prominence and so on.

The new tax puts income trusts on an This income trust's tax losses will let equal footing with regular corporations. it defer conversionSome income trusts converted to Brookfield Renewable Power Fund conventional corporations before the (Toronto symbol BRC.UN) will not

convert to a conventional corporation until 2012. That's because it has tax losses it can use to defer taxation. The trust's units yield a high 6.2%

Brookfield owns interests in 42 hydroelectric-generating stations on 16 river systems in Quebec, Ontario, B.C. and New England. The fund also owns the Prince and Gosfield wind farms, both in Ontario. In total, Brookfield has 1,700 megawatts of generating capacity.

Pat McKeough is a portfolio manager and publisher ofinvestment newsletters. For more information visit : www.tsinetwork.ca

new tax came into effect, or

plan to do so in the coming mon ths .

Others will continue to operate as trusts.

Whether they convert or not, the new tax has made many investors wary of trusts. However, some trusts remain well positioned for long-term gains, even with the new tax. In fact, most real estate investment trusts (REITs) are exempt from the new trust tax.

REITs resemble income trusts, but with a key difference: REITs invest in income-producing real estate, such as office buildings and hotels. We analyze a number of REITs in Canadian Wealth Advisor.

Here are two things we keep in mind when looking for income trusts to add to our recommendations.

1. Look for income trusts that don't plan to cut their distributions. Regardless of whether income trusts convert to conventional corporations, they must now pay corporate taxes. That means they have less cash to distribute to unit holders.

The biggest distribution cuts will continue to come from trusts that pay out a high percentage of their cash flows as distributions. So, when looking for trusts to recommend, we focus on those with lower payout ratios (less than 75%, say). That's a good indicator that they will be able to maintain their distribu-tions.

2. Take tax losses into account. Many of the trusts we recommend in our Canadian Wealth Advisor newsletter hold tax-loss pools that they can use to

Two Tax related investments advice from

Pat McKeough

First for your tax freesavings account

Next 2 Ways to Profit from Income Trusts -even with the 2011 tax

What is TFSA or Tax FreeSavings Account?

Any Canadian resident, aged 18 years and above are eligible to contribute to this acccount every year $ 5000 since 2009.Contribution limits are not determined by earned income. All income earned inside your TFSA, whether interest or other investment income or gains, is tax free.

What is RRSP or Registered Retirement Savings Plan?

It is a federal government pro-gram offering tax advantages to help Canadian residents to accumulate wealth for retirement.

For more discussion and informa-tion on TFSA & RRSP, Please refer January issue.

For Jan digital e-paper visit: http://www.dreamsandmoney.digitalepaper.in/

What is an exchangetraded fund (ETF)?

ETFs are investment funds. They represent a basket of stocks that trade intraday like a stock. There are some differences between mutual funds and ETFs

What is an Income Trust?

An income trust is an investment that is designed to distribute cash to investors. It shares the features of a number of other types of investments.

What is a REIT or Real Estate Income Trust?

It is a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs often benefit from favourable tax treatment.

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ROCKVILLE, MD (MarketWatch) — Wall Street is on track for a great year in 2011.

While there are indeed glimmers of a recovery, many areas of the economy

BAC is $13 (about where the stock is are still hurting. Housing continues to now) and the high is $26, with an bounce along the bottom and risks average of $18. (Disclosure: I put my slumping further under the weight of money where my mouth is and bought continued foreclosures and rising BAC $13.30 a share on Dec. 30.) tions will need is an efficient data and interest rates. And though health care is

networking system. That's Cognizant's CNOOC Ltd. (NYSE:CEO) :allegedly recession-proof, that hasn't specialty. Revenue at this IT services stopped big pharma from lagging the giant is up 20% in the past 10 years, and market consider-the prospect of a recovery could mean ably — with major even bigger growth for CTSH in 2011. d rugmakers E l i

Lilly & Co. (NYSE: Evercore Partners Inc. (NYSE:EVR) :LLY) , Merck & Co. Hilary Kramer has dedicated an (NYSE:MRK) , entire newsletter to what she calls P f i z e r I n c . “game changer” stocks, picks that (NYSE:PFE), and redefine an industry or ride a fundamen-Glaxo SmithKline tal shift in the economy to big profits. PLC (NYSE:GSK) That's Evercore in spades, according to all in the red as of Kramer. After a 2010 that saw cash-rich this writing. companies test the waters again in the

So if you had just M&A arena, Hilary is predicting a big one pick for 2011, year of buyouts that reshape Wall Street one single stock to — and subsequently, huge commissions buy now and sell for capital markets powerhouse and 365 days later, what merger advisor Evercore. would you pick? Microsoft Corp. (NASDAQ:MSFT) :

As a Chinese national, Asia expert That's exactly the question I put to 10 of James Altucher, a renowned finan-Robert Hsu knows a thing or two about Wall Street's sharpest minds — well,

cial journalist and author of “Trade Like the demographics of this emerging nine and then my own — and I wasn't Warren Buffett,” is banking on this tech market. And in his mind, the prospect of surprised to find a common theme. giant in 2011. Why? There are a host of booming energy demand in the region Namely, that the biggest potential lies in reasons — Microsoft is flush with cash, coupled with commodity inflation tech and financials. buying back stock and has a P/E of about makes CNOOC the best stock to buy in Want specifics? Then here they are: 8 when you back out the cash. To top it 2011. Crude oil has already shown signs The 10 top stock picks for 2011 accord- all off, MSFT is seeing booming sales of a steady upward climb in recent ing to 10 different Wall Street experts. from the Kinect and has a lot of potential weeks, up about 12% from its

Bank of America Corp. when it comes to Windows sales in November lows, and this trend could (NYSE:BAC) : emerging markets. really pay off for energy stocks like This pick is mine, and my motivation Mindspeed Technologies Inc. CEO if it continues in 2011.

is two simple points: I believe 2011 will (NASDAQ:MSPD) :Cognizant Technology Solutions be better than 2010, even if it's not I (NASDAQ:CTSH) : Bargain stock picker Nancy Zambell think it's hard things could get worse for is another big believer in technology Regular MarketWatch columnist and Bank of America. I expect less govern- stocks in 2011. That's why she's picking investment expert Jon Markman is ment meddling as financials stand on this fabless semiconductor stock — focusing on tech in 2011, with his top their own again, more frequent lending since it profits from chips used in a pick being an IT powerhouse. to better qualified applicants and a lift variety of consumer and corporate According to Markman, as competitors from overall economic recovery. For electronics. According to Zambell, in every sector set aggressive growth what it's worth, the analyst community North American semiconductor sales plans or cost cutting measures to keep an agrees with me. According to were up 148% year-over-year in the earnings edge, one resource all corpora-Thomson/First Call, the low target on

21

FEBRUARY 2011

Commentary: Tech and financials are hot for new year10 EXPERT STOCK PICKS FOR 2011

Jeff Reeves editor of InvestorPlace.com

Company

CNOOC Ltd.

Cognizant TechnologySolutions

Evercore Partners Inc.

Microsoft Corp.

Zalicus Inc.

Otelco Inc

MindspeedTechnologies Inc.

Zions Bancorp

Visa Inc.

Bank of America Corp.

(NYSE:CEO)

(NASDAQ:CTSH)

(NYSE:EVR)

(NASDAQ:MSFT)

(NASDAQ:ZLCS)

(NASDAQ:OTT)

(NASDAQ:MSPD)

(NASDAQ:ZION)

(NYSE:V)

(NYSE:BAC)

Oil, Gas & Fuel

IT Consulting

Capital Markets

Software

Biotech

Telecom services

Semiconductors

Regional banks

Data Processing &IT Service

Diversified Financials

Inflation to boost crude, demographics to boost China

Back-office specialists fuelingnew economy

M&A specialists will see big 2011 business

Lots of cash, steady revenue and value pricing

Low-risk development-stage biotech

Regional telecom with growth and 9.2% yield

Fabless semi stock with standout numbers

Epicenter of housing crash creates opportunity

Cash becoming extinct, Visa gets paid by the swipe

Can BAC really do worse in 2011?

Ticker Industry Notes

For Regular Updates on these Stocks: Visit “InvestorPlace.com”

third quarter of 2010, and up 22% from this year's second quarter. That sets the stage for a great 2011 for Mindspeed.

Otelco Inc. (NASDAQ:OTT) :

Never heard of this regional telecom? That's one of the reasons economist and income investor Neil George likes OTT stock in 2011. This quiet Alabama company has consis-tently growing revenue, fiscal discipline and a 9% dividend yield — focusing on getting the job done. Like most well-run local phone and internet providers, Otelco isn't flashy — what sets its apart is the company's high efficiency and profitability

Visa Inc. (NYSE:V) :

Financial analyst Charles Sizemore is big on Visa in the new year — but unlike other financial-related picks on this list, the stock's strength comes from its rather mundane business of data processing. You see, this Visa is an ATM and debit card behemoth — not a lender or credit card loan servicer. It gets paid for each swipe of a card bearing a Visa logo. As emerging markets continue to move away from hard currency and the U.S. and Europe go virtually cashless, there will be even more swipes (and profits) in 2011.

Zalicus Inc. (NASDAQ:ZLCS) :

Michael Murphy has made a career out of bold biotech picks that explode - and out of all the publicly traded stocks, at under $2 shares of Zalicus are at the top of Murphy's list. He warns that you may have to wait for the second half of the year for most of the gains, but contends Zalicus is what some call an oxymoron: A low-risk development-stage biotech. At least, that's what he's is hoping for. If the company's flagship medication Exalgo never pans out, there could be some serious downside. On the other hand, if ZLCS performs as expected or sees a buyout, than this could be just the latest in Murphy's long line of successful biotech picks.

Zions Bancorp (NASDAQ:ZION) :

If you believe the Buffett-ism about buying when everyone else is selling, you'll find no better stock to test this theory than ZION. Anthony Mirhaydari, editor of The Edge investment newslet-ter, has his sights set on this regional financial that is at the epicentre of the housing collapse in Nevada, Arizona and California. Even a modest recovery on the foreclosure front could send this financial pick soaring

Just to be clear, this is not meant to be a balanced portfolio. Each pick was given as the single best investment if each of these advisors could make only one purchase for all of the next year.

But even if some of these individual picks flop, the collective message is clear: The biggest area of opportunity in 2011 lies in tech and finance.

At least, according to the “experts.”(Source: Market Watch)

22

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What does cholesterol do in the body?

Cholesterol is required for the formation of bile acids, which are needed for fat digestion. It is also used to What is cholesterol? higher levels of HDLs are also believed make important hormones such as to be associated with lower rates of heart Cholesterol is a waxy, fat-like estrogen and progesterone and is strongly implicated in heart disease are disease. substance found in body cells of humans involved in the formation of vitamin D stress, high blood pressure, smoking, What is "bad" cholesterol? and animals. Sometimes cholesterol is in the skin. obesity, diabetes, and a family history of

"Bad" cholesterol is associated with low density lipoproteins

(LDLs). LDLs carry cholesterol in the blood to body cells. High levels of LDLs are usually associated with an elevated blood cholesterol and an increased risk of heart disease due to cholesterol and fat being deposited in the arteries. These fatty deposits decrease the

interior size of the arteries so the blood supply is reduced, thus increas-

ing the risk of heart disease and stroke.

How can HDL and LDL levelsbe controlled?

There is no proven way to control HDL and LDL levels, but diet may play What are the effects of excessive referred to as "good" cholesterol and heart disease. a part. Current studies are also showing cholesterol and fats in the diet?"bad" cholesterol. Actually these How does dietary fat influence that exercise may increase "good" descriptions refer to the substances Much controversy exists about fat, cholesterol? cholesterol levels in some individuals. called lipoproteins that carry cholesterol cholesterol and heart disease. some To protect your heart, experts throughout the body in the bloodstream. Where does cholesterol come from? medical experts believe that consump- recommend that you reduce your Lipoproteins are a combination of tion of high levels of saturated fat and Cholesterol in the body comes from overall fat intake - a measure considered varying amounts of fats and proteins. cholesterol lead to high blood choles-two major sources. Foods of animal by many to be even more important than

What is "good" cholesterol? terol and, in turn, to an increased risk of origin, such as meat, milk, and eggs, are eating less cholesterol. About 30% of heart disease. Yet, other experts state one source. The other major source of our calories should come from fats. "Good" cholesterol is associated that there is still no proof that reducing cholesterol is that which is produced by Currently, most Americans get about with high density lipoproteins (HDLs). consumption of cholesterol will the body, the majority of which comes 41% of their calories from fat. another HDLs are believed to remove excess effectively reduce the incidence of heart from the liver. p r o t e c t i v e m e a s u r e cholesterol from the body therefore disease. Other factors that have been

HEALTHTake it to your “Heart”

Heart friendly questions and answers

Turn Pg.23

23

Take it to your “Heart” composition of a number of food fats. Select lean cuts of meat.

How can cholesterol and saturated Serve moderate port ion sizes. From Page No.22 fat intake be lowered? Replace animal fats with appropriate involves replacing some of the substitutes. Avoid high cholesterol foods such as

saturated fats you now consume with Instead of: Use:egg yolk 213 mg polyunsaturated fats found in vegeta-Butter, bles and fish. Saturated fats raise shrimp (3 1/2 oz., cooked) 96 mg

cholesterol levels in the blood while bacon or bacon fat beef liver (4 oz., cooked) 500 mg polyunsaturated fats lower them. and chicken fat Vegetable oils butter (1 tablespoon) 31 mg

Although it was once believed that or margarine whole milk (1 cup) 35 mg mono unsaturated fats had no effect on Sour cream Low-fat yogurt cheddar or Swiss cheese 1 oz. 28 mgblood cholesterol levels, recent research

Whole milk Skim milk studies suggest that a diet high in mono cottage cheese, 4% (1/2 cup) 17 mg Whole milk cheeses* Low-fat cheeses unsaturated fatty acids is effective in

Include lower cholesterol foods (made from reducing LDL levels while keeping such as low-fat or skim HDL levels the same. Egg white 0 mg milk or vegeta-Dietary fats are made up of three

ble oils)* Egg substitute 0 mg * types of fatty acids: saturated, mono Whole eggs Egg white or unsaturated, and polyunsaturated. Fats Fish (4 oz., cooked) 75 - 100 mg

egg substitute containing a large amount of saturated Poultry 4 oz. 0 - 110 mgfatty acids are hard at room temperature; Remember, cholesterol is found only

Dried beans and peas 0 mgless saturated fats are soft or liquid at in animal products. Plant foods (fruits, room temperature. Vegetables and fruits 0 mg vegetables, and grains have no choles-

terol unless animal fats are added in Thus, beef fat is more saturated than Margarine 0 mgpreparation or seasoning.) chicken fat and vegetable shortening is Skim milk (1 cup) 5 mg

Source and our Thanks to Food and Nutrition more saturated than vegetable oil. The * Some egg substitutes do contain Specialist Anita Wehrman, B.S., R.D., College of table below shows the fatty acid

Human Resources University of Delawarecholesterol. Check the label to be sure!


snow, he now can walk like a human being.

Faith loves to walk around now. No matter where he goes, he just attracts all the people around him.

He is now becoming famous on the international scene. He has appeared on various newspapers and TV shows.

There is even one book entitled 'With a little faith' being published about him. He was even considered to appear in one of Harry Potter movies.

His present owner Jude String fellew has given up her teaching post and

his dog was born on Christmas plans to take him around the world to Eve in the year 2002. He was T preach that even without a perfect body,

born with 3 legs - 2 healthy hind legs one can have a perfect soul'.and 1 abnormal front leg which need to be amputated. He of course could not walk when he was born. Even his mother did not want him.

His first owner also did not think that he can survive. Therefore, he was thinking of 'putting him to sleep'.

By this time, his present owner, Jude String fellow, met him and wanted to take care of him.

She is determined to teach and train this dog to walk by himself. Therefore she named him 'Faith'.

In the beginning, she put Faith on a surfing board to let him feel the move-ments. Later she used peanut butter on a spoon as a lure and reward for him to stand up and jump around.

Even the other dog at home also helped to encourage him to walk. Amazingly, only after 6 months, like a In life there are always undesirable miracle, Faith learned to balance on his things. Perhaps one will feel better if 2 hind legs and jumped to move one changes the point of view from forward. After further training in the another direction.

You can achieve anything—if you have faithFaith Dog Walks without Front Legs

-an inspiring story

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For weight loss and general health, the US Surgeon General recommends: "Be physically active for at least 30 minutes (adults) or 60 minutes (chil-dren) on most days of the week."

Experts now say that taking roughly 10,000 steps per day sets off a chain reaction of physical benefits, including lower blood pressure, reduced risk for heart disease and better odds for preventing breast cancer.

It translates into 4.5 to 5 miles, or one hour of rapid walking. Thus, Walking an hour a day means cutting your risk of heart disease, breast cancer, colon cancer, diabetes and stroke.

According to the Canadian Community Health Survey, 23 per cent of Canadians aged 18 or older -- some 5.5 million adults -- are obese. Another 8.6 million, or 36 per cent, are over-weight.

Isn't it time to work 1-hour walks into your busy lifestyle?

He says he has always left the decision up to each munici-pality.

An ant i -smoking law enacted in 2004 says munici-palities have the authority to expand the provincial smoking ban, which covers indoor public spaces.WINNIPEG - The Manitoba

government says municipalities Rondeau says municipal have the right to ban smoking at councils are best able to outdoor fields. understand their local

needs.H e a l t h y L i v i n g Minister Jim Rondeau is The Manitoba rejecting a call from Soccer Association is Winnipeg city council considering a smoking for a province wide ban ban at matches this on smoking at soccer summer fol lowing fields and other outdoor c o m p l a i n t s f r o m venues. parents and players.

Walk your way slim

WAITING TO EXHALE:health minister says

smoking at fieldsManitoba cities can ban

24

be approved by the city, and the cultures, to feel complete and fulfilled. approval process is based on the pricing If you are interested in attending and standards, clean health inspection want more information on this event, records etc. This is a wonderful time to you can contact the organizers at (416)- appreciation of other cultures. You can Have you ever thought that you are explore some new fine dining taste at a 624-0440. find more information about it here: falling into a routine? A routine of: cheaper price. You can find more http://www.harbourfrontcentre.com/kuOn a similar note, the whole of work, some pre-set entertainment, i n f o r m a t i o n a b o u t i t h e r e : umba/February is Black History Month. The sleep, and repeat. No matter how much http://www.toronto.com/wint Kuumba festival goes on over you love your work, you need to do There are many more events going erlicious two weekends (February 5-6 something else, or you're bound to feel on in Toronto this month, but I am

This February 3rd is the and February 12-13) at the burned out. running out of space in this column. So Chinese New Year! And Harbour front Centre and is a I'll point you to a link where you can find I have been feeling, I am not really Chinese New Year celebra- celebration of the black more things to do: http://wx.toronto.ca/ taking advantage of the vibrant, beauti-tions are always rich and history month. Events include festevents.nsf/. I hope I follow through ful and lively nature of Toronto. I colourful. There is a Chinese dance workshops, f i lm on my plans and visit some of these wanted to find out the unique and New Year celebration at the screenings, music, comedy, events. I dare you to take time out of wonderful things that happen around the Scarborough Civic Center family activity, food demos your routine and experience our city. It city in this time of the year.(150 Borough Drive) on and more. Most of the events truly is beautiful.One of the first things I discovered, February 6, between 2:00PM and in the festival are free as well.

Aishwar is a Software Developer thanks to a friend, was Winterlicious! 4:00PM. The event is free and features This would be an awesome chance to working in Toronto.Winterlicious takes place between Lion dance, Chinese dance, singing, learn about the indigenous Black You can contact Aishwar at January 28 and February 10. Some of music, games, displays etc. I feel it is Canadian and American experience. I [email protected] or visit his the top restaurants in the city participate important to me to expand my own believe participating in these events will technology site at floatingpoint.ca.and offer three course meals at a fixed horizons and get involved in other give us a new perspective and a better

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