TORONTO, April 5 (Reuters) – The Canadian dollar weakened
against its U.S. counterpart on Friday after grim employment
data in Canada and the United States sparked concerns the
economic recovery may be flagging, sending investors to the
safety of government bonds.
Major stock markets tumbled, the U.S. dollar fell and U.S.
Treasury securities prices rallied after the
weaker-than-expected U.S. jobs report, while Brent crude oil
fell to an eight-month low. Safe-haven gold prices rose.
TORONTO, April 5 (Reuters) – The Canadian dollar weakened to
a nearly two-week low against its U.S. counterpart on Friday
after both U.S. and Canadian employment data came in far weaker
than expected, erasing a short-lived rally by the currency to
The Canadian currency fell to C$1.0220 to the U.S.
dollar, or 97.85 U.S. cents, after data showed Canada
unexpectedly lost jobs in March and U.S. employers added far
fewer jobs than expected, raising fears that the North American
economic recovery was not as robust as previously thought.
TORONTO, April 4 (Reuters) – A common misconception among
Canadian wealth managers is that their best clients don’t have
debt, but with more households carrying red ink into retirement,
advisers now need to look at both sides of the balance sheet.
Canadians have embraced credit. The ratio of household debt
to personal disposable income reached a record high 165 percent
in 2012 – up from 66 percent in 1980, according to Statistics
Canada. This means that, in aggregate, households owed C$1.65
for every dollar of disposable income.
TORONTO, April 3 (Reuters) – Longtime Toronto-Dominion Bank
Chief Executive Officer Ed Clark will retire in late
2014 and be replaced by the U.S. head of the bank.
Clark, one of the most respected Canadian business leaders,
led the bank through a successful U.S. expansion. Bharat
Masrani, group head of U.S. personal and commercial banking,
will replace him, TD said in a statement on Wednesday.
TORONTO, April 2 (Reuters) – The Ontario Teachers’ Pension
Plan, one of Canada’s top investors, said on Tuesday it had a
13.0 percent rate of return on its investments in 2012, bringing
net assets to a record high C$129.5 billion ($127.4 billion).
With a fourth straight year of double-digit returns, the
global dealmaker, which administers the pension plan for
public-system teachers in Canada’s most populous province, said
it would expand its thrust into emerging markets as it seeks
acquisitions across asset classes that will add long-term value
and income to the underfunded pension plan.
TORONTO (Reuters) – Retirement planning once meant plugging a client’s 65th birthday into a spreadsheet and going from there. But with more Canadians than ever saying they plan to retire gradually, financial advisers are faced with a growing set of unknowns as they help clients plan for their golden years.
“It’s becoming totally different. People are no longer retiring as much as they are redirecting,” said Jill Chambers, a certified financial planner at Integrated Wealth Management in Calgary.
TORONTO (Reuters) – Canadian financial adviser Will Britton is the quintessential success story of social media in the industry. He’s active on Facebook, LinkedIn and Twitter, and when someone needs a financial planner, Britton’s contacts are quick to send a “here’s my guy” link. Presto, a new client.
“I’m probably doing it wrong according to what social media experts may say,” said Britton, a certified financial planner in Kingston, Ontario, and member of Advocis, the Financial Advisors Association of Canada.
TORONTO (Reuters) – Client hunger for great service, especially during a time of lackluster market returns, has pushed Anna Knight and other Canadian financial advisers to go beyond birthday cards to convey their gratitude to those who keep them in business.
Every six months she hosts wine-and-cheese events for 30 to 40 clients and sprinkles smaller tributes throughout the year, a practice she knows has strengthened loyalty and brought in new business.
TORONTO, March 18 (Reuters) – A slowdown in Canada’s housing
market will continue through 2013 and years of stagnation may
follow, but no crash is likely because demographic trends will
support demand in the medium term, a report by Scotiabank
said on Monday.
The report by Canada’s third-largest bank said that home
sales have already dropped more than 10 percent from spring
2012, with prices leveling off but not yet falling except in
particularly hard-hit markets.
TORONTO, March 15 (Reuters) – Sales of existing homes in
Canada fell in February and the accumulation of household debt
slowed in the final quarter of the year as tighter mortgage
rules kept consumer appetite for low interest loans in check.
Reports on Friday showed that a softening in the Canadian
housing market was well underway and household debt levels had
risen more slowly than in previous quarter.