The Ontario Court of Justice has sentenced Oliver Folkard to eight months in prison after pleading guilty to defrauding investors of approximately $155,000, according to a report from the Ontario Securities Commission (OSC). Folkard, along with his father Rupert and a man named Joseph Goldfinger, posed as a Certified General Accountant between 2014 and February 2016, charging a fee to fix credit ratings and obtain lines of credit for his victims. The OSC report states that he never provided any of the services promised. Folkard also encouraged his victims to make Bitcoin investments through BMFC Financial Services Inc. According to...
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Investing is not just about income and growth. There are taxes to consider that could affect your overall returns. Newbie investors in general should ... Source
(Reuters) - Canada's main stock index fell on Tuesday, pressured by a fall in financial companies as Canada's banking regulator raised the minimum ... Source
A veteran advisor with 33 years’ experience has been fined $22,500 after altering 124 account forms in respect of 66 clients without having them initial the changes. In addition, Perry Richard Graham, a mutual rep registered with FundEx Investments, also used 49 pre-signed account forms in respect of 30 clients. According to the MFDA, both sets of violations took place between February 2012 and March 2018. Graham has been registered in Ontario since 1997, in Saskatchewan between 2010 and 2014, and in B.C. from 2017. At all times of the violations, he conducted business in the Brantford, Ontario area. The...
Following the Canadian Securities Administrators’ (CSA) request for comments on reducing the burden for investment fund issuers, the Investment Funds Institute of Canada (IFIC) has urged regulators to revisit “requirements that are no longer necessary or no longer serve their intended purpose,” including those pertaining to fund disclosure. “Investors, advisors and regulators each have different information needs, and the ultimate objective must be to provide disclosure that is both meaningful to each stakeholder and delivered in the manner each prefers,” IFIC President and CEO Paul Bourque said in a statement. Welcoming the CSA’s proposal to consolidate the simplified prospectus (SP)...
Physician assistants could help ease some of the strain on Canada’s understaffed health-care system, but experts say the country is dragging its feet on bringing them into the fold. Source
Should we be growing the deficit or hiking taxes to give teachers or other civil servants the pay hike they want? Harvey Bischof, head of the Ontario ... Source
Today, the Government is moving forward with a proposal that would put more money in the pockets of Canadians, by lowering taxes for the middle class, and people working hard to join the middle class. This would be accomplished by increasing the BPA to $15,000 by 2023.Source
Government of Canada Moves Forward With Lower Taxes for the Middle Class and People Working Hard to Join It
Building on the success of the 2015 middle class tax cut that lowered taxes for more than nine million Canadians, the Government of Canada is moving forward with a proposal that would put more money in the pockets of Canadians. Today, Finance Minister Bill Morneau tabled in the House of Commons a Notice of Ways and Means Motion that proposes to amend the Income Tax Act to lower taxes for the middle class, and people working hard to join the middle class, by increasing the Basic Personal Amount (BPA) to $15,000 by 2023. Source
The Pentagon awarded the cloud computing contract to Microsoft in October. Source
OTTAWA - The Liberal government says Canadians would begin to see the impact of a proposed tax cut on their first pay stubs of the new year - as ... Source
An advisor has been fined and banned for two years by the MFDA for forging a 74-year-old client’s KYC form, selling that client a risky investment, and hiding information about that investment’s performance. Rakeshkumar Patel was a registered mutual fund salesperson working with BMO in Brampton, Ontario from 2008 to 2016. In 2015 he sold his client a $39,000 investment in a BMO Fixed Income Fund. That client was 74 years old with assets less than $100,000, income less than $20,000, and a stated “low” risk tolerance. That product earned Patel greater compensation than a Guaranteed Investment Certificate or another...