FILE — Sam Bankman-Fried, the chief executive of cryptocurrency exchange FTX, during a panel at Crypto Bahamas conference in Nassau, Bahamas, on April 27, 2022. FTX filed for bankruptcy in November, and Bankman-Fried was arrested this week. (Erika P. Rodriguez/The New York Times)ERIKA P. RODRIGUEZ/The New York Times News Service
Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
The FTX FOMO was real, until it wasn’t
Global institutional investors, including the Ontario Teachers’ Pension Plan, poured more than a billion dollars into FTX, helping seal its leading position in the sector and Sam Bankman-Fried as the golden boy of crypto. After the bankrupted crypto company’s startling collapse in November, police in the Bahamas arrested Mr. Bankman-Fried this week on U.S. charges of criminal fraud and conspiracy. He said in court on Tuesday he will fight an extradition. But how did nobody see this coming, and did anyone raise any red flags? Temur Durrani takes a deep-dive into how big-name investors, including Canadian pension funds and Kevin O’Leary, bought into a crypto craze that ended up with criminal charges.
Scotiabank’s suspicious cash-back offer to switch to a fixed-rate mortgage
Banks have long used cash incentives and other signing rewards to promote products ranging from credit cards to bank accounts, but when a Bank of Nova Scotia client recently received an offer to lock in his adjustable mortgage rate with a cash-back incentive, it unwittingly caused an internet uproar. As Erica Alini reports, Daniel Goldsmith took to Reddit wondering whether the bank was using the financial incentive of $1,200 cash-back to nudge him toward a 5.47-per-cent fixed-rate mortgage. He also wondered whether the bank wanted him to sign up for a fixed rate because it expected interest rates to start falling in coming months. For borrowers like Mr. Goldsmith, whose mortgage instalments have been rising with every rate increase, the past nine months have been a painful financial squeeze. But if interest rates fell during the rest of Mr. Goldsmith’s mortgage term, his payment would also shrink.
Canadians are retiring early – and becoming outliers
The earliest age when people can retire and access CPP/QPP and Old Age Security in Canada is 65, yet increasingly, that age is considered young. As Frederick Vettese points out in this week’s Charting Retirement, many countries have raised the normal retirement age to reflect longer lifespans, and later retirement ages are usually phased in over many years to give people a chance to adjust. The chart below shows the normal retirement age after each country’s “phase-in” is complete.
Normal retirement ages in OECD countries
New Zealand
Switzerland
Netherlands
the globe and mail, Source: frederick vettese; OECD Pensions
at a Glance, 2021
Normal retirement ages in OECD countries
New Zealand
Switzerland
Netherlands
the globe and mail, Source: frderick vcettese; OECD Pensions
at a Glance, 2021
Normal retirement ages in OECD countries
New Zealand
Switzerland
Netherlands
the globe and mail, Source: frederick vettese; OECD Pensions at a Glance, 2021
Interest on debt payments hit record
Canadian debt payments are rising while our household wealth is taking a tumble, writes Matt Lundy. Households made about $57.4-billion in debt payments during the third quarter, a record quarterly increase of 6.1 per cent, according to Statistics Canada data. The interest portion of debt payments jumped by 17.8 per cent – also a record – from the Bank of Canada rapidly hiking interest rates in an attempt to bring inflation under control. The turn in monetary policy has shaken up personal finances. Canada’s household debt burden – the ratio of credit market debt to disposable income – rose to 183.3 per cent in the third quarter, from 182.6 per cent in the second quarter. The ratio is nearing the record high set in 2018: 185 per cent. Meanwhile, Canada’s household net worth – the value of all assets minus liabilities – fell by around $330-billion during the third quarter, after a record quarterly decline of more than $930-billion between April and June.
Former CannTrust officials found not guilty in unlicensed cannabis trial
An Ontario judge ruled this week that three former high-ranking officials from CannTrust Holdings Inc. were not guilty of any charges brought against them by Ontario’s securities regulator, bringing an abrupt and final close to a trial that ended almost as soon as it began. As Greg McArthur reports, the prosecution of former CannTrust chief executive officer Peter Aceto, former chairman Eric Paul and former director Mark Litwin collapsed after a key government witness conceded that the fundamental allegation against the trio – that they permitted unlicensed growing in eight rooms at the company’s Niagara-area production facility – is incorrect. When the scandal erupted after a 2019 Health Canada inspection, it had wide-ranging implications, including a special committee of CannTrust’s board launching an investigation, class action lawsuits, terminations and the company seeking bankruptcy protection.
Putting the stock in stocking stuffer
Looking for a last-minute holiday present or stocking stuffer? David Berman has put together a stock market gift guide, with suggestions for your dividend-loving dad, the investment thrill-seeker on your list and even a lump of coal for the deserving Grinch.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
