Did you live in or around Dawson City in the early ’80s? And do you remember a man suddenly going missing, or rumours about a murder? If so, the Yukon RCMP’s historical case unit wants to hear from you. A man whose remains were found buried in the North Fork area, about 40 kilometres east of Dawson City, just off the Dempster Highway, in 1983 remains unidentified — and officials say they believe foul play was involved in his death. Const. Michael Simpson, a historical case unit investigator who took over the file in July, said the case has never been closed and that he’s been “actively looking at it and pursuing a number of leads” after getting some “compelling” information over the summer. However, due to the amount of time that’s passed, the investigation has been “challenging.> ‘There is a family out there — a possible wife, children, parents — who never have known what happened to their loved one.’ – Const. Michael Simpson”The 40 years has made it difficult to go back in time … I’ve been doing a lot of cold-calling, reaching out to people, trying to find people from that area to help me,” he said. “It’s a lot of, you’re in the dark quite a bit and you’re trying to find your way through it sometimes.” According to a national database of missing people and unidentified human remains, the man was discovered “buried several metres from a road by a woodland brush” on May 21, 1983.He was a white male estimated to have been between 22 to 40 years old with brown, wavy hair, standing five feet nine inches tall and weighing 165 pounds. He had visible gold teeth and “hairy legs,” according to the database, and was found wearing white cotton socks with red and blue bands, underwear and dark blue jeans. No photo or sketch of him are available. Despite the age of the case, Simpson said finding answers about who the man was and what happened to him is still important. “There is a family out there — a possible wife, children, parents — who never have known what happened to their loved one and I think that’s the first and foremost reason identifying this person, because someone out there is missing that person and we would like to determine who he is,” he said. “And then the second part is … we deemed this (death) suspicious, a homicide. There’s somebody out there who knows what happened to him and I think figuring that out is imperative.” Simpson asked anyone with information related to the case, no matter how minor they think it is, to contact the Yukon RCMP’s historical case unit at 867-667-5500 or email@example.com. Information can also be provided at local RCMP detachments.
Tangerine Investment Fund Recognized for Fundata Fundgrade A+® Award – Canada NewsWire
Tangerine has a range of investment options, including Global ETF Portfolios
TORONTO, Jan. 22, 2021 /CNW/ – Tangerine Investments is pleased to have yet another Fundata FundGrade A+® Award under their belt, with recognition for the performance of the Tangerine Balanced Income Portfolio in 2020.
“We’re committed to helping our Clients invest their money and realize their financial goals in a simple and convenient way,” said Ramy Dimitry, Chief Revenue Officer of Tangerine Bank. “We’ve been helping Canadians invest online for more than a decade and awards like this one showcase how we are ensuring our Clients’ money is working hard for them.”
The FundGrade A+® Awards are annual awards given to Canadian investment funds that have been consistent FundGrade A-Grade performers, with around 6 per cent of investment fund products available in Canada receiving the coveted FundGrade A+® rating.
Tangerine Investment Funds make investing easy by providing Clients with a simple, low-cost and hassle-free way to reach their long-term financial goals through an indexing strategy.
Tangerine expands investment options with Global ETF Portfolios
To offer Clients even more options to suit their investment needs, Tangerine recently launched their Global ETF Portfolios. The new Tangerine Global ETF Portfolios bundle a selection of exchange traded funds (ETFs) in a mutual fund, offering a combination of the hands-off benefit of mutual funds with the lower cost of ETFs. Either a first-time investor or a more seasoned investor who wants to broaden their portfolio can experience a simple and convenient way to invest, with features like:
- Low management fee: Tangerine’s low fee helps to ensure your money is working harder for you1.
- Autopilot investing: Tangerine’s simplified features include automatic contributions, automatic rebalancing, and dividend reinvesting.
- Globally diversified: Each portfolio invests in stocks and/or bonds from over 45 countries across the world, offering a whole lot of opportunity for growth.
- Designed to meet your needs: Everyone’s investment goals are different, and Tangerine will help you pick the right investment option to meet your needs.
- Start with as little as $25: You don’t need a fortune to start investing. Get going with as little as $25. Even small amounts add up over time.
- It takes 10 minutes or less: It should take you only 5 to 10 minutes to get started with our simple setup steps, with an option to choose from an RSP, TFSA, RIF or non-registered Account.
More information on Tangerine Investment Funds is available at tangerine.ca/en/investing.
About the FundGrade A+ ®
FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata. FundGrade ratings are subject to change every month.
Performance for the winning fund for the period ended December 31, 2020 is as follows:
Tangerine Balanced Income Portfolio: 8.48% (1 year), 5.74% (3 years), 4.97% (5 years), 5.34% (10 years).
Award-winning fund for 2020 is:
FundGrade Start Date*
Canadian Fixed Income Balanced
* The end date for the FundGrade calculation is December 31, 2020.
About Tangerine Investment Funds
Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are available only by opening an Investment Fund Account with Tangerine Investment Funds Limited. Both firms are wholly-owned subsidiaries of Tangerine Bank. Tangerine Investment Funds Limited is the principal distributor of the Tangerine Investment Funds.
About Tangerine Bank
Tangerine Bank is a digital bank that delivers simplified everyday banking to Canadians. With over 2 million Clients and close to $40 billion in total assets, it’s one of Canada’s leading digital banks. Tangerine Bank offers banking that’s flexible and accessible, products and services that are innovative, fair fees and award-winning Client service. From Savings Accounts to no-fee daily Chequing, Credit Cards, GICs, RSPs, TFSAs, Mortgages, lending products and Investment Funds through its subsidiary, Tangerine Investment Funds Limited, Tangerine Bank has the everyday banking products Canadians need. With over 1,000 employees in Canada, the bank’s presence spans its website and Mobile Banking app to its 24/7 Contact Centres and Toronto-based head office. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012 Tangerine was acquired by Scotiabank, and operates independently as a wholly-owned subsidiary.
For more information, visit tangerine.ca.
1The Portfolio’s expenses are made up of the management fee, operating expenses (including the fixed administration fee), and trading costs. The annual management fee is 0.50% of the Portfolio’s value. The annual fixed administration fee is 0.15% of the Portfolio’s value. Because this Portfolio is new, its remaining operating expenses and trading costs are not yet available.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
For further information: For media inquiries: Rebecca Webster, Corporate Communications, Tangerine Bank, [email protected]
Taxation of investment funds – Lexology
Israel – known as the ‘start-up nation’ – has encouraged and attracted inbound foreign investments for many years. Investors looking to invest in Israeli companies may do so by:
- investing directly;
- investing in investment funds managed by others; or
- establishing a private investment fund.
Recent years have shown an increased interest and investment activity in Israeli companies by foreign investors, several of which have formed an Israeli corporate venture capital (CVC) fund for this purpose.
Among the primary tools for encouraging inbound investments is the special tax regime for private investment funds. Over the years, the Tax Authority has issued substantial guidance and numerous private rulings under the Income Tax Ordinance, providing significant tax benefits to foreign investors and private investment funds operating in Israel.
This article outlines the income tax arrangements applicable to private investment funds operating in Israel. These arrangements are predominantly based on Income Tax Circulars 9/2018 and 10/2018, which govern the taxation of venture capital funds and private equity funds, respectively.
The special tax regime applicable to private investment funds is currently under review by the Tax Authority and the Ministry of Finance. As such, tax benefits that are available under the existing regime may be adjusted and further criteria for entitlement may be added. However, such changes are not expected to affect the existing arrangements for non-Israeli limited partners.
Criteria for beneficial tax treatment
The principal conditions for beneficial tax treatment for non-Israeli investors regarding their investments in private equity and venture capital funds are as follows:(1)
- The fund must have at least 10 unrelated (directly or indirectly) investors.
- Investors may not hold more than 20% of the capital of the fund, with the anchor investor able to hold up to 35% of the capital of the fund.
- At least 30% of the investors in the fund must be non-Israeli investors.
- Total investment commitments must be at least $10 million, of which at least $5 million must come from non-Israeli investors.
- The fund may not invest more than 25% of its total commitments (net of management fees) in any single company.
- The fund may not invest more than 20% of its total funds raised (after deduction of management fees) in companies whose securities are publicly traded.
- The fund may not hold short-term cash deposits or publicly traded securities, unless they originate from:
- monies which investors transferred in accordance with their investment commitments in the fund; or
- the realisation of profits prior to their distribution or reinvestment.
- The fund must invest in ‘qualifying investments’ (as defined below) in Israel in accordance with the lesser of the following alternatives:
- at least $10 million in qualifying investments of which at least $6 million must be invested, directly or indirectly, in Israeli resident companies whose intellectual property is owned by them and/or in their non-Israeli parent companies; or
- at least 50% of the fund’s total commitments in qualifying investments, of which at least 30% of total commitments must be invested, directly or indirectly, in Israeli resident companies whose intellectual property is owned by them and/or in their non-Israeli parent companies.
- The fund must be managed by the general partner or by a person on its behalf. The limited partners may not take any role in identifying targets or managing the portfolio companies or in the day-to-day management of the fund and will have no voting rights in the investment committee of the fund.
- The fund may be required to provide certain financial information to the Tax Authority.
- Investors in the fund may be required to provide certain information to the fund or the Tax Authority in order to establish their right to enjoy the benefits of a Tax Authority ruling issued with respect to the fund.
For purposes hereof:
- a ‘qualifying investment’ is an investment in shares of an Israeli resident company or an Israel affiliated company whose principal activity is a qualifying activity, including venture capital investments. Investments in securities traded on the stock exchange will not be considered qualifying investments, unless the fund’s holding period of a publicly traded portfolio company is at least one year from the time of the fund’s first investment therein;
- a ‘qualifying activity’ is the establishment or expansion of enterprises engaged in activities in Israel in the areas of industry, agriculture, tourism, transport, construction (excluding real estate), water, energy, technology, communications, computing, security, medicine, biotechnology or nanotechnology or research and development in these areas;
- an ‘Israel affiliated company’ is a foreign company whose principal assets and/or activities, directly or indirectly, are in Israel;
- ‘shares’ include stock options and warrants, convertible notes and convertible bridge loans which are not secured by assets other than the technology or the assets which the target company owns; and
- ‘venture capital investments’ are qualifying investments in the high-tech sector, where at least 75% of the total investment is in consideration for the issuance of shares.
Beneficial tax arrangement
If all of the above criteria are met, the following will apply to the non-Israeli investors in the fund and in the general partner.
Tax arrangement for non-Israeli limited partners
Income derived from non-Israeli investments (ie, non-Israeli companies or non-Israeli affiliated companies) will be exempt from tax in Israel.
Income derived from venture capital investments (ie, capital gains, dividends and interest) will be exempt from tax in Israel.
Income derived from qualified investments that are not venture capital investments will be taxed as follows:
- Income from the realisation of qualified investments will be exempt.
- Dividend income received from the qualified investments will be taxed as follows:
- Dividend income attributed to individual investors (including if held through a transparent entity for tax purposes in the country of residency of the individual) will be subject to tax at the rate of 15%.
- Dividend income attributed to corporate investors will be subject to tax at the corporate income tax rate (currently 23%).
- Notwithstanding the foregoing, foreign investors from a treaty jurisdiction may be eligible for the tax rates set out under the applicable treaty (15%),(2) subject to confirmation of tax residency and beneficial ownership by the Tax Authority
- Interest income received from the qualified investments will be taxed as follows:
- Interest income will be subject to tax at the regular applicable tax rates set out in the Income Tax Ordinance (individuals will be taxed at a rate of 15% to 50% depending on the nature of the interest; corporates will be taxed at 23%).
- Notwithstanding the foregoing, non-Israeli investors from a treaty jurisdiction may be eligible for the tax rates set out under the applicable treaty (10%), subject to confirmation of tax residency and beneficial ownership by the Tax Authority.
- Any other income (not covered above), including income from management fees received from portfolio companies, will be subject to the regular tax rates set out in the Income Tax Ordinance (up to 50% for individuals and 23% for corporates).
- Foreign investors in the fund will not be considered tax residents of Israel and will not have filing obligations in Israel as a result of their investments in the fund.
Tax arrangement for non-Israeli fund managers
Based on the foregoing, and once the fund qualifies for tax benefits, the general partner and the managers of the fund may also be entitled to certain tax benefits. As stated above, the special tax regime applicable to private investment funds is currently under review by the Tax Authority and the Ministry of Finance. As such, tax benefits that are available under the existing regime may be adjusted and further criteria for entitlement may be added.
Taxation of carried interest
Carried interest income attributable to Israeli investments will be subject to tax at the rate of 15% in the hands of non-Israeli fund managers.
Carried interest income attributable to investments in foreign entities will not be subject to tax in Israel.
Notwithstanding the foregoing, non-Israeli general partners and fund managers from a treaty jurisdiction may be eligible for the tax rates set out under the applicable treaty, subject to confirmation of tax residency and beneficial ownership by the Tax Authority.
Taxation of management fees
Income derived from management fees will generally be subject to the regular tax rates set out in the Income Tax Ordinance (up to 50% for individuals and 23% for corporates).
Alternative tax arrangements if conditions are not met
Over the years, the Tax Authority has issued alternative tax arrangements for funds that do not meet the criteria described above, including funds:
- that have fewer than 10 investors;
- with commitments of less than $10 million;
- in which the limited partners are involved in the management of the fund; and
- in which the general partner is a substantial investor.
The following is a short description of the beneficial tax treatment available in some of these situations.
Funds that have fewer than 10 investors
Income from realisations of qualifying investments will be subject to 15% income tax in Israel.
Income from interest and dividend payments that are derived from qualifying investments will be subject to tax at the lesser of:
- 15%; and
- the tax rates under an applicable tax treaty.
Other income that is not derived or accrued from qualified investments will be subject to the tax rates established in the Income Tax Ordinance.
Income derived from non-Israeli companies (ie, non-Israeli or non-Israeli affiliated companies) will be exempt.
Funds with less than $10 million in commitments
A beneficial tax arrangement will be available to funds that are focused on making venture capital investments.
Income from realisations of venture capital investments will be exempt from tax in Israel.
Income from interest and dividend payments will be subject to tax at the lesser of:
- the tax rates established in the Income Tax Ordinance; and
- the tax rates under an applicable tax treaty.
Non-Israeli funds investing in Israel without representation in israel
Generally, such a fund will enjoy the same tax benefits as described under “Tax Arrangement for Non-Israeli Limited Partners” above.
Non-Israeli managers of the fund will be entitled to exemption from Israeli tax on their carried interest (as opposed to 15% tax on carry sourced from investments in Israel, for a fund with Israeli representation) and on their management fees.
(1) Limited partners holding more than 4% of the interests in a fund may not control the entities managing the fund and may not hold more than 10% of the general partner, if they wish to enjoy the tax benefits.
(2) For a percentage holding lower than 25%.
Growth in Halal investing gives Muslims opportunity align investments with values – Investment Executive
Najar says the main driver for his investment decisions is religious.
“I cannot do the other way, it’s just impossible. Even if there is money to be made I cannot make it that way,” he said from Vancouver.
The money he invests must do no harm and be beneficial for society. Usaries are forbidden because the Qur’an says Muslims aren’t allowed to profit from lending money, so earning interest from an individual or bank is prohibited.
Socially responsible investing, including those based on religious beliefs, is a growing trend in Canada with assets under management surging to $3.2 trillion last year, up from $2.1 trillion in 2017, according to the Canadian Responsible Investment Trends Report.
Responsible investing represents nearly 62% of Canada’s investment industry, up from 50.6% two years ago.
Investing based on religious values remains a small but growing subsection of this trend.
Like all investing, those who make decisions based on their faith should educate themselves and find a trusted financial adviser, said Najar.
That’s especially crucial for Halal investing because most financial advisers are not familiar with the detailed web of options and restrictions, said Jesse Reitberger, co-founder of Canadian Islamic Wealth, who guides Najar’s moves.
Reitberger has focused on helping the Muslim community to adhere to financial tenets of the Qur’an since converting to Islam in 2014.
He said many Muslims have sat on the sidelines or invested and just plead ignorance.
“They just keep their money either sitting in a chequing account or under their mattress at home,” he said from Winnipeg.
For many Muslims, especially older generations, that’s meant saving cash to make purchases of real estate, cars or gold.
Canada’s Muslim population exceeds one million and is expected to become the second-largest religion by 2030.
Finding investments that are Islamic compliant can be a challenge because Canada is an interest-based economy, said Reitberger.
The Dow Jones Islamic Index and S&P/TSX 60 Shariah contain several funds that hold permissible investments.
Other faiths have taken similar steps to investing, albeit without any prohibition on debt.
The Mennonite Savings and Credit Union was formed 56 years ago to allow members to “see mutual aid put into faithful practice.”
It created a family of socially responsible funds to help investors bridge the gap between their principles and the way they invest their money.
Renamed the Kindred Credit Union in 2016 to broaden its reach, about 70% of its 25,000 members have a faith-based affiliation.
“People have taken a really big interest in this simply because it allows them to align all aspects of their lives to reflect their beliefs including their finances,” said Tim Fox, director of wealth and investments.
Screens are put in place to exclude investments in alcohol, tobacco, cannabis, gambling, military and weapons, along with those that have negative impacts on human rights, employees and animal welfare.
“Those screens continue to evolve as a social awareness evolves. As a community, as a society we decide what is important and what we’re willing to invest in and not invest in.”
Kitchener, Ont.-based Meritas Financial was created early on because there were very few options available, added Kindred CEO Ian Thomas. Meritas Financial, a mutual fund company, merged with Qtrade Financial Management Inc. in 2010.
“Over the last two decades, with acceleration over the last 10 years, all of a sudden values or socially responsible investing or responsible investing has really come to the forefront and the outcome has become more mainstream.”
Other financial institutions that provide faith-inspired options include Khalsa Credit Union. It helps British Columbia’s Sikh community while Edmonton’s Christian Credit Union applies “Christian values to financial services.”
Companies such as Wealthsimple and Manzil have sprung up in recent years to fill in gaps for the Muslim community.
Online investment firm Wealthsimple said it is preparing to launch its Shariah-compliant ETF as early as next month to replace its current offering of 50 stocks.
It will contain more than 150 stocks and increased diversification.
“One of the problems that Shariah investors have is you end up screening out entire industries from how they can invest,” chief investment officer Ben Reeves said in an interview.
He said Shariah-compliant funds can generate similar returns to regular investment vehicles, noting that its current offering, launched in 2017, has returned about six per cent annually.
Mohamad Sawwaf, co-founder and CEO of Toronto-based Islamic finance company Manzil, created its own diversified portfolio offering — Manzil Halal Portfolios — in partnership with CI Direct Investing, the roboadviser arm of CI Financial Inc.
The portfolio includes alternatives to fixed income like Islamic mortgages that are based on real and hard assets. Meanwhile, New York-base Wahed Invest LLC offers an ETF that invests in Shariah compliant stocks.
“This is a very underserved community and this is about financial inclusion because they’re currently excluded within the Canadian marketplace,” said Sawwaf.
Sawwaf said market research has indicated that more than 70% of Muslim Canadians would adopt Halal investing if products are available.
That’s particularly true of younger Muslims who are more interested in investing than older generations.
Restrictions on fixed income end up helping investors to do well, added Sameer Azam, investment adviser at RBC Wealth Management.
“A lot of the criteria pushes you to companies with lower leverage so at the end of the day we see a lot of quality in our clients’ portfolio,” he said.
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