TORONTO – Canada’s stock market regulators warned investors on Thursday to be wary of companies that claim to have products or services that will prevent, detect or cure the coronavirus infection.
There’s currently no vaccine or any natural health product that is authorized to treat or protect against COVID-19, Health Canada says. Any claims to the contrary are suspicious, the regulators said.
“When investing in any company, carefully research the investment and keep in mind that fraudsters often exploit the latest crisis,” the regulators’ national group said in a statement Thursday.
The statement was issued by the Canadian Securities Administrators, on behalf of government stock market and investment regulators across the country.
The CSA said a common investment fraud is the “pump and dump” scheme.
In that type of scam, a fraud artist creates or buys a shell company and circulates positive, false information to pump up the value of its stock — which the scammer then sells or dumps before investors catch on and the price falls.
“If you believe that you or someone you know has been offered a fraudulent opportunity related to the coronavirus, please contact your provincial or territorial securities regulator,” the CSA said.
The Canadian Anti-Fraud Centre — which also has warned about financial scams — has also detected various attempts to sell decontamination services, face masks, or private tests for COVID-19.
Since March 5, the CAFC — which works with the RCMP, Ontario provincial police and the federal Competition Bureau — has received 29 reports linked to COVID-19.
Among those, was an incident in which the victim attempted to purchase a COVID test online. The victim hasn’t received the product even though the company claims it’s been delivered.
“Only hospitals can perform the tests,” according to the CAFC website. “No other tests are genuine or guaranteed to provide accurate results.”
The anti-fraud centre said it also had reports that suspects have claimed to be with Red Cross offering free masks — so long as the consumer paid the shipping fee.
“The CAFC has yet to see any victims associated to this pitch so it’s unknown what kind of charges are placed on the victim’s credit card, CAFC spokesman Jeff Thomson said in an email.
Pitches like the free mask scam may seem to make sense.
For example, a Red Cross Canada does sell masks through its online store and it does sometimes do fund raising, but a spokeswoman said it doesn’t have a COVID-related campaign in Canada.
A visit to the redcross.ca shows a “scam alert” at the top that provides details of how the fraud works.
Several anti-fraud experts say to watch out for messages that incite panic and fear, request personal information or money, or come unsolicited by email, social media, phone calls or at the door.
The CSA said in its warning on Thursday that it’s aware of instances where Canadians are targeted by scam artists using fear around the current economic conditions.
“Investors contacted by anyone with warnings about their investments or finances should never give out any personal information,” the CSA advised.
It also advised investors who want to pursue the topic to initiate a call to the investment adviser or bank separately, after independently verifying the phone number is legitimate.
This report by The Canadian Press was first published March 19, 2020.
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.
