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Tories would require more transparency for investment management fees – Investment Executive

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The pledge fell within the banking portion of a section dedicated to lower prices for consumers. Under leader Erin O’Toole, the Conservatives would also order the Competition Bureau to investigate banking fees and legislate open banking “so that Canadians can connect with fintech companies that can provide a better offer for banking services such as a mortgage, line of credit or credit card,” the 164-page document said.

Reports from financial industry regulators have found that most Canadian investors don’t understand what they’re paying in investment fees. Last month, the Mutual Fund Dealers Association of Canada  said that expanded cost reporting that specifies investment fund charges should be included in fee summaries.

The Tories are also targeting “an unaccountable and overly aggressive” Canada Revenue Agency (CRA).

“It seems like every day brings new stories of CRA overreach: denying disability tax credits to people with diabetes, refusing benefits to single mothers because CRA is not satisfied with proof of separation, and auditing small businesses for tiny amounts while writing off large amounts owed by multinationals,” the platform said.

The Conservatives would impose a duty of care on the agency and revise the penalties so that first-time “problems or errors” receive minor fines. The party would also require the CRA to report on the tax gap so that resources could be devoted to problem areas, and increase funding to go after “wealthy tax cheats” and large corporations.

The NDP pledged to boost funding for the CRA and close certain tax loopholes.

For Canadians with disabilities, the Conservatives would reduce the number of hours
required to qualify for the disability tax credit (DTC) to 10 from 14 hours per week. The change would make it easier to access various programs and benefits for which the DTC serves as a gateway, the document said, including the RDSP and the child disability benefit.

The Tories would also double the disability supplement in the Canada workers benefit to $1,500 to help lower-income disabled Canadians. The plan would save a disabled person made eligible for the tax credit (or their family) an average of $2,100 per year, according to the platform.

The Liberals have proposed a Canada disability benefit modelled on the guaranteed income supplement (GIS) as well as changes to DTC eligibility. The NDP has promised a guaranteed livable income for  Canadians with disabilities, as well as seniors.

As part of a plan to make housing more affordable, the Conservatives would encourage investments in rental housing by allowing those who sell a rental property and reinvest in rental housing to defer the capital gains tax.

The Tories also said they’d ban foreign investors not living in or moving to Canada from buying homes for a two-year period. A Conservative government would instead encourage foreign investment in purpose-built rental housing. The policy would be reviewed after two years. The NDP would introduce a 20% foreign buyer’s tax on homes, while the Liberals have proposed a 1% annual tax on the value of vacant real estate owned by non-residents.

The Conservative platform also had proposals to encourage more seniors to age in their homes. The home accessibility tax credit would change to $10,000 per person (rather than $10,000 per dwelling), and seniors and their caregivers would be eligible to claim the medical expense tax credit for home care. The party would also create a Canada seniors care benefit of $200 per month per household for anyone living with and caring for a parent over 70.

The platform has been costed internally and is being reviewed by the parliamentary budget officer, the Conservatives said.

Other measures from the Conservative platform include:

  • doubling the Canada workers benefit to a maximum of $2,800 for individuals or $5,000 for families and pay it as a quarterly direct deposit rather than a tax refund at year-end;
  • no longer requiring underfunded pension plans to convert to annuities, which can lock in losses;
  • creating the Canada investment accelerator, a 5% investment tax credit for capital investment made in 2022 and 2023, with the first $25,000 refundable for small business;
  • supporting gig economy workers ineligible for employment insurance (EI) by requiring gig economy companies to make contributions equivalent to CPP and EI premiums into a new, portable employee savings account every time they pay their workers. The money would grow tax-free and could be withdrawn by the worker when needed;
  • converting the child care expense deduction into a refundable tax credit covering up to 75% of the cost of child care for lower income families;
  • a one-month “GST holiday” this fall to help hard-hit retail stores recover; and
  • eliminating the deficit, which hit $354 billion in 2020-21 as the federal government handled the Covid-19 crisis, within a decade.

Read the full platform on the Conservative Party website.

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What is Causing Bitcoin’s Price to Plunge?

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The cryptocurrency industry’s inaugural asset is experiencing one of the biggest downturns in its short history. Bitcoin has recently fallen to its lowest value in the last year-and-a-half. Having peaked at a value of $70,000 per Bitcoin in November 2021, almost $50,000 has been shaved off its value per Bitcoin in the last seven months. As of 15th June 2022, it has been trading at around $21,400 per Bitcoin. What’s happening and why is the Bitcoin crash causing a ripple effect throughout the rest of the crypto scene?

Crypto analysts believe the real-world problems of surging inflation and rising interest rates are having a knock-on effect on crypto values. With stock markets also threatening to enter a bear market, it’s possible that a big reason for the plunge in Bitcoin is that many investors in BTC have chosen to liquidate their positions and stockpile as much cash as possible as a safety net. Despite the difficult backdrop for Bitcoin right now, it’s still an asset that retailers are keen to accept and utilize as part of their cash flow.

In Canada, there are still plenty of businesses and merchants that accept Bitcoin and other cryptocurrencies as legitimate forms of payment. For example, in the newly regulated Canadian iGaming market, brands like Bodog make it possible for Bitcoin holders to play casino slots for real money, with deposits permitted in Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin, Ethereum, and USD Tether. Major Canadian gift card brands like Coincards and CoinGate also permit Bitcoin transactions in exchange for gift cards with the biggest names in retail and e-commerce, namely Amazon and Walmart.

In addition, online travel agents like Travala still accept Bitcoin, with discounts worth up to 40% available to those booking flights and trips with cryptocurrency.

Other crucial developments affecting Bitcoin

In recent days, two of the most prominent names in cryptocurrency trading and investing have experienced severe issues. Binance, the world’s most liquid cryptocurrency exchange, was forced to cease Bitcoin transactions for several hours. The platform attributed this hold-up to a “stuck transaction”, although many have since looked upon this excuse with skepticism.

Additionally, the collapse of decentralized finance (DeFi) platform Celsius has been a dagger in the heart of many in crypto circles. The “extreme market conditions” have raised serious question marks over Celsius’ long-term future, with its liquidity drying up fast. The firm takes cryptocurrency in exchange for annual yields on investor deposits, but if there’s no yield to back this up, the concept folds like a pack of cards.

Is it possible to anticipate a recovery for Bitcoin and crypto?

In truth, Bitcoin and all other cryptocurrencies are entering unchartered territory at present. Consumer and retail investor behaviours are changing as confidence in real-world economies diminish by the day. Analysts insist that extreme caution must be taken to enter the markets right now. With very little historical data to fall back on, the price of Bitcoin remains volatile.

Although there is a general feeling within the cryptocurrency community that a “pump” will return sooner or later, it’s going to take time for demand to outstrip supply once more.

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Rothschilds hires RBC's Graham to run Canadian investment bank – The Globe and Mail

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Rothschild & Co is scaling up its Canadian business, hiring veteran Royal Bank of Canada dealmaker Alex Graham to lead domestic expansion at a global investment bank with a two-century family pedigree.

On Monday, Paris-based Rothschild will announce that Mr. Graham will be its Toronto-based managing director and head of Canada, with a mandate to move beyond the bank’s current focus on advisory work for the mining industry and restructurings. For the past decade, Mr. Graham was head of RBC’s telecom, media and technology group in Canada, then Europe.

“Alex has strong professional roots in Canada and a global network of relationships,” Jimmy Neissa, head of Rothschild, North America, said in a release. “His experience, knowledge and leadership will serve our clients well and further grow our leading franchise in the region.”

Mr. Neissa joined Rothschild in 2016 with a mandate to build its North American operations after spending two decades as New York-based merger and acquisition (M&A) specialist at UBS and Donaldson, Lufkin & Jenrette, where Mr. Graham also worked. Previously, Mr. Graham also led the diversified industries team for Morgan Stanley in Canada and worked for Citigroup in New York.

Last year, Rothschild ranked sixth among investment banks for M&A in Europe, advising on 464 transaction, and was 15th among North American banks on M&A, working on 220 deals, according to data service Refinitiv. Rival European banks with significant North American operations include Barclays, while Deutsche Bank, Credit Suisse and UBS have scaled back in the region in recent years.

Rothschild is building out its Canadian team at a time when large Canadian companies and fund managers such as pension plans and Brookfield Asset Management Inc. are using international M&A to build their businesses. The investment bank currently has 10 professionals in Canada.

Rothschild plans to hire Canadian financiers with expertise in M&A for banks and financial services businesses, technology, infrastructure and power companies, and link these local bankers with its international expertise, Mr. Graham said.

“With Rothschild’s strong momentum in North America, along with its continued strength and deep bench of expertise in M&A advisory around the world, I’m honored to have the opportunity to lead and continue to grow the business in Canada,” he said in a release.

Prior to becoming an investment banker, Mr. Graham worked in Ottawa as an adviser to Prime Minister John Turner. He holds an MBA from Western University’s Richard Ivey School of Business and an undergraduate degree from Trinity College at the University of Toronto.

Rothschild has deep roots in Canada, serving as the financier that backed development of the massive Churchill Falls power project in Labrador in the 1960s. More recently, former securities lawyers Gar Emerson and Montreal-based investment banker Daniel Labrecque served as country head in Canada.

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1PointFive and Manulife Investment Management announce lease agreement for a carbon capture and sequestration project in Louisiana – GlobeNewswire

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HOUSTON, June 27, 2022 (GLOBE NEWSWIRE) — 1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) business, and Manulife Investment Management today announced that OLCV and Manulife entered into a lease agreement for approximately 27,000 acres of timberland in Western Louisiana. The agreement provides 1PointFive with access to subsurface pore space and surface rights to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions. Two Class VI injection permits, required by the EPA for geologic sequestration, have already been filed for the site.

The lease agreement is a pivotal step in 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.

Manulife Investment Management’s acreage offers excellent storage capacity within proximity to point source industrial emitters, who would otherwise emit carbon dioxide to the atmosphere. 1PointFive would also like to recognize New Dawn Energy, which is a Manulife land lease partner, and has been cooperative and supportive of the project.

“We are excited to join with Manulife and lease the acreage to develop a hub that will provide sequestration infrastructure and services for industrial emitters and 1PointFive’s future DAC facilities,” said Dr. Doug Conquest, Vice President, OLCV. “This agreement strengthens our CCUS position and advances commercial-scale decarbonization solutions in line with Oxy’s net-zero goals.”

“We understand the importance our forests and underlying land play as a natural climate solution in decarbonization,” said Eduardo Hernandez, Managing Director and Global Head of Timberland Operations at Manulife Investment Management. “We focus on sustainably managing our forests for climate-positive and nature-positive impact, and we are excited to find additional opportunities to continue this work for clients.”

1PointFive and Manulife Investment Management are also exploring other locations and projects throughout the region and country with the potential to add additional acreage for carbon removal and sequestration. 1PointFive adheres to U.S. Environmental Protection Agency (EPA) standards for monitoring, reporting and verifying (MRV) the amount, safety and permanence of CO2 stored through secure geologic sequestration. The company and its affiliates hold three EPA-approved MRV plans for geologic sequestration. 1PointFive will apply this expertise toward the safe design and operation of the project.

Manulife Investment Management manages approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile. It also oversees approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia.

About 1PointFive
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering’s Direct Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com.

About Oxy Low Carbon Ventures (OLCV)
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation on oxy.com for more information.

About Manulife Investment Management 
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including those relating to OLCV’s strategy, 1PointFive’s strategy’s impact on the environment, the agreement’s benefits and related impact on carbon emissions, and 1PointFive’s plans to build, acquire and operate multiple sequestration hubs as part of Oxy’s net-zero strategy. These statements are based on Oxy’s current expectations, beliefs, plans, estimates, and forecasts. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. Words such as “will,” “may,” “expect,” “plan,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Oxy does not undertake any obligation to update, modify, or withdraw any forward-looking statements as a result of new information, future events, or otherwise.

These statements are not guarantees of future performance as they involve assumptions that may prove to be incorrect and risks and uncertainties, including those that are beyond Oxy’s control. Factors that may cause actual results to differ materially from forward-looking statements include Oxy’s, OLCV’s and 1PointFive’s ability to access necessary technology, to develop and employ existing or new technology on a commercial scale, to acquire requisite pore space, to access capital, to collaborate with third parties and customers, and to receive approvals from regulatory bodies, as well as market conditions, geopolitical events, and scientific developments. Additional factors that may affect 1PointFive’s ability to build, acquire and operate multiple sequestration hubs can be found in Oxy’s public disclosure and its filings with the U.S. Securities and Exchange Commission (SEC), which may be accessed at Oxy’s website at oxy.com or the SEC’s website at sec.gov. Information included herein is not necessarily material to an investor in Oxy’s securities.

1PointFive media relations contact
Eric Moses
Phone: +1 (713) 497-2017
Email: eric_moses@oxy.com

1PointFive investor relations contact
Jeff Alvarez
Phone: +1 (713) 215-7864
Email: jeff_alvarez@oxy.com

Manulife Investment Management media relations contact
Elizabeth Bartlett
Email: Elizabeth_Bartlett@manulife.com

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