Why you should freeze your child’s credit

a woman smiling for the camera© Provided by thecanadianpress.com

For years, identity theft expert Eva Velasquez warned parents that freezing their children’s credit reports was difficult, problematic and probably unnecessary.

Velasquez, chief executive officer of the non-profit Identity Theft Resource Center, has since changed her mind. Or rather, the sheer volume and severity of database breaches — including last year’s breathtakingly huge compromise at Equifax credit bureau — changed it for her. She now recommends that parents “strongly consider” credit freezes for their kids.

“The landscape has changed,” Velasquez says.

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What hasn’t changed, unfortunately, is the difficulty of getting a credit freeze for someone younger than 18. Sometimes it’s impossible, depending on where you live.

Credit freezes allow you to restrict access to your credit reports, preventing identity thieves from opening new, fraudulent accounts in your name. Credit freezes have been available to U.S. adults since 2007.

Children, however, typically aren’t supposed to have credit reports. If they do, someone has probably stolen their identity. All three major credit bureaus allow parents to freeze credit reports when a child’s identity has been used by a thief.

Many states, though, don’t require the bureaus to offer credit freezes if a child’s identity hasn’t already been compromised. That could change: A Senate-approved bill to loosen Dodd-Frank banking regulations includes a clause that would require

Article source: http://www.msn.com/en-ca/money/topstories/why-you-should-freeze-your-childs-credit/ar-BBKIC0s?srcref=rss

The best ETFs for 2018

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN.ca or Microsoft.

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This sixth annual installment of the MoneySense  ETF All-Stars should reassure long-time, passive, buy-and-hold investors as we largely have stayed the course, albeit with three additions and the creation of a new game-changing category.

Our expert panel is intact from last year, although we have added Karen Tsang from Forstrong for some overdue gender diversity. And all our 2017 picks have returned, which is as it should be. Even though the number of ETFs available on Canadian stock exchanges had surged to 583 by the end of February, the number of ETF All-Stars is at a manageable 20, up from 14 last year.

In 2018, more than $26-billion flowed into ETFs, up 56 per cent from the previous annual record set in 2016. And 11 new entrants joined the market, launching 60 new ETFs in 2017. By early 2018, assets in Canadian ETFs reached an all-time high of $129.53 billion, bringing the total number of providers to 24, according to the Canadian ETF Association (CETFA).

Each year, the MoneySense All-Stars panel’s challenge is to balance all this product innovation with our core principles of low costs, broad diversification and tax efficiency. When long-time MoneySense contributor, and now advisor, Dan Bortolotti and I first wrote up

Article source: http://www.msn.com/en-ca/money/topstories/the-best-etfs-for-2018/ar-BBKGcY9?srcref=rss

7 reasons you shouldn’t work in retirement



Grandfathering gardening with his granddaughter.: Don't pass up the opportunity to relax, travel and spend time with your grandchildren.


© (Getty Images)
Don’t pass up the opportunity to relax, travel and spend time with your grandchildren.

Retirees have lots of opportunities to make extra money by taking on part-time jobs, starting a business and joining the gig economy. But staying in the workforce may not always be your best bet. Many retiree jobs sound better than they really are. For example, the typical Uber driver makes a median profit of $8.55 to $10 per hour, according to calculations by the MIT Center for Energy and Environmental Policy. But beyond that, there are a number of reasons not to work after you retire:

[See: 10 Alternatives to Full-Time Retirement.]

You may already have enough money. While most baby boomers aren’t millionaires, they typically have saved at least something for retirement. According to an Insured Retirement Institute survey of 800 Americans ages 54 to 70, 58 percent of baby boomers say their retirement income will cover basic expenses and also afford some budget for travel and leisure. Furthermore, while our retirement portfolios were devastated during the recession, they are now more flush than ever since the stock market has rebounded to new highs.

You will spend less than you think. Unless you’re planning a grand trip to Europe, your living expenses

Article source: http://www.msn.com/en-ca/money/retirement/7-reasons-you-shouldnt-work-in-retirement/ar-BBKIoOR?srcref=rss

Remington, the oldest gun maker in the U.S., files for bankruptcy



Remington Model 700 SPS Varmint rifle


© Provided by CNBC
Remington Model 700 SPS Varmint rifle


After 202 years in business, America’s oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection.

The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware. Details of the filing were not immediately available, but in a note to investors on Friday, the company reported negative operating cash flow as of March 25 of $7.4 million.

Remington Outdoors, which also owns gun manufacturers including Marlin and Bushmaster, says sales in 2017 were just over $600 million, down more than 30 percent from 2016.

Like other gun manufacturers, Remington saw sharp sales declines following the 2016 presidential election, as customers apparently saw less urgency to stockpile firearms under Donald Trump.

Adding to Remington’s problems are heavy debt, as well as product liability concerns involving its signature product, the Model 700 bolt-action rifle, which CNBC first investigated in 2010.

While Remington maintains that the guns are safe, the company has agreed to replace the triggers on millions of guns in a class action settlement. The company has refused to say whether the bankruptcy filing — which it first signaled last month — will affect the settlement.

Remington said in February that the bankruptcy would be pre-packaged under an agreement with its

Article source: http://www.msn.com/en-ca/money/companies/remington-the-oldest-gun-maker-in-the-united-states-files-for-bankruptcy/ar-BBKHPLF?srcref=rss

Tenants say ‘flimsy’ law opens door to ‘renovictions’

From the sidewalk, very little about the lowrise brick building at 795 College St. appears to have changed.

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Inside, however, the spacious and once extremely affordable apartments have undergone extensive renovations to become luxury rentals, with three-bedroom units advertised online for at least $4,000 a month.

The building is also missing the original renters, who tried and failed to stop their evictions at the Landlord and Tenant Board.

What happened at 795 College St. is a story of tenants in a rapidly gentrifying city, who were forced out of their homes because rental housing law allows landlords to remove tenants during renovations but doesn’t have the power to ensure they get back in, based on a recent ruling.

The term “renovictions” is used to describe when a landlord pushes people out for renovations and counts on them not coming back so they can dramatically raise the rent and find new tenants. But it is a tenant’s legal right to come back once work is done and without a substantial increase in rent.

Five former renters at 795 College St. said that is what happened to them after their building was bought for just over $1.5 million in 2014. Two years later they were ordered out. The tenants claim they clearly stated their intention to move back in, but the property owner gutted their apartments and found new people willing

Article source: http://www.msn.com/en-ca/money/topstories/tenants-say-%E2%80%98flimsy%E2%80%99-law-opens-door-to-%E2%80%98renovictions%E2%80%99/ar-BBKIhOg?srcref=rss

What Warren Buffett says to do when the market tanks



Warren Buffett wearing a suit and tie


© Provided by CNBC



On Friday, as investors reacted to the possibility of a trade war between the United States and China, the Dow Jones industrial average fell 400 points into correction territory, marking its worst week since January 2016. The Dow dropped a total of 5.7 percent over the week, while the SP 500 fell 5.9 percent and the Nasdaq composite fell 6.5 percent.

That leaves many investors worried and wondering what to do.

During times of stress and uncertainty, Oracle of Omaha Warren Buffett recommends keeping a level head. In response to wild market fluctuations back in 2016, he told CNBC that buy-and-hold is still the best strategy.

“Don’t watch the market closely,” he advised those worried about their retirement savings at the time. “If they’re trying to buy and sell stocks, and worry when they go down a little bit … and think they should maybe sell them when they go up, they’re not going to have very good results.”

Most analysts still consider this drop to be a normal correction, as opposed to a sign of an incipient bear market. Though losses are unsettling after 2017, the first year in history where the SP 500 showed gains every month, Nick Holeman, a CFP at Betterment, agrees that you shouldn’t panic.

He tells CNBC Make It that he recommends investors “re-watch their

Article source: http://www.msn.com/en-ca/money/markets/what-warren-buffett-says-to-do-when-the-market-tanks/ar-BBKEOKs?srcref=rss

12 Costco deals everyone should stop wasting money on

  • Costco’s total sales in recent fiscal years exceed $64 billion.
  • Selling everything from toilet paper to cars, the discount warehouse has made a name for itself thanks to its bargains.
  • However, not every Costco deal is worth your money.
  • Award a superlative for “Best Deals,” and most people will nominate Costco.

    A one-stop shop for nearly everything imaginable, its total sales in recent fiscal years have exceeded $64 billion.

    There’s no denying its success and popularity, but bigger isn’t always better. Not every deal is all it’s cracked up to be – sometimes Costco actually costs more.

    Get warehouse wise by avoiding these bad buys at Costco.

    (Click ahead)

    Article source: http://www.msn.com/en-ca/money/companies/12-costco-deals-everyone-should-stop-wasting-money-on/ss-BBKF42E?srcref=rss

    One of Vancouver’s oldest missions falls victim to city’s real estate boom



    a store inside of a building: The building that houses the Gospel Mission Society had to be shored up after it was damaged by the demolition of the building next door.


    © Enzo Zannatta/CBC
    The building that houses the Gospel Mission Society had to be shored up after it was damaged by the demolition of the building next door.

    One of the city’s oldest missions in the Downtown Eastside, which has been serving the needs of the neighbourhood’s most impoverished and addicted for decades, has been sold.

    The building has been standing on Carrall Street since 1889. The Gospel Mission Society moved in during the 1940’s and has since been offering religious day services, meals, movie nights, and warm showers and welcomes to some of the city’s most vulnerable residents.

    “Everything you read about, everything you hear about the Downtown Eastside, this is core central for that,” says board member Randal Andrus, 

    Next door to the Gospel Mission, another building was also sold, and is in the process of being demolished. Staff at the mission believe a condo tower is set to replace it.

    A year ago, the demolition work next door to the Gospel Mission damaged its foundation, causing the mission to temporarily shut the community shower area that had served 11,000 area residents.

    Community showers rebuilt

    Pastor Wesley Chadwick spent six months and 6,000 hours doing repairs and renovating the four shower stalls. The grand reopening was Saturday morning.

    “It’s somewhere to get clean, to shower and to

    Article source: http://www.msn.com/en-ca/money/homeandproperty/historic-vancouver-mission-falls-victim-to-citys-real-estate-boom/ar-BBKELEh?srcref=rss

    CRA audits just 5 Canadians out of hundreds of Panama Papers leak

    a person wearing a suit and tie: Royal Bank CEO David McKay told shareholders in 2016 that he was concerned about 'our brand and reputation' after the bank was named in the Panama Papers leak.© Graham Hughes/Canadian Press
    Royal Bank CEO David McKay told shareholders in 2016 that he was concerned about ‘our brand and reputation’ after the bank was named in the Panama Papers leak.

    Two years after it took aim at hundreds of Royal Bank clients exposed in the Panama Papers leak, the Canada Revenue Agency has decided just five cases require an audit.

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    That’s because most of the offshore accounts it unearthed ended up belonging to foreigners, the CRA says.

    The revenue agency went to court in the wake of the Panama Papers in 2016 to compel RBC to hand over decades’ worth of records on clients with offshore companies. The CRA’s court filings at the time said it was prompted by revelations from CBC News and the Toronto Star, which found RBC and its affiliates had set up or handled at least 429 offshore entities for clients since 1977 through a shady Panamanian law firm.

    A year later, the CRA quietly went back to Federal Court to get a

    Article source: http://www.msn.com/en-ca/money/topstories/cra-audits-just-5-canadians-out-of-hundreds-of-rbc-panama-papers-accounts/ar-BBKCmRQ?srcref=rss

    The biggest loser in a trade war between China and the U.S.? It’s you

    a close up of a flag: U.S. President Donald Trump and Chinese president Xi Jinping have sparred on trade issues, but the current dispute is unlikely to turn into an all-out trade war.© Qilai Shen/Bloomberg
    U.S. President Donald Trump and Chinese president Xi Jinping have sparred on trade issues, but the current dispute is unlikely to turn into an all-out trade war.

    The old adage tells us no one wins a trade war. So, the next logical question is: Who loses?

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    Well, the short answer is — you do.

    Consumers have been the clear beneficiaries of globalization. Cheap stuff has flooded into North America at a historically unprecedented rate. And so, consumers would also be the clear losers in any trade war where the two biggest economies in the world ratchet up tit-for-tat sanctions. The longer answer, though, is more complex.

    In what he called the “first of many,” U.S. President Donald Trump announced on Thursday the U.S. will impose tariffs on $50 billion worth of Chinese imports . China says it does not want a trade war, but won’t shrink from one either. 

    China ready to retaliate

    “They’ve prepared well for this,” said Erlend Ek, research manager with Beijing-based China Policy consultancy. “They’ve done investigations into how to retaliate.”

    China’s commerce ministry said in a statement Thursday

    Article source: http://www.msn.com/en-ca/money/topstories/the-biggest-loser-in-a-trade-war-between-china-and-the-us-its-you-but-dont-worry-about-it/ar-BBKD5dY?srcref=rss