NewsAlert: Scotiabank confirms CEO transition

TORONTO – Scotiabank says Rick Waugh will retire as chief executive offier on Nov. 1, after a decade in the role and 43 years with the bank.

The new CEO will be Brian Porter, who has been president of the bank since last November — a strong signal that he would be Waugh’s successor.

Prior to getting the No. 2 executive post, Porter had been head of international banking for Scotiabank, which is also known as Bank of Nova Scotia (TSX:BNS).

Waugh will remain a director of the bank and become deputy chairman until next January.

Article source: http://money.ca.msn.com/savings-debt/yourmoney/newsalert-scotiabank-confirms-ceo-transition-1

Suggestions for your tax refund

(Special) – If you’re one of the estimated 8.8 million Canadian taxpayers who will get one this year, by now you’ve probably received your tax refund and might be wondering what to do with this little mid-year goodie from the Canada Revenue Agency (CRA).

According to the CRA, as of April 18 more than 13.1 million tax returns had been filed. CRA had issued almost $14 billion to the some 8.8 million tax filers who were eligible for a refund. The average refund amount is $1,585 and refunds are issued within anywhere from one week to one month, depending on how you filed your tax return — by net file, efile or paper. Eighty-six per cent of Canadians now file their returns electronically.

One of the most common misconceptions about tax refunds is that they’re a good thing. In fact, getting a refund means you paid too much tax during the year and essentially were lending the tax man your money.

“Many Canadians think of a tax refund as a bonus even though it’s your money to begin with,” says Cynthia Caskey, vice president, sales manager and portfolio manager with TD Wealth Private Investment Advice.

Getting a lump sum refund can be a temptation to splurge on luxuries that you might not otherwise consider. “It can be tempting to splurge on luxury items, but many Canadians need to balance paying debt, saving for a child’s education and for retirement,” says Caskey. “It’s important to consider these needs when deciding how best to spend your

Article source: http://money.ca.msn.com/savings-debt/yourmoney/suggestions-for-your-tax-refund

Canadians cut back on consumer debt

Canadians cut back on consumer debt

A consumer pays with a credit card at a store July 6, 2010 in Montreal. New data on consumer credit suggests Canadians are becoming more cautious about making purchases that involve taking on debt.THE CANADIAN PRESS/Ryan Remiorz

OTTAWA – New data on consumer credit suggests Canadians are becoming more cautious about making purchases that involve taking on debt.

The analysis by TransUnion Market Trends shows average consumer debt in Canada, excluding mortgages, fell by two per cent to $26,935 in the first three months of 2013 from the fourth quarter in 2012.

While total debt is still 3.5 per cent higher from a year ago, it was the first quarterly drop since the third quarter of 2011 and the largest since the firm began collecting the data in 2004.

TransUnion vice president Thomas Higgins says while the fall-off was significant, it is still too early to declare a trend. He notes that the 2011 decline was quickly followed by rapid increases in 2012.

The Bank of Canada has welcomed the general trend to more frugal finances among households, particularly in mortgages, which make up for the vast majority of debt held by Canadians.

The bank continues to warn, however, that Canadians could be caught out once interest rates start rising.

Higgins says the average Canadian pays about $1,398 in interest each year on their lines of credit, but that would rise by $350 if rates rose by one percentage

Article source: http://money.ca.msn.com/savings-debt/yourmoney/canadians-cut-back-on-consumer-debt-3

Vancouver home sales for May up from 2012

VANCOUVER – The Real Estate Board of Greater Vancouver says sales for May were up one per cent from a year ago.

The board says sales on the Multiple Listing Service in the Vancouver region totalled 2,882, up from 2,853 a year ago and 2,627 sales in April this year.

The gain in sales came as the MLS Home Price Index composite benchmark price slipped 4.3 per cent from a year ago to $598,400 for Greater Vancouver.

The index is up 1.8 per cent compared with January.

New listings totalled 5,656 in May, down 18.3 per cent from 6,927 new a year ago and down 3.7 per cent from the 5,876 new listings in April.

The total number of properties currently listed for sale in Greater Vancouver was 17,222, down 3.4 per cent from a year ago and a 2.9 per cent increase compared with April 2013.

Article source: http://money.ca.msn.com/savings-debt/yourmoney/vancouver-home-sales-for-may-up-from-2012-1

The business traveler taxation threat

business traveler tax

Ever transport to New York for work, even for a day? How about to any other state?

Whenever we do, you’re entering into another star that might need we to compensate taxation on a income we acquire while you’re there.

But many business travelers and their employers aren’t abiding by a rules, either they comprehend it or not.

And it’s easy to know why.

Fifty states meant 50 opposite sets of rules.

In some states, we might be thankful to record a taxation lapse even if we usually spent a few hours there all year. Other states set smallest thresholds, formed on a days you’re there or how most we make during your trip.

And 9 states don’t levy any income taxation during all. So no fear they’ll con you.

Meanwhile, a manners for when your employer contingency start self-denial taxation from your paycheck on interest of a state we transport to are also all over a map.

Indeed, in some states self-denial manners don’t block with a filing manners for a business traveler.

Quiz: Which state has a top income taxation rate?

New York, for instance, requires that anyone who comes for business contingency record a nonresident lapse for income warranted from day one. But those travelers’ employers are usually compulsory to start self-denial New York taxation if they work in a state for during least

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/G7rEEL-_fys/index.html

BlackBerry 10 is not a hit; batch nosedives 28%

blackberry z10 q10

The Z10 and Q10 are a initial inclination to launch on BlackBerry 10. The company’s destiny hangs on a success of a long-delayed platform.

BlackBerry has run out of excuses. Its new phones are simply not a hit.

The Canadian smartphone builder posted a warn detriment after shipping only 2.7 million new BlackBerry 10 inclination in a mercantile initial quarter, that finished Jun 1. Wall Street analysts had widely approaching a distinction and about a million some-more smartphone shipments.

As a result, BlackBerry (BBRY) shares tight 28% on Friday.

The long-delayed BlackBerry 10 handling complement finally launched in Jan with a all-touchscreen Z10. The neat phone and complicated OS were ostensible to be a cornerstones of a BlackBerry turnaround after a once-leading smartphone height fell into fourth place behind Apple (AAPL, Fortune 500), Google’s (GOOG, Fortune 500) Android and even squalid Microsoft (MSFT, Fortune 500).

That hasn’t happened. BlackBerry 10 inclination done adult only 40% of a company’s smartphone shipments in a duration –the initial full entertain that a new phones were on sale.

BlackBerry mislaid $84 million, or 13 cents per share. Analysts polled by Thomson Reuters had foresee a distinction of 6 cents. First-quarter sales totaled only $3.1 billion, brief of Wall Street’s expectancy of $3.4 billion.

Continued speak of transition: Despite a heavy report, BlackBerry CEO Thorsten

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/wQw6tJNjjrI/index.html

Fed officials in repairs control mode

jeremy stein

Jeremy Stein is a latest Fed executive to try to ease markets after Chairman Ben Bernanke’s comments on impulse final week.

Federal Reserve officials are still in repairs control mode , after comments about circuitous down impulse frazzled markets final week.

Jeremy Stein, a Federal Reserve Board Governor, remarkable Friday that investors might have overreacted after Fed Chairman Ben Bernanke pronounced a executive bank might start slowing a impulse program after this year.

Initially, bonds fell and bond yields rose following Bernanke’s press discussion final Wednesday. Since then, a 30-year debt rate peaked from 3.9% to scarcely 4.5% — a biggest one-week benefit in 26 years.

Related: Scary times strike debt shoppers

But Stein urged a open not to review too most into a volatility.

Consumers and businesses “should take caring not to over-interpret these movements,” he pronounced in prepared remarks. “We have attempted in new weeks to yield some-more clarity about a inlet of a process greeting function, though we perspective a fundamentals of a underlying process position as broadly unchanged.”

The comments relate speeches this week by other Fed officials, who have pronounced that a Fed’s argumentative impulse module could continue during full blast if mercantile expansion doesn’t live adult to their expectations.

Ultimately, a process depends on a mercantile data, not a calendar date, they’ve said.

Also Friday morning, Richmond Fed President Jeffrey Lacker pronounced it wasn’t

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/mhbYyGwlfSY/index.html

Edie Windsor is due $638,000 and interest

edith windsor victory

Edith Windsor’s lawyers contend their customer is due about $70,000 in seductiveness alone after winning her landmark case.

The Supreme Court decision this week distinguished down a Defense of Marriage Act means a lot of things to a lot of people.

But to Edith Windsor, a plaintiff who brought a case, a landmark ruling also means she will finally get behind a $638,000 in estate taxation payments she had to make to a IRS and to New York State after her associate — Thea Spyer — died in 2009.

Normally, flourishing spouses are entitled to get a estate of their late father or mother taxation free.

But given DOMA usually famous matrimony between a male and a lady as legitimate for a functions of sovereign law, same-sex spouses have not been entitled to a same privilege.

Related: Ruling is ‘a outrageous relief’ for couples

As a result, Windsor had to compensate a sovereign supervision roughly $363,000, as good as $275,000 to New York state, where estate taxation manners lane a sovereign ones.

That income has been in dilapidation given Windsor sued to get it behind in Nov 2010. Her box initial went before a sovereign hearing justice decider in New York, afterwards to a Second Circuit U.S. Court of Appeals, and finally to a U.S. Supreme Court.

Same-sex couple: 'Freedom is priceless'Article source: http://rss.cnn.com/~r/rss/money_latest/~3/hUGXnoPVyPc/index.html

Stocks: Rocky finish to a certain quarter

dow q2

Click draft for some-more marketplace data.

Stocks wrapped adult a second entertain with all 3 indexes recording gains of between 2% and 5%, notwithstanding a severe June.

The Dow, SP, and Nasdaq are all adult between 12% and 14% as a initial half of a year ends.

Jun was not as sunny. All indexes finished a month down roughly 1%, creation Jun a initial losing month this year.

It wasn’t a Jun swoon, though maybe a Jun jitterbug? The Dow has swung some-more than 100 points on 15 out of a 20 trade days this month.

Related: Big winners on Wall Street are yesterday’s dogs

Fears of Fed taper: Fed officials have been in vital repairs control mode, given Fed authority Ben Bernanke kicked off tumult in a stock, bond and bullion markets final week. He pronounced a executive bank could breeze down a impulse module after this year, if a economy continues to improve.

Fed administrator Jeremy Stein, while perplexing to reduce financier fears, seemed to have inadvertently stoked them Friday. He pronounced a Fed could “hypothetically” cruise tapering a bond shopping in September.

Related: Fed officials in repairs control mode

At a same time, he pronounced investors were overreacting, though that didn’t seem to make a hole in sentiment.

The Dow Jones industrial average dipped 114 points, or 0.8%, Friday. The Article source: http://rss.cnn.com/~r/rss/money_latest/~3/u594T-T4q8Y/index.html

HSBC Cuts Global Growth Forecasts on Fed, China

Average enlargement in rising Asia, Latin America and rising Europe slowed to 4 percent year-on-year in a initial entertain of this year, according to information from Capital Economics and Thomson Datastream. In comparison, rising markets grew by an normal of 6.4 percent during a past decade.

(Read More: Emerging Market Growth Hits Lowest Since Financial Crisis)

King and Jha pronounced that EMs had turn “unusually dependent” on a multiple of inexpensive U.S. income and clever Chinese growth, so most so that domestic reforms were mostly delayed.

“Balance of payments positions run-down and, in some cases, a separate between enlargement and acceleration worsened. For a while, zero of this mattered: a hunt for produce engendered by quantitative easing authorised countries to lift on as if zero had changed. With a dismissal of U.S. and Chinese support, however, some of these countries find themselves in a exposed position,” they said.

(Read More: India’s Current Account Good News May Be Fleeting)

Both Capital Economics and HSBC highlighted that trade-dependent commodity producing EMs looked quite vulnerable, due to indolent tellurian direct and new declines in commodity prices.

In addition, King and Jha remarkable that Chinese’s process reorientation towards “quality” rather than apportion of enlargement was expected to be compared with reduce short-term growth.

“While this new concentration should ready a foundations for a duration of plain mercantile enlargement over a medium-term, it has an obvious

Article source: http://www.cnbc.com/id/100851838