The Dollar Times » News and Analysis Personal Finance management, Financial Planning, Budgeting, Money Management, Budget planner, Stock market Investments Wed, 30 May 2012 17:14:43 +0000 en hourly 1 Growth at Each Level – Government of Canada Announces New Business Innovation Wed, 23 May 2012 18:14:11 +0000 Stephanie Realizing the importance of applied research in facilitating the economic growth of the country, the Canadian government has introduced new business innovations in order to maintain the pace of the growth. The companies that have been running within the Canadian territories and hence contributing in the overall annual development of the country are efficient in each and every field right from the use of information technology to the optimum utilization of natural resources and lately they have realized the need to involve the local college researchers in order to create the better quality job opportunities for the qualified population of the country.

 Extending the support

The government of Canada has been supporting this innovation plan by investing in the various research projects that have been initiating at local colleges and polytechnics through the Canada Foundation for Innovation (CFI).

This has proved to be a motivational force for the universities who have extended their services to support the business innovations for as many as 200 companies that have been establishes across the country.

Other prominent funding plans

The CFI has also approved a new college-industry innovation fund for a project that would facilitate the college authorities to avail the increased number of opportunities to carry out various research projects by the college and industries operation on small as well as medium scale along with amplifying the economical growth in the region and the job opportunities for all the graduate students.

Thus, the government, through this project, has been aiming to encourage the colleges to lend their expertise help to the industrial that would ultimately help them to grow and compete in the market.

 Summing up

The government of Canada has lately comprehended the fact that innovation could only yield the desired results if it happens at all the levels, that is, from the labs of college to the streets of market. The investment would provide the required amount of exposure to the colleges, hence providing them an easy access to the human, technical and other resources that would facilitate them in keeping the upfront in this innovation.

With the main agenda to create such a partnership between academic and industrial sectors that would have a developing impact on the country, the project basically facilitates to prepare the new research generation of the country to help out the private sectors and thus create the job opportunities that would raise the living standard of the resident of Canada.

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Facebook Shares: To Invest or Not To Invest? Tue, 22 May 2012 04:05:02 +0000 Stephanie Investing money is a very huge responsibility and it depends, to a large extent, on luck. Investing in shares is a very tricky job and the shares can go double the price or drop four times all a few days. The risk factor is what one has to consider while investing. Investing is much like gamble sometimes you win and some other unlucky times you lose.

However, what is life without risks? If your luck turns out to be good then you might hit the gold. Investing in Facebook shares is the same you can either lose some of your money or receive double the amount. Therefore, before investing one should do a good amount of research about the shares they are buying and study their pattern. This will help the people judge whether it is a good option to invest in those particular shares or not. Here are few pointers that you might want to look at before jumping into the investment market.

Facebook’s performance over the years

Over the years Facebook has been climbing the ladder of success and money. The site has been earning big bucks due to companies who want to advertise themselves on Facebook. This site has around one billion people on it and they number still keeps growing. This makes the companies feel that if they put their advertisements on Facebook then they can attract more attention towards their product and also reach out to their target audience. This is very profitable for this social networking site and if someone buys shares of this site then profitable to them too. By the performance of the site it seems like it is doing exceptionally well and it will continue to do so in the future.

What the experts think?

The experts think that the social networking sites in general have a very limited life span. They slowly start to go down the ladder as some new and more innovative site shows up. They also say that in the past many such sites were famous and earned a lot but gradually people found new bees to chase and they forgot about those sites. Therefore Facebook too will soon be forgotten by the people. This site has earned a lot and the success chart has only showed a growth but it will soon reach the stagnation point.

What should be done ?

The only thing you can do in such a situation is follow your instincts or contact someone who can help you place your money rightly  in the lucrative market. Both the sides in this debate are equally strong. Therefore, try investing a small portion of your money first and only  if you feel safe, invest further on.

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New rules likely for mortgage fees Thu, 10 May 2012 12:22:34 +0000 Gina Walson 10th May: Federal regulators plan to introduce new mortgage lending rules this summer.

This was revealed by the Consumer Financial Protection Bureau yesterday.

Tighter mortgage lending rules in the offing–As per the information, regulators plan to ban mortgage brokers engaged in the practice of origination charges on the basis of the loan size.

The federal agency said the new rules will make it mandatory for loan officials and brokers to pass special training and clear criminal background checks.

Mortgage changesGiving details about the planned proposals, director of the federal agency, Richard Cordray, said the aim is to bring greater amount of transparency into the market to offer consumers more clarity regarding various options.

Bonanza for potential home buyers–Potential buyers of homes will find it easier to know and compare mortgages from a variety of money lenders under the new rules for mortgage fees, the agency informed.

Now days, mortgages come in varied types of points and fees making it difficult for the consumers to make comparisons, Cordray maintained. So, new rules will give consumers a choice to choose the appropriate loan for them, Cordray affirmed.

New mortgage lending rules will restrict the ability of mortgage brokers and financial institutes including banks to demand a certain amount as transaction fee. So, this means an end to all abusive charges on consumers wanting to purchase a house.

Moreover, if the consumer is willing to upfront discount points payments, lenders will have to offer a lower interest rate and an option of a loan without points, the consumer bureau stated. Money lenders have been accused to be charging points from the consumers without reducing the rate of interest. This practice reached its pitch during economic crisis.

Banking groups cry foul, consumer groups welcome changes—Meanwhile, it does not come as a surprise that many banking groups are crying foul over the new proposals regarding mortgage fees.

According to vice president of mortgage markets division of American Bankers Association, Rod Alba, the habit of churning out new rules every now and then is a source of big worry for banks. Its nothing but an additional burden on the banks, he maintained.

Consumer groups have welcomed the changed mortgage rules saying these were necessary to offer protection to borrowers.

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canadians in debt! Sun, 29 Apr 2012 09:09:38 +0000 Vinita Amrit A report on debt aspect of Canada was put forward by StatsCan on Friday, March 23,2011 to bring out certain shocking facts.

Canadians overloaded with debt
Top Canadian Finance and Economy experts with the best experience and knowledge have raised an alarm that Canadians have a lot of burden of debts. The debt amongst the household balance sheet for Canadian citizens has been on assent for many years.

A report revealed by Statistics Canada pointed that the overall debts that the Canadians are in to have been accumulating and the conclusions are based on figures of 2009. The report also shows that each borrower owes approximately $114,400. The point to worry about is that despite the interest rates being as low as one percent by Bank of Canada the amount owed is high and over one fourth of the borrowers owe some very handsome debt. These interest rates last were changed in 1950’s, the longest duration of unchanged interest rate.

Debts across Locations
Though, British Columbia has the most expensive housing markets in the country yet, the residents here scored of second highest debts position with an approximate amount of $155, 500. Alberta has the most indebted citizens owing a typical amount of $157,700. Quebec and Atlantic region Canadians have the least averaged debtors amounting to $69,300 and 78,900 respectively.

The Higher the Education and Income, the Higher the Debt
There are debtors in the Education sector too and there is a rise in figures of Education Debt as well. The higher the education a Canadian citizen takes the higher his debts accumulate, discloses the StatsCan report. On an average those who took loans for graduation purpose owe $145,400 and those who borrowed money for post graduation classes owe a minimum average amount of $114,300.
This is not the end, in Canada, people under 45 years, which would only be 45% of the population, owe the highest debt amount of approximately $129,200, those between 45 and 65 are in debt s of approximately $102,800.
Again higher the salary the higher is the debt found the StatsCan report. In fact, as loans are in line with the salary structure the report concluded that if a household’s income is $100,000 annually then they would borrow from bank approximately $172,400 to be repaid. Thus, the debts they owe are far higher than what they earn.

Experts know it all…?
A shocking aspect of the report revealed that those who had knowledge on an average owe debts that were approximately $30k more than those who are novice in field of finance management.
There have been many people saying they have the financial knowledge and have had approximately debts of $29,000 more than those who said they did not have any knowledge.

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Canadians struggle to combat financial stress Sun, 29 Apr 2012 08:57:13 +0000 Tina R Canada, 20th March: Canadians seem to be worried a lot with regard to dealing with debts and mortgages.

This was revealed by the findings of a study a couple of years ago. Even now, nothing has helped Canadians in finding a solution to their financial stress. Average Canadian household debts have continued to move up thus increasing woes of the people. And they find it difficult to fulfill mortgage requirements efficiently.

Let us see some useful strategies to help Canadians get rid of their financial stress concerning mortgages—

Choose pocket-friendly mortgage—This is the foremost priority to be kept in mind. You must take care to select a mortgage by taking into consideration your financial limits and priorities. Don’t commit the mistake of overstretching your financial limits.

• Research mortgage rates—Take time to search different mortgage rates in the market. Choose the best rate. But, do take care to consider various features so as to ensure the mortgage you are selecting does fit your financial requirements. If you feel confused as to which is better- a fixed rate mortgage or a variable rate of mortgage, then the rule of thumb is to go for the one that offers the best rate along with good product features.

Don’t allow mortgage stress trouble you, rather, discuss your requirements with your financial institute.

• Maximizing payments—Grab the opportunity to maximize your scheduled payments at the earliest. Remember, there are numerous benefits of paying off your mortgages as early as you can. This will not only lead to lower interest expenses but will also come as a big relief for your financial worries.

• Pre-pay rules—Make sure you go through various rules concerning pre-pay like when can such payments be made and without any penalty.

• Repayment planning—While making plans for selection of any mortgage, you need to keep your individual needs and requirements in mind. Only then can your financial worries come to an end or at least get reduced. There are different mortgage products available in the market with different features. The onus lies on you to take a best decision to get rid of your financial woes successfully.

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Hundreds of job seekers flock to international career fair Sun, 29 Apr 2012 08:46:35 +0000 harleen kaur Canada, 7th March: Nearly hundreds of job searchers flocked to the career fair held at the Cunard Centre in Halifax Tuesday.

The event was hosted by Nova Scotia for bringing international university graduates, job searchers and potential employers closer. There were nearly 80 local businesses including some big names like RBC Royal Bank, Citco Canada and TD Canada Trust.

Candidates came well-prepared to get hooked--Candidates from varied fields of expertise came well-prepared to face their potential recruiters. Dong Zhang, a Saint Mary University graduate, said he was looking to work for finance companies wanting to hire candidates at entry-level positions.

26-year-old Zhang was dressed in a formal suit armed with resumes and a portfolio to get the first job. Similarly, a 19 year-old Chinese national Beatrix Yuan, who is currently pursuing studies at Dalhousie University, came to the career fair for getting a head start to his career.

The best thing about attending a career fair is that one can meet different companies looking to hire candidates with requisite skills. It gives information about vacant job positions and the skills in great demand.

According to a recruiter for Arcom Telecom, Dartmouth, Brooke Muise, job seekers including several international graduates had background knowledge and this is really helpful while giving them details about the new job openings.

Big demand for skilled workers in Nova Scotia—Canadian province Nova Scotia is already facing a huge shortage of requisite workforce. And the demand for skilled professionals is going to increase further by the year 2015, stated executive director of Nova Scotia Office of Immigration, Elizabeth Mills.

Hiring a fresher is considered a big boon for firms since they have abundant energy, resources and talent within them, Mills clarified.

Employers must begin their search for potential employees to fill the vacant job positions in the coming times.

They need college graduates who possess multi-language skills and are business savvy for doing business globally, stated Mills.

No wonder, taking a cue from the looming shortage of workforce in Nova Scotia, several Nova Scotia universities have adopted an aggressive marketing strategy. Role such international job fairs will become all the more significant for providing a platform for international graduate job seekers and local firms.

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Beware of bogus debt collectors Sun, 29 Apr 2012 08:40:44 +0000 harleen kaur 27th February: The menace of fake or phony debt collectors is on rise in America calling for immediate need to exercise caution in case of such suspicions.

In many recent cases, posing as law enforcement officials or attorneys, phony or fake debt collectors asked instant payments on delinquent loans. They threat consumers with arrests or lawsuits in case payments are not made.

The US is witnessing an increase in opportunistic fake debt collectors ready to cash in on the innocent consumers who seem to be too busy to keep a record of accurate documents.

The FTC(Federal Trade Commission) has cracked down on fake debt collector firm based in California using India based call centers for making fake debt collections in the US.

According to reports, around $5 million had been collected by such firm before it was closed by the US district court based in Chicago.

How to know whether a debt collector is phony-

• If a debt collector asks payment on a loan not recognized by you;

• Requests your personal financial details;

• Does not provide you either a phone number or his/her mailing address;

• Tries to scare you by threatening to get you arrested.

What should you do if you are suspicious about the debt collector being phony

• In case of any of the above things, you need to stop answering his/her calls immediately.

• And the next step is to seek details about the caller like company name, phone number and address.

• Don’t commit the mistake of giving your personal information like your Social Security number, bank account or credit card information.

• Seek to get a validation notice with details including total debt amount as well as the name of the creditor. • Ask your creditor to make a report of all suspicious calls.

Also ask about the person having authority for collection.

What to do in case of getting a call from any debt collector

• Be savvy;

• Ask for written verification of the total amount of debt owed;

•If the concerned debt collector is either unwilling or not able to provide amount of debt, it is a red signal for you.

• If he/she threatens you of arrest in case of non-payment of debt owed, it is yet another warning signal, advises the FTC attorney based in Chicago, Elizabeth Scott.

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Mortgage Rule Changes Hinge on Spring Market Sun, 29 Apr 2012 08:38:49 +0000 Stacey The reactions to proposed changes in mortgage rules

Well, one much talked about development on the Canadian soil has been the latest announcement regarding the tightening of the mortgage rules and application criteria by the government. All classes and groups have been bothered by such an announcement. Here is a look into the reactions to the changes that seem to hinge on the spring market in Canada.

In fact, CAAMP—or the Canadian Association of Accredited Mortgage Professionals, has stressed on the point that it wants the government get all the facts right before it moves on to bring about changes in the mortgage rules. A number of studies have been conducted in this aspect and therefore, the President of CAAMP recently met up to discuss these results of the studies with the concerned authorities.

One important thing to take note of is that the mortgage rule changes are not in force immediately. It shall at least be spring before these new modifications are implemented. In fact, the citizens in Ottawa have taken to this pretty well and if the CAAMP President Murphy is to be believed, then the rule makers are actually interested in curtailing the credit growth. Since the year 2008, this would be the fourth round of rule modifications for mortgages.

All this is so much in the limelight owing to the important role that the housing sector plays in the economy of Canada. This is primarily because of the fact that this sector employs about 8 percent of Canadians. Since the year 2006, it has been solely able to create jobs for more than 18 percent of the workforce. Moreover, in the metro cities of Vancouver as well as Toronto, about 2 percent of houses sold are because of the investment values attached to each.

Therefore, in case the mortgage rules are implemented, there could be a fair impact on the sales section for the housing sectors. The economy might also face a lowdown owing to the downturns in a large degree- in the housing markets. CAAMP has been stressing on the fact that any decision that might lead to such a result should be avoided at all costs. Any such decision that shall lead to constraining of the activities of the housing market or that shall bring about a reduction in the capacity of authorities to proffer mortgage facilities to eligible home buyers, should be avoided.

It is some time more to realize the actual scale and intensity of implementation. The spring market after all shall lead to proper reactions of any changes.

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IRS Warns To Stay Away From Dirty Tax Scams Sun, 29 Apr 2012 08:36:03 +0000 Stacey IRS and tax scam warning

IRS refers to the revenue service of the federal government in United States. IRS is the top bureau of treasury department in US. Internal revenue commissioner provides effective directions to this department. The main responsibility of this department is to collect taxes in the country as well as it enforces IR code (internal revenue).

In the modern era there are different guidelines that are issued by the IRS for the taxpayers so that they can avoid scams. The first guideline refers to the identification of the theft. The thieves use legitimate information and personal details of the taxpayer so that they can file tax return as well as claim fraudulent refund. The IRS department issued notice for informing taxpayers that more returns were filled using his or her name.

If any citizen of America feels that there is misuse of his or her personal details then they can immediately contact IRS protection unit. “” is a website where web user can find information about identity theft. Phishing is another tax scam that is common in present time because of increased use of internet. Unsolicited emails and fake websites are used to take valuable personal or financial details about any particular person. People should remember that IRS department do not send any email to tax payer to gain any personal as well as financial details. If anyone encounters such email then they can contact “PHISHING@IRS.GOV”. The third tax scam is frivolous arguments.

Those who promote frivolous arguments support taxpayer to give unreasonable and eccentric claims so that they can claim returns or avoid taxpaying. Court of the country provides certain law and code which every citizen has to follow strictly. All the frolicsome tax arguments are listed under IRS department official website. The fourth tax scam that taxpayer should evade is trouncing income offshore. The taxpayer should disclose their correct income, bank accounts as well as all assets that they owe.

This will help this department to calculate exact amount of tax that taxpayer can pay so that these funds can be used for the development of the country. If certain cases where people hide such information from the department have to pay penalties in terms of fines.

The fifth tax scam which everyone should avoid is return preparer deceit. It is very important to choose trustworthy tax preparer for filling tax returns with the department. Much tax preparer can charge extravagant fees or skim client’s refunds.

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Mortgage Settlement: The inside story Sun, 29 Apr 2012 08:34:17 +0000 Stacey The epic Mortgage settlement unveiled!

Well, after a long time whereby a large number of borrowers where hurt by foreclosures on their properties, there seem to be some respite. Just a day before; the government announced a whooping 26 billion dollars settlement. However, given the bursting of the mortgage bubble, there has been a lot of confusion about the complex announcement. The solution seems to be in the form a web site– nationalmortgagesettlement that has been set up to answer any and every query about the mortgage settlement.

The part of the announcement that has been the focus of a number of discussions and comments is that the residents of states that did not go in for the settlements shall in no way be eligible for any relief at all. One state that has been thrust into the limelight due to this is Oklahoma. Having never signed the settlement, residents of Oklahoma are plain out of the loop for respite. Moreover, if your loan is borrowed from Freddie or Fanny than, the respite story is not going to be intertwined with you. However, if you do not belong to either of these categories, then you deserve knowing what is in the settlement for yourself.

The banks and lenders who are a part of the settlement deal shall be working out to gauge which borrowers are eligible for the relief. You can go ahead and contact the lenders first hand, but the rule remains that you shall be contacted if found eligible for relief.

Here is a brief outline of what form the respites are supposed to come in:
• Foreclosed home owners- between 2008-2011- shall be given about 2000 dollars as per leading sources and reports.
• There shall be regulations to be followed for the same though.
• Those who are well on track with their payment can get a refinancing done with low interest rates.
• In case you are ‘underwater’ then you can expect modifications or reductions on the principal and the like.

The settlement seems to be the first way to curtail the recklessness that had set in- at least President Obama believes so. Though some are skeptical about how banks shall take the settlement in, this seems to be a logical way to start sorting out the chaos. With the real estate bubble having burst in 2007, a number of homeowners simply chose to give up the responsibly on their mortgages. Since the problems affected both banks and borrowers, it is expected the settlement will bring in some order at least!

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