On the Money FINANCIAL NEWS AND ADVICE TORI TIME COOL CASH Banking on millennials
THINK BANKING’S A SNORE? Check out Scotiabank’s newest Toronto digs — a 70,000-sq.-ſt. digital factory, designed to attract high-tech staff to help the bank stay profitable. The oh-so-hip workplace features a bowling alley, 18,000 sq. ſt. of whiteboards and a speakeasy. Want more proof Canada’s banks are getting hip? In March, RBC intro- duced free money transfers using Apple’s voice-tech Siri so clients can say things like, “Hey Siri. Send Fred five bucks!” — PC
FISCAL FITNESS Talk about debt, how rued Spelling it like it is
“IT’S NO MYSTERY WHY I HAVE MONEY PROBLEMS,” TV star and mother of five Tori Spelling wrote in her 2013 autobiography. “I grew up rich beyond anyone’s dreams. Even when I try to embrace a simpler lifestyle, I can’t seem to let go of my expensive tastes.” The IRS won’t let go of her unpaid taxes, either. Earlier this year, the US tax people withdrew US$707,487.30 from her bank to recover unpaid federal taxes for 2014. It’s been a bad couple of months for Spelling and her husband, Dean McDermott. McDermott’s ex-wife, Mary Jo Eustace, threatened him with jail time if he failed to come up with support for their 18-year-old son. — Peter Carter
DEBT FREE AT LAST Sharing the wealth
YOUR LOW GOLF SCORE, your kid’s high GPA — it’s all Facebook fodder, right? Everybody loves to shout to the world about victories. Except for one sort of feat. According to Credit Canada Debt Solutions, a non-profit agency that helps Canadians solve debt woes, one of life’s most rewarding achievements, getting debt free, is rarely shared. A 2016 Credit Canada survey found that only 14% of Canadians share good financial news on social media, which is ironic since getting out of debt is such a big deal. Credit Canada is also responsible for Credit Education Week (November 6 - 10) and encourages people to share financial wins. Comments Credit Canada’s CEO Laurie Campbell: “It’s important Canadians not only celebrate but recognize the importance of achieving financial wins and share their path to achieving them with others, so they too can learn from that success.” — PC
44 | CPA MAGAZINE | NOVEMBER 2017
A RECENT SURVEY carried out by Ipsos on behalf of the accountants at MNP showed that at the end of every month, more than 50% of Canadians are a mere $200 away from insolvency. The survey indicated that nearly as many Canadians — surprise — regret how much debt they’ve fallen into. (One in 10 said they have less than $100 leſt at the end of the month.) Household debt reached an all-time high of 167.3% of disposable income in the fourth quarter of 2016. MNP attributes much of the debt to real-estate prices, but there’s evidence that Canadians are assuming more car-loan and credit-card debt. Remarkably, the percentage of Canadians $200 away from broke-ness is lower than it was a year earlier. — PC
TOO SOON? Good reasons to shop now
THE ORANGE WRAPPERS are barely off the Halloween candy when the Christmas ads appear. And getting a leg up on holiday shopping is smart. Here’s why: better selection; less risk of a coveted item being sold out; more time to create a budget; lower shipping costs; and, here’s the best — you can shop on Black Friday, which, thanks to Amazon, is a Canadian thing now. — PC
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