TD Latest Bank To Earn Billions And Dole Out Job Cuts – Huffington Post Canada

April 23, 2015 by · Leave a Comment
Filed under: Uncategorized 

Huffington Post CanadaTD Latest Bank To Earn Billions And Dole Out Job CutsHuffington Post CanadaTwo of his top concerns were low oil prices and lower lending rates which could eat into bank profits. "There's no question that the Canadian banks are going to be in for a rough year this year," said Carleton University business professor Ian Lee. He …TD earns billions, cuts jobsBaystreet.caall 3 news articles »
Source: From Google: Canadian Bank Profits

Washington state teachers hold one-day strike over wages, class sizes – World Socialist Web Site

April 22, 2015 by · Leave a Comment
Filed under: Uncategorized 

Washington state teachers hold one-day strike over wages, class sizesWorld Socialist Web SiteTeachers voted to walk out Friday in Bellingham—just south of the Canadian border—and nearby Blaine, Ferndale and Mount Vernon districts. … Boeing just saw its first quarter profits jump 38 percent to $1.3 billion, beating Wall Street expectations …and more »
Source: From Google: Canadian Bank Profits

European Factors to Watch-Shares seen up on earnings, China stimulus hopes – Reuters

April 22, 2015 by · Leave a Comment
Filed under: Uncategorized 

European Factors to Watch-Shares seen up on earnings, China stimulus hopesReutersGermany's largest lender Deutsche Bank made a profit in the first quarter despite absorbing litigation costs of about 1.5 billion euros ($1.61 billion), while French oil services provider Technip reported a 34.9 percent rise in first-quarter adjusted …and more »
Source: From Google: Canadian Bank Profits

Knowing your options is the first step to becoming debt free

January 26, 2015 by · Leave a Comment
Filed under: Debt Management, debt relief, Information Seminar 

The Bank of Canada recently dropped its prime lending rate from one per cent—where it has been since 2010—to .75. Gas prices, too, are at a record low. But instead of springing into a spending spree, now might be the best time ever to explore clearing up personal debt.

Debt can be all-consuming, impacting every corner of one’s life. The strain does not just stress the bank account, it impacts interpersonal relationships, how you interact with your children, and it can even impact interpersonal-office relationships. Insomnia is a common side effect which invites a host of negative health issues. For some, insurmountable debt can result in an incredible downward spiral.

“There is a way out,” said Kyle Stroshein, an Estate Manager with Abakhan & Associates Inc. Trustee In Bankruptcy. “In fact, there are several. Most people know about the two extremes, which are to pay it all in full for the duration of your life, or to do nothing.”

Others may have heard about the dreaded B-word, and there is a lot of misinformation out there on bankruptcy.

“The worst thing you can do is to cash in your RRSPs without proper advice,” warns Stroshein.

Stroshein has worked with Abakhan & Associates Inc since 2011, and during that time he’s helped a number of people deal with debt.

Debt is nothing new to most Canadians. The third quarter of 2014 saw a record high for Canadian debt loads. According to Statistics Canada, “household credit market debt to disposable income increased to 163.7% in the third quarter from 163.1% in the second quarter.” In other words, for every dollar earned, Canadians owe almost $1.64.

The recent drop in gas, along with the drop in interest rates makes this a great time for people to begin addressing their own personal debt.

Stroshein will be hosting a free informational seminar to discuss the range of options available in March. For information, visit

“When people know their options,” said Stroshein, “they can move from fear to action. Money problems are infinitely solvable, and it begins with knowing the facts.”

Legislated debt-reduction programs

January 23, 2015 by · Comments Off on Legislated debt-reduction programs
Filed under: Bankruptcy, Debt Management, debt relief 

The Three Programs

1. Bankruptcy

Bankruptcy is a legal process carried out through a trustee in bankruptcy designed to relieve honest but unfortunate debtors of their debt burden. When individuals are in bankruptcy, creditors cannot initiate any collection actions against them.

At the end of the process, a first-time individual bankrupt is usually discharged from debts after nine months.

2. Consumer Proposal

A consumer proposal can be submitted to creditors only if an individual’s total debt does not exceed $250,000, not including debts secured by their principal residence.

A consumer proposal is a formal process that is carried out through a trustee in bankruptcy. The trustee puts together an offer to pay creditors a percentage of what is owed to them over a specific period of time, or extend the time the debtor has to pay off the debt, or a combination of both. Payments are made through the trustee, and the trustee uses that money to pay each of the creditors. The debt must be paid off within five years.

3. Division I Proposal

Also known as a “commercial proposal,” this is a formal procedure available to businesses or  individuals — there is no limit with respect to how much money is owed. This process is carried out through a trustee in bankruptcy who will put together an offer to pay creditors a percentage of what is owed to them over a specific period of time, extend the time the debtor has to pay off the debt or a combination of both. Payments are made through the trustee, and the trustee uses that money to pay each of the creditors.

The Program Administrators

Trustee in Bankruptcy

A trustee in bankruptcy is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer bankruptcy and proposal estates. An officer of the Court, the trustee has an obligation to look after the rights of the creditors and to investigate the affairs of the debtor, as required. The trustee also ensures that the rights of the debtor are not abused.

The trustee’s primary duties are to

  • review the situation and counsel the debtor on available alternatives;
  • prepare official documentation that is both filed with the OSB and used to notify creditors;
  • ensure the validity of creditors’ claims;
  • ensure that debtors are provided with mandatory counselling and access to mediation services if there is a dispute regarding any income they are required to contribute;
  • sell the debtor’s assets, except those exempt from seizure by provincial and federal laws, and hold the proceeds in trust for distribution to creditors;
  • administer the bankrupt estate from beginning to end;
  • assess the debtor’s conduct both before and during a bankruptcy, as well as the cause(s) of the bankruptcy; and
  • make an application for a debtor’s discharge (in the case of individual debtors).


A debtor is a business or person that is unable to meet debt obligations. A bankrupt is a business or person that has declared bankruptcy.

Both the debtor and bankrupt’s primary duties are to

  • attend the first meeting of creditors (if a meeting is requested by the creditors);
  • attend two counselling sessions (for bankruptcy and consumer proposals);
  • advise the trustee in writing of any address changes; and
  • generally assist the trustee in administering the estate or proposal.

In addition, the bankrupt’s must

  • disclose all of his or her assets (property) and liabilities (debts) to the trustee;
  • advise the trustee of any property disposed of in the past year;
  • surrender all credit cards to the trustee; and
  • attend an examination at the OSB, if required.

At the end of the process, the bankrupt is released from his or her obligation to repay the debts.

Under the Bankruptcy and Insolvency Act, some debts are not discharged by bankruptcy. These include

  • alimony payments and child support;
  • student loans (if it is less than seven years since the debtor ceased to be a full- or part-time student);
  • fines or penalties imposed by the Court; and
  • debts arising from fraud.


Important: To participate in insolvency proceedings and share in the distribution of dividends, if any, creditors with unsecured claims must file a Proof of Claim with the trustee.

There are three main types of creditors:

  • Unsecured creditor— A creditor who comes forward but hasn’t taken measures to guarantee that he or she will be repaid.
  • Secured creditor— A person holding an instrument, such as a mortgage or a lien on or against the whole or part of the property of a debtor, as security for a debt due him or her from the debtor. This type of creditor is usually not affected by bankruptcy or proposals.
  • Preferred Creditor— A creditor who has been given priority under the Bankruptcy and Insolvency Actover other creditors in the distribution of dividends. Preferred claims include unpaid wages, commissions or other remuneration of any employee of a debtor and, under certain conditions, any debt or obligation of support to a spouse, common-law partner or child living separate from a debtor.

Creditors can become fully involved in the process by participating in meetings of creditors or by being named an inspector. (Inspectors are appointed by creditors to represent them before the trustee during the administration of proposals and bankruptcies. They are expected to assist the trustee and are required to supervise certain aspects of the trustee’s administration.) Creditors are duty bound to inform the trustee if they have information about possible irregularities on the part of the debtor.

Creditors will be provided with, among others, the following two documents:

  • Statement of Affairs— The bankrupt’s financial statement or balance sheet of assets and liabilities showing the estimated value of assets and the names and addresses of creditors and the amounts owed. This is usually presented at the beginning of the process.
  • Statement of Receipts and Disbursements— A statement detailing the receipt and disbursement of funds, interest received, fees charged by the trustee, all dividends distributed to creditors and particulars of property that is not sold. This is usually presented at the end of the process.

Office of the Superintendent of Bankruptcy

The Office of the Superintendent of Bankruptcy supervises the administration of the Bankruptcy and Insolvency Act. Its main duties are to

  • supervise the administration of estates in bankruptcy, consumer proposals and Division I proposals;
  • maintain a publicly accessible record of bankruptcy and insolvency proceedings;
  • record and investigate complaints regarding possible wrongdoing by someone involved in the insolvency process;
  • license private-sector trustees to administer estates; and
  • set and enforce professional standards for the administration of estates.

The OSB has 15 offices across Canada.

Understanding your credit rating

The most common ratings are “R” ratings. These are known as North American Standard Account Ratings and are the most frequently used. The “R” indicates that the item being described involves revolving credit. If you always pay on time, it will be coded an R1. If an amount was written off because you never paid it back, it is coded R9. The R ratings are a coding system that translates “on time”, “one month late”, “two months late”, etc., into two-digit codes.

R0 Too new to rate; approved but not used.
R1 Pays (or paid) within 30-days of payment due date or not over one payment past due.
R2 Pays (or paid) in more than 30-days from payment due date, but not more than 60-days, or not more than two payments past due.
R3 Pays (or paid) in more than 60-days from payment due date, but not more than 90-days, or not more than three payments past due.
R4 Pays (or paid) in more than 90-days from payment due date, but not more than 120-days, or four payments past due Pays (or paid) in more than 90-days from payment due date, but not more than 120-days, or four payments past due.
R5 Account is at least 120-days overdue, but is not yet rated “9.”
R6 This rating does not exist.
R7 Making regular payments through a special arrangement to settle your debts.
R8 Repossession (voluntary or involuntary return of merchandise).
R9 Bad debt; placed for collection; moved without giving a new address or bankruptcy.
Other rating indicators that might be found on a report are “I” for instalment credit or “O” for open credit line.



Fees attached to receiving paycheques is just plain wrong

July 17, 2013 by · Leave a Comment
Filed under: Bank's Profits 

Recently in the new was an article about low-waged employees receiving their pay through debt-ladened debit cards.

Just another example of the rich standing on the financial heads of the poor.

Employees get paid by way of credit on these cards, and are then charged with every transaction. The best solution came at the end of the article, where one person figured out the lowest-impacting solution: Take it all out with one transaction, and then put it in a shoebox.

Honest to goodness … where are the governments in all of this? Technically speaking, in a democracy, community representatives are elected to represent their constituents. Instead, we have mouth-pieces (presidents and prime ministers) paid for by lobbyists, and henchmen. How did we ever get to this state?

Perhaps banks should not be allowed to be private industries. They are money printing entities, which is really business that SHOULD be the domain of governments, and in a democratic system, should be run to benefit the citizenry.


April 10, 2013 by · Leave a Comment
Filed under: Bank's Profits 

What Olga thinks of banks

Banks quarterly profits, March 2013

April 9, 2013 by · Leave a Comment
Filed under: Bank's Profits 

Royal Bank of Canada

The largest of the Big Six with a market capitalization of CAD88.37 billion

(A marketing capitalization, according to Wikipedia, is the total value of the issued shares of a publicly traded company; it is equal to the share price times the number of shares outstanding)”

  • Net income of CAD2.07 billion
  • Domestic personal and commercial banking net income a company record CAD1.12 billion
  • Wealth management net income also hit a record CAD233 million
  • Insurance net income CAD164 million
  • Capital markets net income CAD464 million

Toronto-Dominion Bank

The second-largest of Canada’s Big Six with a market cap of CAD77.99 billion

  • Domestic personal and commercial banking unit of CAD944 million
  • US personal and commercial banking operations adjusted earnings of USD387 million
  • Wholesale banking unit’s net income CAD159 million

Bank of Nova Scotia

The third-largest bank market cap is CAD71.06 billion

  • Domestic net income to CAD1.625 billion
  • International banking net income CAD466 million
  • Investment banking CAD399 million
  • Wealth management and insurance CAD310 million

Bank of Montreal

The fourth-largest with a market capitalization of CAD41.6 billion

  • Canadian personal and commercial banking net income CAD458 million
  • US personal and commercial CAD183 million
  • Private client adjusted net income CAD169 million
  • BMO Capital Markets’ net income CAD310 million

Canadian Imperial Bank of Commerce

The fifth-largest bank with a market cap of CAD33.06 billion

  • Adjusted net income of CAD895 million
  • Domestic retail and business banking posted net income of CAD611 million
  • PCLs (“provisions for credit losses”) CAD241 million
  • Wholesale banking CAD200 million

National Bank of Canada

The smallest of the Big Six in terms of market capitalization is also the most concentrated in Canada.

  • Net income for the first quarter was a bank record CAD361 million
  • Personal and commercial banking  CAD178 million
  • Wealth management CAD51 million
  • Financial markets net income CAD115 million

These numbers were stripped from

I honestly can’t tell you what they mean. “Dammit Jim, I’m not a banker.” All I know is that the wealth of Canadians in general is declining. We’re getting laid off in droves. Our jobs are being contracted abroad. And our debt is steadily increasing. And the banks continue to see record profits.

Can you say “Correlation?”

Is it time to re-think the entire banking paradigm?

April 9, 2013 by · Leave a Comment
Filed under: Bank's Profits, taxes 

Other than the obvious (getting shot in the head by a contracted assassin hired by the banking cartel), what’s wrong with the following idea:

  • Have the Canadian government create a usable-by-the-people bank (the existing Bank of Canada currently just prints money and “sells” it to commercial banks, and even our own government borrows from the commercial banks with astronomical interest rates instead of borrowing directly from our own Bank of Canada, interest-free … it’s insane, really!)
  • Allow any Canadian citizen or resident with a loan held through the bank to get a significant (if not entire) reduction from paying taxes

The government is the only legal entity in Canada that’s TECHNICALLY allowed to print money. Though if you know anything about fractional reserve, you’ll know that banks make money out of thin air through debts. It’s a system that has enabled the 1% to grow while the other 99% fall deeper and deeper into debt.

If Canada got into the banking business:

  • We’d pay less in taxes
  • We’d continue to pay interest on loans
  • The “banking” profits from this newly structured Canada’s People’s Bank via interest payments would be channled back to the people via education, health care, social services and infrastructure
  • The banking profits (instead of taxes) could amount to $1.6 billion, per QUARTER
  • Commercial banks would shrivel up and die
  • Wealth would be once again distributed more evenly among the people, you know, the ones who are putting up all the labour that generates the creation of money.

One thing is for certain though, the government that sets something like this in motion would be one that truly represents the people, and is not caught up in a) entitlement (google Harper, Christy Clark, Adrian Dix, or … name your MP or Senator) or b) the cult-of-personality (google Justin Trudeau). To truly represent the average Canadian, MPs would need to be, um, average Canadians. The notion of having millions at your fingertips is not typically representative of the norm.

Governments need to represent people, not corporations. The idea that the benefits will “trickle down” to the people (which is the current justification of governments) is clearly not working.

BMO, as we all know, made a PROFIT of 2.07 billion in the first quarter of 2013. And instead of trickling down the profits by way of raises to their front-liners, they contract out their jobs to foreigners. Would a Canadian bank owned and run BY THE CANADIAN PEOPLE do this? Well, okay, maybe … with the current crew at the helm. But not with ethical Canadian-centric, people-centric Canadians running the show.

I think it’s a pretty good idea, but then I’m also a tad arrogant about my own smartiocity. So, I need my dear readers to ground me…. Why, pray tell, would this not work?

Database cull

March 26, 2013 by · Leave a Comment
Filed under: Uncategorized 

Hello. In two days I’m going to cull my database. I just had 1102 bits of spam posted.

Not impressed.

Currently, this site sells nothing and is mostly FYI. If you wish to remain as a registered user, contact me over the next two days with your username and I won’t delete it. Everyone else … gone!

Later peeps.



UPDATE: Done. Five registered users and everyone else (even the account manager from the Ttrustee’s office…) — GONE. And settings changed. Nice.

All. By. Myself…..

Bookmark it baby. That’s how you can stay posted.

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