By Staff | November 3, 2009 | Last updated on November 3, 2009
2 min read
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Most Canadians are not comfortable with their current financial situations and feel they lack the knowledge to build wealth for the long term, according to a survey conducted for Tigrent Inc.

The survey, which included American and British respondents as well, found that 53% of Canadians felt that they had insufficient investment knowledge and that this was the primary barrier to building wealth.

Canadians said they were willing to make short-term sacrifices to achieve future financial security, compared with 82% of Americans and 72% of British respondents. Younger respondents in Canada, between ages 18 and 24, were even more willing to make sacrifices (88%).

“Wealth-building skills can be learned, and Canadians, especially our younger generations such as gen Y, seem to have an invigorated vision for their financial futures,” says Paul Gallagher, managing director with Tigrent Learning Canada Inc. “They don’t just want to survive this recession. They want to prosper, so they’re becoming drivers, not passengers, in this economic recovery process.”

When it came to defining financial freedom, 56% said owning their own business would do the trick.

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CRA issues CPP details for 2010

Canada Revenue Agency has announced the maximum pensionable earnings under the Canada Pension Plan for 2010, raising the limit to $47,200, from 2009’s level of $46,300.

Employee and employer contribution rates for 2010 remain unchanged at 4.95%, and the self-employed contribution rate will remain unchanged at 9.9%.

The maximum employer and employee contribution to the plan for 2010 will be $2,163.15, and the maximum self-employed contribution will be $4,326.30. The maximums in 2009 were $2,118.60 and $4,237.20, respectively.

The basic exemption amount for 2010 remains $3,500, with individuals earning less than that exempted from contributing to the plan.

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Excel launches BRIC fund

Excel Funds has announced the launch of the Excel BRIC Fund, providing investors with exposure to the Brazilian, Russian, Indian and Chinese markets. The new fund is a combination of four separate funds (already offered by Excel) that cover the four countries.

“The BRIC nations represent more than 40% of the world’s population and are among the fastest growing economies, yet, on the whole, Canadian investors have less than 1% of their investment portfolios invested in these economies,” says Bhim D. Asdhir, Excel’s president and CEO. “These markets are too big to ignore, as the combined GDP of the BRIC nations now exceeds the GDP of the United States of America.”

The four Excel funds are sub-advised by Baring Asset Management (Asia) Ltd. (Excel China Fund); Birla Sun Life AMC Ltd. (Excel India Fund); Banco Itau – Unibanco (Excel Latin America Fund); and Baring International Investment Ltd. (Excel Emerging Europe Fund).

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IA Clarington drops money market trailer

IA Clarington has joined the ranks of mutual fund companies cutting fees on money market funds. The company will temporarily waive a portion of its management fee on series A, B and X units of IA Clarington Money Market Fund.

As part of this plan, the company is also temporarily eliminating the trailer fee on these units of the fund, effective Dec. 16, 2009.

(11/03/09) staff


The staff of have been covering news for financial advisors since 1998.