By Staff | August 11, 2008 | Last updated on August 11, 2008
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(August 11, 2008) AIM Trimark Investments is no more. The UK-based parent of the firm has rebranded one of Canada’s most recognized names in financial services as Invesco Trimark Ltd.

The move reflects a global initiative, as Invesco seeks to streamline its various brands worldwide. There are no changes to the investment objectives, strategies or philosophies of the company’s funds as a direct result of the rebranding.

“I have great respect for the legacy of the Trimark tradition and how the team has helped investors build and protect wealth over the long term,” said Martin L. Flanagan, Invesco president and CEO. “Invesco Trimark’s new brand identity in Canada reflects our commitment to complementing the tremendous value that the Trimark discipline provides our clients, with the combined power, resources and investment management capabilities of our global organization.”

Invesco operates in 100 countries, with staff in 13 of the world’s major investment centres. The rebranding is intended to reflect this global reach.

“We believe Invesco Trimark can meet client needs through a range of distinct investment capabilities that are unmatched here in Canada,” said Peter Intraligi, president and COO of Invesco Trimark. “We are building upon our strong Canadian heritage while drawing on Invesco’s global strength.”

As part of the rebranding, Invesco Trimark will have a new logo, a stylized depiction of a Himalayan mountain peak, Ama Dablam.

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IIROC proposes financial planning rule

(August 11, 2008) The Investment Industry Regulatory Organization of Canada (IIROC) has proposed a new rule to define and regulate “financial planning,” setting out proficiency and supervision requirements for its dealer members.

Currently, Quebec is the only Canadian jurisdiction that defines financial planning, requiring financial planners to have a written agreement with a client before services are provided. The agreement must set out the nature of the mandate to be carried out by the financial planner, an estimate of the cost to the client, and a description of the kinds of financial products the financial planner can offer. Quebec’s regulations require that financial planners spend a minimum of 60 hours on professional development every two years.

The proposed IIROC rule would define financial planning as “the comprehensive process of determining how clients can meet their goals through the management of financial resources. It may encompass some or all of budgeting and planning; investments; tax; educational expenses; risk management; retirement; and estate planning. Financial planning may be an ongoing service provided to the client or a one-time service.

“Planning directed primarily at making investment recommendations, even where any of the other factors listed above are taken into consideration, is not financial planning.”

Under the proposed rule, IIROC members holding themselves out as financial planners would be required, at the very least, to have passed the Canadian Securities Course and the Professional Financial Planning Course.

A variety of higher designations would also be considered adequate.

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CRA revokes charitable status

(August 11, 2008) The Canada Revenue Agency (CRA) has revoked the registered charity status of International Charity Association Network (ICAN) effective August 9, 2008.

The Minister of National Revenue had issued a notice of intent to revoke the registration back on December 3, 2007. ICAN allegedly issued charitable donation receipts totaling approximately $464 million in 2006, which the ministry points out is five times higher than the value of receipts issued by The United Way of Greater Toronto in the same year.

ICAN is also alleged to have participated in tax shelter schemes that resulted in ICAN receiving property for which tax receipts were issued in amounts far in excess of the value of the property.

A charity that has had its charitable status revoked can no longer issue donation receipts for income tax purposes. The charity is no longer exempt from income tax, unless it qualifies as a non-profit organization, and it may be subject to a tax equal to the full value of its remaining assets.

The CRA has declared war on tax shelters masquerading as charities, vowing to review all tax shelter-related donation arrangements, and it plans to audit every participating charity, promoter and investor.

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Scotia products target farmers

(August 11, 2008) Scotiabank has announced two new financial solutions aimed at the agricultural sector.

“For over 175 years, Scotiabank has supported agricultural businesses across Canada,” said Bob Funk, vice-president, agricultural banking, Scotiabank. “Our national team of agricultural banking specialists understands the unique needs of our agricultural customers, and works with them to realize their vision for today and for the next generation.”

Scotia Flex for agriculture is a business financing plan that allows borrowers to customize their farm credit, using the equity in their farm to access a suite of credit products under one global credit limit of up to one million dollars.

The ScotiaOne Account Plan for agriculture is an all-inclusive banking package that combines the basic transactional services clients need for their farm business along with up to 50 free transactions on a personal account. It includes an option for a line of credit up to $250,000. This package is designed for agricultural business customers with sales under five million dollars.

(08/11/08) staff


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