By Staff | October 21, 2008 | Last updated on October 21, 2008
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(October 21, 2008) It’s tough for people to move from their home country and start a new life in Canada, but it’s especially difficult when economic fears are plaguing the nation. To help newcomers adjust to life in this country, RBC has created a Welcome to Canada package, full of important financial information and discounts.

“The RBC Welcome to Canada package helps newcomers start and build their financial life in Canada with confidence,” says Mark Whitmell, director of cultural markets at RBC.

The package includes introductory discounts on products and services, and offers guidance on how the new resident can meet his or her financial goals.

According to RBC research, it’s a good bet that people will welcome a package like this. In a survey done by the bank, 41% of newcomers open a bank account within the first couple of days of coming to Canada, while 31% sign up for a credit card within the first month.

The package also includes how-to guides about purchasing a car, buying a home and setting up education-related savings plans.

As well, the bank is waiving monthly fees for up to six months on its Signature No Limit Banking account.

The package is offered in 14 languages, including Russian, Spanish and Punjabi.

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No succession plan in place for many business owners: RBC

(October 21, 2008) Small-business-owning clients who want to retire but don’t know what to do with their companies are not alone. According to a recent RBC survey on business succession, 25% of owners are considering leaving their companies within the next five years, and most of those have no idea what will happen to their businesses beyond that.

Sixty-two per cent of the business owners surveyed were over 50. Only 23% of respondents who said they’re planning to retire in five years had a succession plan in place.

RBC discovered that most soon-to-be-retired business owners either haven’t developed a plan because they don’t have the time or are having trouble coming to grips with the fact that they won’t be in charge of their company anymore.

That’s not good, says the bank, adding that it’s imperative that Canadians seek help when planning their exit strategy.

“It’s important to note that the creation of a plan is a multidisciplinary process — the key to which is getting the right help. No one should do it on their own,” says Nadia Ceciliot, national manager of commercial financial services at RBC. “When owners start or grow a business, they rely on advice from their peers, family, employees, accountants, lawyers and financial institutions. It is no different when creating a succession plan.”

In October and November, RBC is hosting events across Canada to help business owners start succession planning. The seminars will be hosted by Peter Legge, founder, chairman and CEO of Canada Wide Media Limited, and participants will receive a copy of RBC’s guidebook How to Succeed with Business Succession Planning.

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Assumption Life hires new vice-president

(October 21, 2008) Assumption Life appointed a new vice-president on Tuesday. Paul Leblanc, a 15-year financial industry veteran, is the company’s new VP of administration, individual insurance and financial services.

Leblanc has been with Assumption Life for nine years, and has a business administration degree from l’Université de Moncton, a CFP and a life insurance licence.

(10/21/08) staff


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