December 2010 Miscellaneous Economic Fundamentals
- Thread starter Ally
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Chinese workers build 15-story hotel in just 6 days
As the United States and China battle over the finer points of currency manipulation at the G-20 summit, American negotiators may want to take note of this startling testimonial to the productivity of Chinese workers: A construction crew in the south-central Chinese city of Changsha has completed a 15-story hotel in just six days. If nothing else, this remarkable achievement will stoke further complaints from American economic pundits that China`s economy is far more accomplished in tending to such basics as construction.
[Related: China sets record with new supercomputer]
Meanwhile, it`s easy to imagine the disorientation of Changsha residents who`d gone away, or who just hadn`t recently ventured into the downtown neighborhood of the new Ark Hotel: "Honey, I don`t remember a hotel there, do you?"
Read the full article here.
As the United States and China battle over the finer points of currency manipulation at the G-20 summit, American negotiators may want to take note of this startling testimonial to the productivity of Chinese workers: A construction crew in the south-central Chinese city of Changsha has completed a 15-story hotel in just six days. If nothing else, this remarkable achievement will stoke further complaints from American economic pundits that China`s economy is far more accomplished in tending to such basics as construction.
[Related: China sets record with new supercomputer]
Meanwhile, it`s easy to imagine the disorientation of Changsha residents who`d gone away, or who just hadn`t recently ventured into the downtown neighborhood of the new Ark Hotel: "Honey, I don`t remember a hotel there, do you?"
Read the full article here.
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Confessions of a real estate cheater
You sell your house for a fair price and you`re happy, right? Not necessarily. I just sold mine and I`m in turmoil. The decision to sell was a reasonable thing to do. It`s a weekend place that wasn`t being used that much, but that doesn`t quite explain the situation. It was a real house, our real home, and we otherwise had a condo in the city. We also designed and built it six years ago, and created the garden which, finally, looked good this summer. We are emotionally connected to it, certainly more than the Toronto condo we sleep in more. It`s sensible to buy a bigger home in the city and align real estate with lifestyle. However, we all know that reasonable and real estate are not synonymous.
As the fateful final showing took place, I knew things were going right, or wrong, depending on the perspective. The new owners lingered and I had to circle the block a couple of times. They were serious. This caused me anxiety as I drove through the neighbourhood I`d known for 18 years -- past our first country house, past the friends who introduced us to the area, past a legion of wonderful neighbours. Every vista brought back a memory, overwrought, to be sure, but sincere. When I arrived home, I saw the note left by the agent: "Call me, we have an offer."
You sign the offer, but there`s an issue or two to be resolved. Nothing major, you`re assured by the agent. You go to bed and are sleepless. You worry the deal won`t happen, and then you hope it doesn`t because that means change. What to do with all your stuff, particularly all the things that were bought or made for the house? As you toss and turn, you ponder the tulip bulbs planted this fall that you`ll never see in bloom. Why did I think we could list a house and never worry about it selling? It was sort of a teenager`s idea of consequences being for old people. Unfortunately, my long-suffering partner took the brunt of my confusion. "You wanted to sell," he kindly reminds me.
Read the full article here.
You sell your house for a fair price and you`re happy, right? Not necessarily. I just sold mine and I`m in turmoil. The decision to sell was a reasonable thing to do. It`s a weekend place that wasn`t being used that much, but that doesn`t quite explain the situation. It was a real house, our real home, and we otherwise had a condo in the city. We also designed and built it six years ago, and created the garden which, finally, looked good this summer. We are emotionally connected to it, certainly more than the Toronto condo we sleep in more. It`s sensible to buy a bigger home in the city and align real estate with lifestyle. However, we all know that reasonable and real estate are not synonymous.
As the fateful final showing took place, I knew things were going right, or wrong, depending on the perspective. The new owners lingered and I had to circle the block a couple of times. They were serious. This caused me anxiety as I drove through the neighbourhood I`d known for 18 years -- past our first country house, past the friends who introduced us to the area, past a legion of wonderful neighbours. Every vista brought back a memory, overwrought, to be sure, but sincere. When I arrived home, I saw the note left by the agent: "Call me, we have an offer."
You sign the offer, but there`s an issue or two to be resolved. Nothing major, you`re assured by the agent. You go to bed and are sleepless. You worry the deal won`t happen, and then you hope it doesn`t because that means change. What to do with all your stuff, particularly all the things that were bought or made for the house? As you toss and turn, you ponder the tulip bulbs planted this fall that you`ll never see in bloom. Why did I think we could list a house and never worry about it selling? It was sort of a teenager`s idea of consequences being for old people. Unfortunately, my long-suffering partner took the brunt of my confusion. "You wanted to sell," he kindly reminds me.
Read the full article here.
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A tale of two economies reveals euro weakness
Iceland and Ireland experienced very similar economic illnesses prior to their respective crises. However, Iceland today is in far better shape. The very different adjustment paths each economy has taken are classic examples of devaluation versus deflation. They also highlight the inherent weakness of the European common currency.
Debt and an overleveraged banking system are the root cause for both countries` respective financial crises. Before the 2008 crisis, Iceland`s total external debt reached 1000% of its GDP. Iceland took in so much "hot money" that its money supply exploded upwards, with M1 and M2 expanding 140% and 100%, respectively in 2007. For Ireland, the boom in real estate prices triggered a massive borrowing binge, driving total private sector debt to more than 200% GDP, the highest in the euro area economy.
The crisis struck Iceland in September 2008, when commercial banks suddenly found themselves unable to refinance their short-term debt. A bank run ensued and the Icelandic government had to step in and nationalize all of the country`s three major commercial banks. At the end of 2008, Iceland`s entire banking system was crippled by foreign debt.
Since then, Iceland has followed the classic adjustment path of a debt crisis-stricken economy: simply put, a massive devaluation of its currency. The koruna fell more than 60% against the euro in 2008, while the government implemented draconian austerity programs. While these adjustments were extremely painful and provoked social upheaval, they were a crucial step in recreating a base to launch a new business cycle expansion. Today, the Icelandic economy seems to have sprung back to life.
Read the full article here.
Iceland and Ireland experienced very similar economic illnesses prior to their respective crises. However, Iceland today is in far better shape. The very different adjustment paths each economy has taken are classic examples of devaluation versus deflation. They also highlight the inherent weakness of the European common currency.
Debt and an overleveraged banking system are the root cause for both countries` respective financial crises. Before the 2008 crisis, Iceland`s total external debt reached 1000% of its GDP. Iceland took in so much "hot money" that its money supply exploded upwards, with M1 and M2 expanding 140% and 100%, respectively in 2007. For Ireland, the boom in real estate prices triggered a massive borrowing binge, driving total private sector debt to more than 200% GDP, the highest in the euro area economy.
The crisis struck Iceland in September 2008, when commercial banks suddenly found themselves unable to refinance their short-term debt. A bank run ensued and the Icelandic government had to step in and nationalize all of the country`s three major commercial banks. At the end of 2008, Iceland`s entire banking system was crippled by foreign debt.
Since then, Iceland has followed the classic adjustment path of a debt crisis-stricken economy: simply put, a massive devaluation of its currency. The koruna fell more than 60% against the euro in 2008, while the government implemented draconian austerity programs. While these adjustments were extremely painful and provoked social upheaval, they were a crucial step in recreating a base to launch a new business cycle expansion. Today, the Icelandic economy seems to have sprung back to life.
Read the full article here.
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Live now: Tax tips for the year end
For tax geeks everywhere, December can mean only one thing — year-end tax planning. It`s time to dust off some old tips and add some new ones to ensure you take advantage of all tax saving strategies available to you in 2010.
This year I`ve divvied them up between investors and business owners.
INVESTORS
Turn losing investments into potential savings
Tax-loss selling is the practice of selling securities that are in an accrued loss position at year-end in order to offset capital gains realized earlier in the year. When tax-loss selling, to guarantee that a trade of public securities is settled in 2010, the trade date must be Dec. 24, 2010 or earlier. This ensures the settlement takes place in 2010 and that any losses realized are available to you this year. Any trade made after Dec. 24, 2010 will not settle until 2011 and therefore those losses would not be available until next year.
If you`re hopeful that a losing investment will recover and you`re thinking of buying it back shortly after selling, be wary of the "superficial loss" rule. A superficial loss occurs when you sell an investment to realize the loss only to buy it back within 30 days after the sale date. The Canada Revenue Agency can deny a superficial loss and instead add it back to the adjusted cost base (tax cost) of the repurchased security, meaning the benefit of the capital loss can be obtained only when the repurchased security is sold again and not repurchased within 30 days.
Read the full article here.
For tax geeks everywhere, December can mean only one thing — year-end tax planning. It`s time to dust off some old tips and add some new ones to ensure you take advantage of all tax saving strategies available to you in 2010.
This year I`ve divvied them up between investors and business owners.
INVESTORS
Turn losing investments into potential savings
Tax-loss selling is the practice of selling securities that are in an accrued loss position at year-end in order to offset capital gains realized earlier in the year. When tax-loss selling, to guarantee that a trade of public securities is settled in 2010, the trade date must be Dec. 24, 2010 or earlier. This ensures the settlement takes place in 2010 and that any losses realized are available to you this year. Any trade made after Dec. 24, 2010 will not settle until 2011 and therefore those losses would not be available until next year.
If you`re hopeful that a losing investment will recover and you`re thinking of buying it back shortly after selling, be wary of the "superficial loss" rule. A superficial loss occurs when you sell an investment to realize the loss only to buy it back within 30 days after the sale date. The Canada Revenue Agency can deny a superficial loss and instead add it back to the adjusted cost base (tax cost) of the repurchased security, meaning the benefit of the capital loss can be obtained only when the repurchased security is sold again and not repurchased within 30 days.
Read the full article here.
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Cancun sun speeds decay of global warming charade
This global-warming/climate-change stuff is a great racket.
Over in England right now, they`re locked in the jaws of a very early freeze-up. The roads are iced, the plows overworked, and people are angry. But there`s a precious subset of the English population that are not enduring the frigid and premature torments of a northern winter. They`re the climate-change activists, bureaucrats, politicians, puppeteers and NGOs — the class of professional alarmists who`ve been banging on about global warming for close on two decades now. This bunch has exempted itself from the rigors of English November, traded their sackcloth and ashes for sun-wear and tropical breezes.
They`re toasting their pasty, righteous, caterwauling epidermi on the golden hot sands of Cancun, Mexico, flopped out amid the bikinis and barbeques while they attempt to spell out a future of rationing and want for all the rest of us. Flown there on taxpayer or foundation money, meeting up with all their buddies from the bust that was Cophenhagen, the grim, grey priesthood of "sustainable" living are convening in one of the great sybaritic strips of the entire Western world. The monks are in the cathouse.
But hey, if you`re going to do Armageddon — do it in Cancun. The Apocalypse at the All You Can Eat Buffet. Parasailing to Armageddon.
Does not one of the great minds decoding next century`s weather see the brain-splitting contradiction of holding a conference warning of the imminent threat of global warming in a venue that mainly exists because people fly there to get warmer. That`s right, people spend money to fly to Cancun mainly because it`s warmer there, than where they live. In essence, Cancun is what the global warming crowd are, otherwise, warning us about.
Read the full article here.
This global-warming/climate-change stuff is a great racket.
Over in England right now, they`re locked in the jaws of a very early freeze-up. The roads are iced, the plows overworked, and people are angry. But there`s a precious subset of the English population that are not enduring the frigid and premature torments of a northern winter. They`re the climate-change activists, bureaucrats, politicians, puppeteers and NGOs — the class of professional alarmists who`ve been banging on about global warming for close on two decades now. This bunch has exempted itself from the rigors of English November, traded their sackcloth and ashes for sun-wear and tropical breezes.
They`re toasting their pasty, righteous, caterwauling epidermi on the golden hot sands of Cancun, Mexico, flopped out amid the bikinis and barbeques while they attempt to spell out a future of rationing and want for all the rest of us. Flown there on taxpayer or foundation money, meeting up with all their buddies from the bust that was Cophenhagen, the grim, grey priesthood of "sustainable" living are convening in one of the great sybaritic strips of the entire Western world. The monks are in the cathouse.
But hey, if you`re going to do Armageddon — do it in Cancun. The Apocalypse at the All You Can Eat Buffet. Parasailing to Armageddon.
Does not one of the great minds decoding next century`s weather see the brain-splitting contradiction of holding a conference warning of the imminent threat of global warming in a venue that mainly exists because people fly there to get warmer. That`s right, people spend money to fly to Cancun mainly because it`s warmer there, than where they live. In essence, Cancun is what the global warming crowd are, otherwise, warning us about.
Read the full article here.
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Don`t give - or receive bedbugs for the holidays
Whether gladly or reluctantly, most of us get bitten by the travel bug over the holidays. But there`s one travel pest we all want to avoid giving or receiving: the bedbug.
In recent years public health, along with tourism and accommodation bodies, have seen infestations of the blood-sucking critter – also known as the wall louse, house bug, mahogany flat, red coat and crimson rambler – on the rise.
Experts say it`s difficult to nail the precise reason for the increase but point to more international travel, higher density living, the reduction in use of broad-spectrum pesticides, and bedbugs` resistance to chemical treatments as likely factors.
Bedbugs can jump into suitcases and clothing, and hop a ride on planes, trains, buses and cars. That means travellers – and that`s you, person who`s journeying home for the holidays – can spread the bugs, and bring them into their homes upon returning from travel.
Read the full article here.
Whether gladly or reluctantly, most of us get bitten by the travel bug over the holidays. But there`s one travel pest we all want to avoid giving or receiving: the bedbug.
In recent years public health, along with tourism and accommodation bodies, have seen infestations of the blood-sucking critter – also known as the wall louse, house bug, mahogany flat, red coat and crimson rambler – on the rise.
Experts say it`s difficult to nail the precise reason for the increase but point to more international travel, higher density living, the reduction in use of broad-spectrum pesticides, and bedbugs` resistance to chemical treatments as likely factors.
Bedbugs can jump into suitcases and clothing, and hop a ride on planes, trains, buses and cars. That means travellers – and that`s you, person who`s journeying home for the holidays – can spread the bugs, and bring them into their homes upon returning from travel.
Read the full article here.
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Leadership: How to avoid failure in judgment and decision making
All of our decisions are based on a well researched and proven "value chain" that helps determine both the nature and the quality of the decisions we make. In short, all of our decisions, especially those we make in business, are based on a Premise.
The Premise (right or wrong), in turn, shapes the Assumptions we then make, which lead to the Conclusions we draw and the Actions we take – or do not take. Technically, it is a little more complicated than that but for our purposes let`s simply say that Premise and Assumption are the raw materials of all decisions.
Taking care in your decision making
It has long been bewildering why leaders do not seem to take either enough care or pay enough attention to the decision making process within their organizations. The same leaders who will spend millions of dollars to improve the efficiency of an outdated IT system, or an inefficient manufacturing system or a faulty sales process have, generally speaking, never really considered spending any money on improving the corporation`s Decision Making Process.
Read the full article here.
All of our decisions are based on a well researched and proven "value chain" that helps determine both the nature and the quality of the decisions we make. In short, all of our decisions, especially those we make in business, are based on a Premise.
The Premise (right or wrong), in turn, shapes the Assumptions we then make, which lead to the Conclusions we draw and the Actions we take – or do not take. Technically, it is a little more complicated than that but for our purposes let`s simply say that Premise and Assumption are the raw materials of all decisions.
Taking care in your decision making
It has long been bewildering why leaders do not seem to take either enough care or pay enough attention to the decision making process within their organizations. The same leaders who will spend millions of dollars to improve the efficiency of an outdated IT system, or an inefficient manufacturing system or a faulty sales process have, generally speaking, never really considered spending any money on improving the corporation`s Decision Making Process.
Read the full article here.
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Tax residence planning: What you need to know
Not only is December an important month for tax loss selling, it`s also a critical month for tax residence planning.
If you are contemplating an interprovincial relocation for work, the timing of your move could either cost or save you a whack of tax depending on the difference between the tax rates in your current vs. future province of residence.
For example, in an extreme situation, a move from our highest taxed province of Nova Scotia to our lowest tax province of Alberta would best be done before Dec. 31, with the resultant tax savings as high as 11% for 2010 income over $150,000.
That`s because provincial residency is based on where you lived on the last day of the year. But don`t be fooled by that seemingly innocuous question on page one of your personal tax return that asks: "Enter your province or territory of residence on Dec. 31, 2010."
Simply checking into a Calgary hotel to celebrate New Year`s, won`t fly in the eyes of the tax man when provincial residency is in question. That`s because the determination of provincial residency looks to the province where you have the "most significant residential ties."
Read the full article here.
Not only is December an important month for tax loss selling, it`s also a critical month for tax residence planning.
If you are contemplating an interprovincial relocation for work, the timing of your move could either cost or save you a whack of tax depending on the difference between the tax rates in your current vs. future province of residence.
For example, in an extreme situation, a move from our highest taxed province of Nova Scotia to our lowest tax province of Alberta would best be done before Dec. 31, with the resultant tax savings as high as 11% for 2010 income over $150,000.
That`s because provincial residency is based on where you lived on the last day of the year. But don`t be fooled by that seemingly innocuous question on page one of your personal tax return that asks: "Enter your province or territory of residence on Dec. 31, 2010."
Simply checking into a Calgary hotel to celebrate New Year`s, won`t fly in the eyes of the tax man when provincial residency is in question. That`s because the determination of provincial residency looks to the province where you have the "most significant residential ties."
Read the full article here.
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Why you should avoid tax sheltered investments
When the average person listens to music, they mostly hear a unified, pleasing sound. In contrast, serious music lovers and professional musicians can hear and indentify the individual instruments.
There`s a similar distinction between average investors and investment professionals in the way they understand investments. For instance, I cringe a little whenever I hear investors refer to, `RRSPs, TFSAs and other tax shelters.`
Registered plans like RRSPs and TFSAs are not tax shelters but government-designed vehicles that, through favourable tax treatment, encourage investment in legitimate, mass-market investments such as `plain-vanilla` stocks, bonds and mutual funds.
Tax shelters are specialized partnerships or business deals that are set up to profit from government policies that aim to promote a particular type of economic activity. This government support comes in a variety of forms. It includes subsidies, unusual tax deductions or credits, or other specialized tax treatments that are not available for other forms of business activity.
Read the full article here.
When the average person listens to music, they mostly hear a unified, pleasing sound. In contrast, serious music lovers and professional musicians can hear and indentify the individual instruments.
There`s a similar distinction between average investors and investment professionals in the way they understand investments. For instance, I cringe a little whenever I hear investors refer to, `RRSPs, TFSAs and other tax shelters.`
Registered plans like RRSPs and TFSAs are not tax shelters but government-designed vehicles that, through favourable tax treatment, encourage investment in legitimate, mass-market investments such as `plain-vanilla` stocks, bonds and mutual funds.
Tax shelters are specialized partnerships or business deals that are set up to profit from government policies that aim to promote a particular type of economic activity. This government support comes in a variety of forms. It includes subsidies, unusual tax deductions or credits, or other specialized tax treatments that are not available for other forms of business activity.
Read the full article here.
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Edmonton firm first to use new Styrofoam recycling technology
EDMONTON — When you crack open that 52-inch plasma television this Christmas, consider the nine garbage bags of Styrofoam that go out the door.
In Edmonton and everywhere else in North America, that material is sent straight to landfill, where it will exist for all time, refusing to decay.
It doesn`t have to be that way, thanks to a new industrial technology from Japan now operating in Edmonton.
In Japan, most Styrofoam is recycled, chopped up and melted into heavy bars called planks, a reduction ratio of 50 to one -- that`s one cubic metre from 50 cubic metres of material. It is then reprocessed into granules that are made into a wide variety of plastic products.
Styrofoam, made from a natural gas liquid, is worth $2,400 a tonne for use in insulation and packaging. A block of the melted waste Styrofoam still fetches $350 a tonne.
"The situation in North America is almost obscene. People don`t realize it is possible to recycle Styrofoam and not just bury it," said Mark Cunningham, president of Polycore Canada, which makes Styrofoam building systems such as basement walls and structures.
Read the full article here.
EDMONTON — When you crack open that 52-inch plasma television this Christmas, consider the nine garbage bags of Styrofoam that go out the door.
In Edmonton and everywhere else in North America, that material is sent straight to landfill, where it will exist for all time, refusing to decay.
It doesn`t have to be that way, thanks to a new industrial technology from Japan now operating in Edmonton.
In Japan, most Styrofoam is recycled, chopped up and melted into heavy bars called planks, a reduction ratio of 50 to one -- that`s one cubic metre from 50 cubic metres of material. It is then reprocessed into granules that are made into a wide variety of plastic products.
Styrofoam, made from a natural gas liquid, is worth $2,400 a tonne for use in insulation and packaging. A block of the melted waste Styrofoam still fetches $350 a tonne.
"The situation in North America is almost obscene. People don`t realize it is possible to recycle Styrofoam and not just bury it," said Mark Cunningham, president of Polycore Canada, which makes Styrofoam building systems such as basement walls and structures.
Read the full article here.
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Don Martin: What I learned from 32 years in the newspaper business
To a wide-eyed Ryerson journalism graduate leaving a plane from Toronto clutching a suitcase, a shopping list from his mother and the address of a rundown inner city apartment, Calgary in April, 1978, was a city pulsating on economic steroids.
The skyline was being uncrated in a hurry under multiple nests of the city`s unofficial bird, the construction crane. Reporting for work as a summer student with the Calgary Herald, I was assigned the task of compiling a weekly list of road closures to guide motorists through a downtown maze under siege from cement trucks and paving crews. Somewhere in that booming sprawl of almost 500,000 Calgarians, a future mayor named Naheed Nenshi was six years old, one year younger than future Wildrose Alliance leader Danielle Smith. The National Post was still 20 years away from publishing its first edition.
Today ends a 32-year reporting and column-writing career with National Post and the Calgary Herald, which afforded me a front row seat to watch my favourite city and province ride a fluctuating wave of energy prices through its best and worst of times.
City hall in the heady early 1980s was filled with elaborate scale models wheeled in by developers seeking approval for massive commercial projects in North America`s fast-growing city. By the end of that volatile decade, the boom had busted, leaving a core of half-finished office tower ghosts and a foreclosure epidemic in the suburbs.
Any trip down memory lane has to start the day I walked into Calgary`s city hall press room, where a television reporter named Ralph Klein was sitting at a cubicle half the size of a prison visitation booth.
Read the full article here.
To a wide-eyed Ryerson journalism graduate leaving a plane from Toronto clutching a suitcase, a shopping list from his mother and the address of a rundown inner city apartment, Calgary in April, 1978, was a city pulsating on economic steroids.
The skyline was being uncrated in a hurry under multiple nests of the city`s unofficial bird, the construction crane. Reporting for work as a summer student with the Calgary Herald, I was assigned the task of compiling a weekly list of road closures to guide motorists through a downtown maze under siege from cement trucks and paving crews. Somewhere in that booming sprawl of almost 500,000 Calgarians, a future mayor named Naheed Nenshi was six years old, one year younger than future Wildrose Alliance leader Danielle Smith. The National Post was still 20 years away from publishing its first edition.
Today ends a 32-year reporting and column-writing career with National Post and the Calgary Herald, which afforded me a front row seat to watch my favourite city and province ride a fluctuating wave of energy prices through its best and worst of times.
City hall in the heady early 1980s was filled with elaborate scale models wheeled in by developers seeking approval for massive commercial projects in North America`s fast-growing city. By the end of that volatile decade, the boom had busted, leaving a core of half-finished office tower ghosts and a foreclosure epidemic in the suburbs.
Any trip down memory lane has to start the day I walked into Calgary`s city hall press room, where a television reporter named Ralph Klein was sitting at a cubicle half the size of a prison visitation booth.
Read the full article here.
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Ralph Klein battles emphysema: 'If you're stupid, start smoking'
I'm not dead yet," Ralph Klein said with a laugh.
Then, he wheezed.
His opening line is quintessential Ralph. The wheeze, well, that's his disease making itself evident.
A little more than a year ago, Alberta's former premier was diagnosed with chronic obstructive pulmonary disease, often referred to as emphysema.
But not only is the 68-year-old Alberta icon not on his death bed, he has just driven himself to the car wash when he calls.
"My car is filthy," he says with a chuckle.
While many of Ralph's closest friends and an army of others around town knew of his sickness, it didn't become public until Herald columnist and Klein biographer Don Martin made mention of it.
Read the full article ]here.
I'm not dead yet," Ralph Klein said with a laugh.
Then, he wheezed.
His opening line is quintessential Ralph. The wheeze, well, that's his disease making itself evident.
A little more than a year ago, Alberta's former premier was diagnosed with chronic obstructive pulmonary disease, often referred to as emphysema.
But not only is the 68-year-old Alberta icon not on his death bed, he has just driven himself to the car wash when he calls.
"My car is filthy," he says with a chuckle.
While many of Ralph's closest friends and an army of others around town knew of his sickness, it didn't become public until Herald columnist and Klein biographer Don Martin made mention of it.
Read the full article ]here.
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How the creative class live
Meet Evan Eisenstadt and Jeff Halperin. They`re standing in the kitchen of the apartment they share on the second and third floor of a semi-renovated old house in Parkdale.
Eisenstadt, wearing a beige waffle tee, jeans and sandals, is a tall, skinny 26-year-old who bears a striking resemblance to the young Rufus Wainwright. He trained as a cinematographer, is an accomplished photographer but, for now, is trying to establish himself as an actor. Halperin, his best friend since childhood, has black hair and a goatee and, in his grey sweatshirt and jeans, achieves a rumpled look without much effort. He got his English degree (from Dalhousie University in Halifax, at the same time as Eisenstadt was doing his BFA in film at the Nova Scotia College of Art and Design) and is a musician, but is most interested in writing.
Together they are at the young end of what urban theorist Richard Florida described as `the creative class,` those roughly between 25 and 39 working in artistic professions, the iconoclasts who give a big city its soul. Eisenstadt and Halperin could as easily be living in the Shoreditch or Hoxton neighbourhoods in London, the Pearl district in Portland, the Plateau in Montreal, Vancouver`s South Main (SOMA) or James Street North in Hamilton.
Read the full aritcle ]here.
Meet Evan Eisenstadt and Jeff Halperin. They`re standing in the kitchen of the apartment they share on the second and third floor of a semi-renovated old house in Parkdale.
Eisenstadt, wearing a beige waffle tee, jeans and sandals, is a tall, skinny 26-year-old who bears a striking resemblance to the young Rufus Wainwright. He trained as a cinematographer, is an accomplished photographer but, for now, is trying to establish himself as an actor. Halperin, his best friend since childhood, has black hair and a goatee and, in his grey sweatshirt and jeans, achieves a rumpled look without much effort. He got his English degree (from Dalhousie University in Halifax, at the same time as Eisenstadt was doing his BFA in film at the Nova Scotia College of Art and Design) and is a musician, but is most interested in writing.
Together they are at the young end of what urban theorist Richard Florida described as `the creative class,` those roughly between 25 and 39 working in artistic professions, the iconoclasts who give a big city its soul. Eisenstadt and Halperin could as easily be living in the Shoreditch or Hoxton neighbourhoods in London, the Pearl district in Portland, the Plateau in Montreal, Vancouver`s South Main (SOMA) or James Street North in Hamilton.
Read the full aritcle ]here.
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Taking a 'Portfolio Approach' with Real Estate Investors
Zeroing in on real estate investors and their needs is a great way to ensure you continue to generate business ` even in slower seasons.
Many seasoned real estate investors have been conservatively sitting back and waiting for the market to slow so that they could take advantage of high rental incomes coupled with lower purchase prices ` and lower interest rates. And now they`re ready to continue building their portfolios.
In order to take advantage of this opportunity, the key is to become an expert in this niche and provide real estate investors with a wealth of ongoing knowledge and information that will help them make informed investment decisions. After all, the wiser their decisions, the more likely they are to continue obtaining mortgages through you ` and the more prone they will be to refer their peers, friends and family to you, who may also be looking to get into the lucrative practice of real estate investment.
The needs of real estate investment clients differ greatly from traditional homebuyers. They`re often an educated breed that closely follows market updates, reports, articles and activity specific to their geographic areas of interest and, as such, they typically enjoy a higher frequency of contact from their mortgage professionals ` as long as the information provided is perceived as valuable.
They also want to partner with a mortgage expert who specializes in financing for revenue/investment properties.
Read the full article ]here.
Zeroing in on real estate investors and their needs is a great way to ensure you continue to generate business ` even in slower seasons.
Many seasoned real estate investors have been conservatively sitting back and waiting for the market to slow so that they could take advantage of high rental incomes coupled with lower purchase prices ` and lower interest rates. And now they`re ready to continue building their portfolios.
In order to take advantage of this opportunity, the key is to become an expert in this niche and provide real estate investors with a wealth of ongoing knowledge and information that will help them make informed investment decisions. After all, the wiser their decisions, the more likely they are to continue obtaining mortgages through you ` and the more prone they will be to refer their peers, friends and family to you, who may also be looking to get into the lucrative practice of real estate investment.
The needs of real estate investment clients differ greatly from traditional homebuyers. They`re often an educated breed that closely follows market updates, reports, articles and activity specific to their geographic areas of interest and, as such, they typically enjoy a higher frequency of contact from their mortgage professionals ` as long as the information provided is perceived as valuable.
They also want to partner with a mortgage expert who specializes in financing for revenue/investment properties.
Read the full article ]here.
- Joined
- Mar 24, 2009
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- 16,743
When a real estate deal really becomes binding
Virtually every real estate deal is signed by the buyer and the seller `under seal,` but many buyers and sellers don`t know what this means or even whether a seal is necessary.
In order for any contract to be valid it must have what`s called `consideration` which an exchange of value between the parties because you can`t receive something for nothing. Consideration is usually money, but it could be a case of good red wine if you agree to it.
In a real estate deal, there is always consideration, since the buyer gives money and the seller is giving the property. Let`s say you agree to buy a cottage for $200,000. A week before closing you go up to the cottage with the seller and notice you forgot to include in the offer the fact that you want the seller`s old boat as part of the deal. The seller says: `Don`t worry, I`ll leave it.` Instead he takes the boat with him.
Can you sue him for it? The answer is no. The seller received nothing for making this promise about the boat.
Read the full article here.
Virtually every real estate deal is signed by the buyer and the seller `under seal,` but many buyers and sellers don`t know what this means or even whether a seal is necessary.
In order for any contract to be valid it must have what`s called `consideration` which an exchange of value between the parties because you can`t receive something for nothing. Consideration is usually money, but it could be a case of good red wine if you agree to it.
In a real estate deal, there is always consideration, since the buyer gives money and the seller is giving the property. Let`s say you agree to buy a cottage for $200,000. A week before closing you go up to the cottage with the seller and notice you forgot to include in the offer the fact that you want the seller`s old boat as part of the deal. The seller says: `Don`t worry, I`ll leave it.` Instead he takes the boat with him.
Can you sue him for it? The answer is no. The seller received nothing for making this promise about the boat.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
When snowbirds don't come home
Some snowbirds want to stay in the U.S. full time and it`s not just for the weather. The bald fact is that it`s cheaper to live in the States. Everything from boots to butter to your tax bill is cheaper.
But getting legal status is not an easy matter. `Some Canadians believe that if they own property in the U.S. they can live there full time. It just doesn`t work that way,` says Terry Ritchie, partner in Transition Financial Advisors Inc., a cross-border firm with offices in Calgary and Arizona. Ritchie and partner Brian Wruk have written three books that address the complex issues of border crossing ` `The Canadian Snowbird in America,` `The Canadian in the U.S.` and `The American in Canada.`
Cross-border financial planning is a small and somewhat arcane niche catering to individuals with a foot in both countries. Their most detailed work involves those who want to permanently reside on the other side ` a Canadian moving to the U.S. or an American moving to Canada.
Although there are cultural similarities between English-speaking North Americans, legally emigrating to either country is quite another matter. Dealing with the Canadian Revenue Agency (CRA) and the American Internal Revenue Service (IRS) simultaneously is both delicate and complex.
Read the full article here.
Some snowbirds want to stay in the U.S. full time and it`s not just for the weather. The bald fact is that it`s cheaper to live in the States. Everything from boots to butter to your tax bill is cheaper.
But getting legal status is not an easy matter. `Some Canadians believe that if they own property in the U.S. they can live there full time. It just doesn`t work that way,` says Terry Ritchie, partner in Transition Financial Advisors Inc., a cross-border firm with offices in Calgary and Arizona. Ritchie and partner Brian Wruk have written three books that address the complex issues of border crossing ` `The Canadian Snowbird in America,` `The Canadian in the U.S.` and `The American in Canada.`
Cross-border financial planning is a small and somewhat arcane niche catering to individuals with a foot in both countries. Their most detailed work involves those who want to permanently reside on the other side ` a Canadian moving to the U.S. or an American moving to Canada.
Although there are cultural similarities between English-speaking North Americans, legally emigrating to either country is quite another matter. Dealing with the Canadian Revenue Agency (CRA) and the American Internal Revenue Service (IRS) simultaneously is both delicate and complex.
Read the full article here.