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February 2011 Miscellaneous Economic Fundamentals

Ally

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News articles for February 2011.
 

Ally

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Contract of Purchase and Sale Holdbacks




Far too often Sellers agree to do things that they don`t end up doing. In a Real Estate transaction this could result in a Buyer being responsible for thousands of dollars in repairs or future payments if a Seller does not do what they agree to do.




A holdback is a very good way to ensure that what a Seller agrees to in an Accepted Offer actually gets done.






What is a Hold Back?







A holdback
is when the Buyer's lawyer keeps (or `holds back`) some of the money the Buyer is paying the Seller for a specific purpose, for a set period of time AFTER the Buyer has bought the property. If the money is not used for the specifed purpose before the holdback expires, the money can be released by the Buyer's lawyer to the Seller.



Read the full article here.
 

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Is it better to rent with utilities included?





With several cold snaps already behind us, renters may be wondering whether it`s better to have their heat and hydro included in the rent or pay it separately.




There are pros and cons to both.




When heat is included budgeting can be easier with set costs every month. This can be especially helpful where roommates are concerned since divvying up heating bills from month to month is an extra hassle. It also protects you from rising energy prices, since the amount of rent you pay will likely stay the same or rise by only a small amount, as set out by the Landlord and Tenant Board.



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Why we need more rich people




Let`s raise a glass of champagne--or bottled water--and toast to Wealth in the New Year!




Let`s root for the rich--and for having more of them. Let`s hope for more Google or Groupon-type billionaires. They are living proof that America is still the land of opportunity.




It`s not so fashionable to be wealthy in an economy beset with unemployment, falling home prices, and recession. For the past few years, it`s been popular to shop at Marshalls --home of discount pricing on designer duds--and avoid Neiman Marcus (except for the sales, of course). It`s less chic to drive a Maybach than a Fisker Karma.





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Stelmach sees another boom for Alberta





It`s official ` another boom is coming to Alberta.




In a speech to the business community in Calgary, Alberta`s departing premier, Ed Stelmach, said another boom is coming to Alberta ` and this time the province is ready to handle it thanks to higher government spending on infrastructure.




Mr. Stelmach, who announced his resignation last week amid conflict in his party over a huge budget shortfall, painted a rosy picture of the province`s future as oil prices and activity rebound.




`I believe that another dramatic economic change ` a change for the good, this time ` is set to sweep across our province,` Mr. Stelmach said in an address to the Calgary Chamber of Commerce posted on his website.








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'Wealth experts' could be hazardous to your financial health





I am alarmed by the large number of financial "wealth experts" who sell what is supposed to pass for financial advice, but often turns into a conditioning exercise to soften up people for dubious investment "opportunities."




T. Harv Eker is one of the biggest in North America.




He runs a multitude of financial motivation seminars through his company, Peak Potentials Training, based in North Vancouver. As chronicled in previous columns, Eker teaches people how to alter their "blueprint" for financial success.




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Wealthiest Canadians targeted for CRA credits





If you`re a high-net-worth individual, you may be selected for a detailed audit or review as the result of a recent Canada Revenue Agency project that is targeting the wealthiest of Canadians.




News of this project spread like wildfire in the private banking community this past week as the result of a recent KPMG tax news flash alerting clients about this new audit initiative.




CRA spokesman Philippe Brideau says this program is formally known as the `related party initiative` and is responsible for examining high-net-worth individuals. The main objective of the RPI is to `identify and respond to high-risk compliance issues involving high net worth individuals and their related economic entities.`




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Alberta mortgage scam leads to 3.5 years in prison





EDMONTON ` A man who helped orchestrate a massive mortgage scam in rural Alberta was sentenced Friday to 3-1/2 years in prison.




James Keith Steinhubl, 47, was earlier found guilty of 14 fraud-related charges.




Court of Queen`s Bench Justice Myra Bielby gave Steinhubl credit for eight months of pre-trial custody, meaning he has just under three years left to serve.




Steinhubl was also ordered to pay about $484,000 in restitution to the Law Society of Alberta and $82,000 in restitution to CIBC.




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Why smart people do dumb things with their money




Have you ever noticed that smart, capable people sometimes do dumb things when it comes to their money?




Smart people can file their own taxes, brew their own beer, teach high school, write a marketing plan, fix the blinking clock on the DVD player, navigate the MÃtro in Paris, and even raise teenagers. And yet, these smart, capable people often do dumb things when it comes to their money.



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The simple reason the emerging world will be crushing the developed world in 2030





If demographics is destiny, there's just no hope!






From BofA/Merrill
, here's how the age of the emerging world will look in 2030.




Read the full article here.
 
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