New Online Tool to Help Canadian Farmers Manage Risk

Flooding, pests, disease and other extreme weather events are constant risks to the businesses and livelihoods of farmers. The Government of Canada is committed to working with industry partners to explore and develop new risk management tools that meets the needs of Canadian farmers when faced with serious challenges beyond their control.

Member of Parliament, Francis Drouin, today announced a $786,921 investment for Farm Management Canada to develop a new online agricultural risk management tool called “AgriShield”. This online tool will help farmers have real-time assessments of the potential negative impact of risks to their businesses and provide mitigation solutions. For instance, if an overland flood situation is imminent, the tool can help farmers to assess the degree of risk they face and potential mitigation measures that they can adopt, such as tile draining or insurance coverage.

This investment is being made through Agriculture and Agri-Food Canada’s AgriRisk Initiatives (ARI) which supports the research and development, as well as the implementation and administration of new risk management tools for use in the agriculture sector.

Quotes

“Canadian farmers face risk every day and it is essential they have the necessary tools to better understand and manage risk. The recent flooding in Eastern Ontario and Quebec, for example, shows the need to help farmers more effectively manage risk, so that they can be stronger, more innovative and more competitive.”
– Francis Drouin, Member of Parliament for Glengarry-Prescott-Russell

“Less than 1/3 of Canada’s farmers have a risk management plan. Our ultimate goal is to increase the awareness and adoption of risk management practices and planning as part of the farm management process and cultivate a more comprehensive understanding and approach to assessing and managing risk within the agricultural sector.”
– Heather Watson, Executive Director Farm Management Canada

Quick facts

  • Farm Management Canada (FMC) is a national organization dedicated exclusively to providing leading edge resources to enable Canadian producers to make sound management decisions.
  • The online tool covers all areas of potential risk faced by agricultural businesses, gathering data that will enable farmers, commodity groups and the agriculture sector to establish benchmarks for improved risk management performance.
  • Project partners include the Canadian Federation of Agriculture and the consulting firm Meyers Norris Penny.
  • AgriRisk Initiatives is a Growing Forward 2, Business Risk Management program.

Additional links

Follow us on Twitter: @AAFC_Canada
Like us on Facebook: CanadianAgriculture

 

SOURCE Agriculture and Agri-Food Canada

For further information: Guy Gallant, Director of Communications, Office of the Honourable Lawrence MacAulay, 613-773-1059; Media Relations, Agriculture and Agri-Food Canada, Ottawa, Ontario, 613-773-7972, 1-866-345-7972; Heather Watson, Executive Director, Farm Management Canada, Ottawa, Ontario, Telephone: 1-888-232-3262 Fax: 1-800-270-8301, Email: heather.watson@fmc-gac.com, www.FMC-GAC.com

RELATED LINKS
www.agr.gc.ca
https://www.canada.ca

Fannie Mae announces third front-end credit insurance risk transfer transaction

May 25 Federal National Mortgage Association

* Fannie Mae announces third front-end credit insurance risk transfer transaction

* Has secured commitments for a new front-end credit insurance risk transfer transaction

* Loan pool is expected to be filled over course of nine months, beginning with Q2 2017 deliveries

* Fannie Mae will retain risk for first 50 basis points of loss on an approximately $5.2 billion pool of loans

* CIRT will provide protection for any credit losses not covered by underlying primary mortgage insurance

* All loans covered by new transaction will already have primary mortgage insurance coverage

* Transaction to shift part of credit risk on pools of single-family loans with combined upb of about $5.2 billion to a group of reinsurers

* Fannie Mae will retain risk for first 50 basis points of loss on an approximately $5.2 billion pool of loans Source text for Eikon: Further company coverage:

Estate Planning: When There Isn’t a Will – What is the Way?

Creating a will can be an emotional experience, however not having one can cause greater emotional turmoil for those left behind. Surprisingly, according to a new TD survey, half of Canadians (50 per cent) do not have a will, a crucial step in allocating assets after death. The survey also found that more than one quarter (28 per cent) of Canadians without a will are between the ages of 53 and  71, and complicating matters even more, 39 per cent of them have not discussed estate planning wishes with their children.

“Estate planning is an essential step in making sure your assets are managed as you wish after your death,” said Rowena Chan, Senior Vice President of TD Wealth Financial Planning. “If you do not have a will, it can create a lot of conflict and unnecessary animosity amongst family members during an already difficult time – regardless of how much or how little you plan to leave behind.”

With most Canadians (88 per cent) having at least one sibling, family conflict over inheritance is common. The TD survey also found that one in five (19 per cent) Canadians who received a family inheritance say they experienced conflict with their siblings and other relatives over the division of those assets, with two in five (41 per cent) saying they considered taking a smaller share of the inheritance to maintain family harmony. Inheriting family property (45 per cent) and cash investments (39 per cent) were the top two causes for conflict.

“In Canada, if you die without a will, your assets are distributed according to the laws of the province in which you lived, using a set formula to allocate your estate to your spouse, children or other relatives, which could be different from what you really wanted,” said Chan. “Even if you do have a will, you need to keep it up-to-date so that it accurately reflects your existing assets and any changes that may have occurred in your family or financial situation.”

Of Canadians who have experienced conflict over family inheritance, 13 per cent said it was over a family business. Nearly half of these Canadians (46 per cent) say it was because of differences on whether to keep or sell the business, and about one in four (27 per cent) say it was over whether to make significant changes to how the business was run.

While one may think estate planning is necessary only for those with significant financial assets, the reality is that estate planning is essential for everyone, regardless of the value of property or other assets. TD offers the following tips to help plan your estate, manage potential tax implications and avoid possible family conflict:

Personal property: Items like the family home, summer cottage or jewelry are all considered property assets, regardless of what they’re worth. A professional appraisal is an important starting point for valuing these assets. Once you understand the dollar value, you can get a sense of how to distribute them among your loved ones. Check online to find a listing of local appraisers or ask your lawyer for a referral. Keep in mind some items may mean more to some family members than to others. Something that you may have strong feelings over, like the family cottage, may not have the same sentimental value for your children. It is important to discuss property with your family members to understand their sentiment and get a sense of whether anyone has strong feelings associated with any property. You can then factor these sentiments along with overall value into your estate planning decisions.

Cash and Investments: Since these assets are measured by monetary value, it can be relatively straight forward to divide them among loved ones. In Canada, money received from an inheritance is not considered taxable, but a deceased person’s estate has to pay taxes on any income, including investment income, before money can be distributed to beneficiaries. It is important to review these assets to understand their value and tax implications.

Family Business: Succession planning should be a priority for anyone who owns a family business. Having a plan that outlines what should happen with the business can help to ensure a smooth transition, whether that means transferring ownership to the next generation, selling the business altogether or something else. If you intend for specific family members to inherit or to run the business, the designated successors should be involved during the succession planning and implementation process to ensure they are comfortable taking over and the family business to help ensure its continue success.

Regardless of the type of assets you hold, Chan recommends that you review your estate plan at least every three to five years or when a significant life event occurs. There could also be changes in marital status for you or your children, the birth or death of a family member, or a change in your employment status or financial situation that may require you to update your plan.

“The value of your assets is measured by more than the dollar amount,” said Chan. “Family members may have memories associated with certain items that make them more valuable than any dollar figure. It is important to consider these emotions when distributing your assets among loved ones. A financial planner can help you navigate these considerations to ensure you have a plan that works for you and your family.”

For more information, tools and resources, visit https://www.td.com/ca/products-services/td-wealth/financial-planning.jsp

About the TD Survey
TD Bank Group commissioned Environics Research Group to conduct a custom survey of 6,020 Canadians aged 18 and older. Responses were collected between February 9 and 16, 2017. All fieldwork was performed by Environics’ wholly-owned subsidiary, maintaining strict quality control procedures in accordance with guidelines established by the Marketing Research and Intelligence Association (MRIA).

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (“TD” or the “Bank”). TD is the sixth largest bank in North America by branches and serves 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America’s Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world’s leading online financial services firms, with over 11 million active online and mobile customers. TD had CDN$1.2 trillion in assets on January 31, 2017. The Toronto-Dominion Bank trades under the symbol “TD” on the Toronto and New York Stock Exchanges.

About TD Wealth
TD Wealth represents the products and services of TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).

SOURCE TD Wealth

New TD call centre will create 575 jobs in Moncton, N.B., province says

MONCTON, N.B. _ TD has announced plans for a new call centre in Moncton, N.B., that the provincial government says will create up to 575 full-time jobs.

The Toronto-based bank will receive up to $9 million in financial assistance from the government, which says the call centre will add $109-million to the province’s GDP over six years.

TD says it is now looking for a location in the Moncton area.

It will be the second business service centre in New Brunswick for TD, of which former premier Frank McKenna is deputy chairman. TD’s Saint John insurance call centre employs about 700 people.

“Moncton is a vibrant community and we are elated to be expanding our presence here,” McKenna said in a statement.

The provincial government money includes a $6.8 million forgivable loan and $2.1 million for training.

New Brunswick, Canada’s only officially bilingual province, already hosts call centres for companies including WestJet, Sears, and Medavie Blue Cross.

“Business services centres provide thousands of New Brunswickers with employment and contribute greatly to our economy,” said Premier Brian Gallant.

Driver 25% At Fault For Being Rear Ended Due to “Sudden Stop”

Today’s guest post comes from B.C. injury claims lawyer Erik Magraken

Reasons for judgement were released today by the BC Supreme Court, New Westminster Registry, assessing a motorist 25% at fault for a crash despite being rear-ended.

In today’s case (Gibson v. Matthies) the Plaintiff was operating a motorcycle travelling behind the Defendant.  The Defendant brought his vehicle to a “sudden stop” prior to attempting a left hand turn.  The Plaintiff was unable to react in time and rear-ended the Defendant vehicle.  The Court found that the Plaintiff was negligent but also gave the Defendant 25% of the blame for his sudden stop.  In reaching this conclusion Mr. Justice Crawford provided the following reasons:

[174]     Therefore I accept Mr. Kramer’s evidence that the truck came to a sudden stop, and if I were to speculate, it may have been that Mr. Matthies was debating whether he was going to make a left turn in front of the oncoming traffic but decided it was safer to come to a stop, albeit quickly.

[175]     In the circumstances, Mr. Kramer, who was watching the red truck, was able to brake and evade the truck by swerving to his right and into the ditch and Mr. Matthies recalled seeing Mr. Kramer’s motorcycle beside him at that time.

[176]     Mr. Gibson, according to the evidence, had been trailing behind Mr. Kramer but closer to the centre line.

[177]     Mr. Gibson said he checked his rear-view mirror for the traffic behind him and looked up to see Mr. Matthies’ truck already stopped. He said he could not go left into the oncoming traffic, or go right, probably because Mr. Kramer had slowed because of Mr. Matthies’ truck slowing, and therefore Mr. Kramer’s motorcycle was relatively close to his right and he could not safely veer right. So he braked, the motorcycle “laid down” and the motorcycle slid into the back of Mr. Matthies’ truck. Mr. Matthies said he looked back to see Mr. Gibson’s motorcycle sliding into the rear of his truck. I credit Mr. Matthies for an extremely quick reaction, to accelerate his truck so that the motorcycle struck the rear of his truck as it was already starting to pull away and Mr. Gibson, who was catapulted from his motorcycle, somersaulted onto the roadway behind Mr. Matthies’ accelerating truck. Had Mr. Matthies not acted so promptly, Mr. Gibson may have been injured far more seriously.

[178]     Ms. Steele’s evidence to some degree confirmed Mr. Kramer’s evidence as to not seeing a turn signal and there being a discussion between Mr. Kramer and Mr. Matthies about leaving the scene of the accident.

[179]     The primary onus however, in law (and in common sense), falls on Mr. Gibson as he is the rear motor vehicle, to keep a safe distance from the vehicle ahead. In addition, I find contributing negligence of both he and Mr. Matthies, Mr. Matthies for a sudden stop and Mr. Gibson for lack of lookout. The lack of lookout has two facets; a failure to see the truck slowing and stopping suddenly; and that in turn meant Mr. Gibson continued at cruising speed while Mr. Kramer slowed, and Mr. Gibson lost his ability to veer right behind Mr. Kramer.

[180]     Both parties are in agreement in terms of applying the provisions of the Negligence Act, R.S.B.C. 1996, c. 333, s. 1. I find that the larger burden should fall on the plaintiff and thus I conclude that Mr. Gibson is at 75% at fault for the accident and Mr. Matthies at 25%.

Unexpected expenses could spell big trouble for Millennial homeowners

TSX/NYSE/PSE: MFC     SEHK: 945

  • A significant percentage of Canadian homeowners lack the financial flexibility to adjust to rising interest rates, unexpected expenses or interruption of income, with Millennials most at risk, according to Manulife Bank survey
  • One in four Canadian homeowners have not had enough money on hand to pay bills once in the last 12 months while one in five are unprepared for a financial emergency
  • Average mortgage debt is up 11% to $201,000
  • Almost half of Millennial homeowners received help for their first homes

WATERLOO, ON, May 23, 2017 /CNW/ – Mortgage debt increased by 11 per cent1 to $201,000 last year and more than half (52 per cent) of Canadian mortgage holders lack the financial flexibility to quickly adjust to unexpected costs, per a new Manulife Bank of Canada survey. This despite 78 per cent of Canadians having made debt freedom a top priority.

The problem is most acute among Millennials, who saw their mortgage debt rise more than any other generation. Millennials are also most likely to have difficulty making a mortgage payment in the event of an emergency or if the primary earner in the household were to become unemployed.

“The truth about debt in Canada is that many homeowners are not prepared to adjust to rising interest rates, unforeseen expenses or interruption in their income,” says Rick Lunny, President and Chief Executive Office, Manulife Bank of Canada. “However, building flexibility into how they structure their debt can help ease the burden.”

Overall, nearly one quarter (24 per cent) of Canadian homeowners reported they have been caught short in paying bills in the last 12 months. The survey also revealed that 70 per cent of mortgage holders are not able to manage a ten per cent increase in their payments. Half (51 per cent) have $5,000 or less set aside to deal with a financial emergency while one fifth have nothing.

_____________________
1 The percentage change in average mortgage debt controlled for regional, age and income differences between the samples. However, different research providers were used for each wave of the study which may impact trended results.

Millennials not alone

Despite generally having more equity in their homes, many Baby Boomers face the same challenges as Millennial homeowners. Some 41 per cent of Baby Boomers said that home equity accounted for more than 60 per cent of their household wealth and for one in five (21 per cent) it makes up more than 80 per cent.

This indicates Boomers may need to rely on the sale of their primary residence to fund retirement, since much of their household wealth is wrapped up in home equity. However, more than three quarters (77 per cent) of Baby Boomer respondents want to remain in their current homes when they retire.

“Many Boomers approaching retirement share the same lack of financial flexibility as Millennials,” said Lunny. “They want to remain in their current homes, but their home makes up a big part of their net worth. Instead of downsizing, or even selling and renting, homeowners in this situation could consider using a flexible mortgage to access their home equity to supplement their retirement income.”

Helped into the housing market

Almost half (45 per cent) of Millennial homeowners reported that they received a financial gift or loan from their family when purchasing their first home. By comparison, just 37 per cent of Generation X and 31 per cent of Baby Boomers received help from family members when they purchased their first home. Conversely,  almost two in five (39 per cent) Boomers, many of whom are the parents of Millennials, still have mortgage debt.

The generational increase in new homeowners requiring family support comes despite a long-term trend toward two-income households. The number of Canadian families with two employed parents has doubled in the last 40 years, but housing costs are growing faster than incomes2.

“With higher home prices and larger mortgages, it’s more important than ever to find the mortgage that’s right for you,” says Lunny.  “A flexible mortgage that offers the ability to change or skip payments, or even withdraw money if your circumstances change, can help you ride out financial difficulties more easily.”

Manulife Bank recommends that Canadians have access to enough money to cover three to six months of expenses.

_____________________
2 Statistics Canada. May 30, 2016.

Quebec homeowners most at risk

In addition, the Manulife Bank survey found that:

  • Mortgage holders in Quebec (76 per cent) would have the most difficulty with an increase of 10 per cent to their mortgage payment and are more likely to be impacted should they have a fiscal emergency, as almost 30 per cent have no emergency funds.
  • British Columbia had the highest instance of homeowners getting help from family members when they purchased their first home, with almost half (45 per cent) saying they either borrowed or were given money.
  • Compared with other regions, homeowners in Manitoba and Saskatchewan (73 per cent) prefer most to own and live in their current home when they retire.

Debt management should begin at an early age

More than two in five (44 per cent) learned “a little” or nothing about debt management from their parents—and were also most likely to have been caught short financially in the past 12 months (28 per cent).

“Kids who learn about money and debt management are more likely to become financially healthy adults,” says Lunny. “One of the best lessons we can teach our children is the importance of saving for a rainy day. Being prepared for unexpected expenses is good for our financial health, good for our mental health and gives us the freedom and confidence to deal with the unexpected expenses and opportunities that come our way.”

About the Manulife Bank of Canada Debt Survey
This survey was conducted online within Canada by Nielsen on behalf of Manulife Bank of Canada from February 1 to 14, 2017, among 2,098 Canadian homeowners aged 20 to 69 with household income of $50,000 or more. The data were weighted by age, province of residence and household income where necessary to bring them in line with their actual proportions in the Canadian homeowner population.

About Manulife Bank
Established in 1993, Manulife Bank was the first federally regulated bank opened by an insurance company in Canada. It is a Schedule l federally chartered bank and a wholly-owned subsidiary of Manulife. As Canada’s first advisor-based bank, it has successfully grown to more than $22 billion in assets and serves clients across Canada.

About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers’ needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of March 31, 2017, we had $1 trillion (US$754 billion) in assets under management and administration, and in the previous 12 months we made almost $26.3 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.

SOURCE Manulife Financial Corporation

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