Purchasing an asset by making a down payment (called the margin) and financing the balance amount through a loan by using the asset as the collateral (such as in a mortgage loan). In securities trading, only a down payment is required because the value of the securities themselves (which remain in the possession of the broker or seller) fully collateralizes the unpaid amount.
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9.13.2010
9.11.2010
How to pick a home renovator for your home renovations
How to pick a home renovator If you‟ve been dreaming of adding an extra room to your house or repaving your driveway this fall, now‟s the time to book contractors – just make sure you do your homework first. Get references Check on a renovator‟s references before you hire him or her. Don Johnston, senior director of technology and policy at the Canadian Home Builders‟ Association in Ottawa, says most renovators will tell you about recent clients on their own. Meet with previous clients in person so you can see the work that was completed, he says.
Ask about the predictability of the budget and how changes were handled, he suggests. "Inevitably, there‟s going to be unexpected things along the way and how those were handled is a good indication of how they‟ll be handled on your project," he says. Most importantly, he says, asks how the company and its representatives treated the home. "Good renovators know that relations with their customers and respect for the house are what‟s expected today." Don't obsess over bids While some home owners think they need to get several bids and award a contract to the renovator who proposes the lowest price, Mr. Johnston says it shouldn‟t be the key determinant of who you hire. Instead, he suggests you interview several contractors and find out which you‟re most comfortable with. "There‟s no substitution for a trustworthy relationship with your renovator, because often there are unforeseens and all sorts of issues that come up with a project," he says. "You try to go with a low bid based on some general concepts of what you want to do and in the end it really doesn‟t give you any protection. It‟s who‟s building that‟s much more important than how you bid."
Ensure both parties have proper insurance If you‟re satisfied with your contractor‟s experience and projected budget, the next step is to make sure both you and the company have the right insurance. The contractor should have protection through the provincial workplace safety and insurance body. The average figure he recommends is $2-million in liability insurance. "You also have to inform your own insurance company that work is under way on your house," he says. It‟s unlikely you‟ll need to take out more insurance, but the company will let you know if there‟s anything extra that needs to be done. "If you‟re taking down trees and there‟s a risk, you need to be covered [for] the unforeseens," he says.
Get it in writing "Often, if a contractor is reluctant to sign a contract with you, it‟s a good sign that he or she is not a legitimate company," Mr. Johnston warns. Some contractors may also persuade you to do an upfront cash deal so that they can save you money by avoiding taxes, but be leery of such offers, he says. If the contractor takes off before the project is complete, you‟ll have no protection. When you draw up a contract (you can find draft ones on the Canada Mortgage and Housing Corp.‟s website), clearly lay out a timeline and goals of the project. " „When we‟ve got the roof on, we‟ll release a third of the payment, when you‟ve finished the interior, another third.‟ You can specify over a period of time based on milestones," he says. *And don‟t do this...turn down a good contractor because he asks for a deposit – no contractor should be expected to pay for supplies before starting work
Ask about the predictability of the budget and how changes were handled, he suggests. "Inevitably, there‟s going to be unexpected things along the way and how those were handled is a good indication of how they‟ll be handled on your project," he says. Most importantly, he says, asks how the company and its representatives treated the home. "Good renovators know that relations with their customers and respect for the house are what‟s expected today." Don't obsess over bids While some home owners think they need to get several bids and award a contract to the renovator who proposes the lowest price, Mr. Johnston says it shouldn‟t be the key determinant of who you hire. Instead, he suggests you interview several contractors and find out which you‟re most comfortable with. "There‟s no substitution for a trustworthy relationship with your renovator, because often there are unforeseens and all sorts of issues that come up with a project," he says. "You try to go with a low bid based on some general concepts of what you want to do and in the end it really doesn‟t give you any protection. It‟s who‟s building that‟s much more important than how you bid."
Ensure both parties have proper insurance If you‟re satisfied with your contractor‟s experience and projected budget, the next step is to make sure both you and the company have the right insurance. The contractor should have protection through the provincial workplace safety and insurance body. The average figure he recommends is $2-million in liability insurance. "You also have to inform your own insurance company that work is under way on your house," he says. It‟s unlikely you‟ll need to take out more insurance, but the company will let you know if there‟s anything extra that needs to be done. "If you‟re taking down trees and there‟s a risk, you need to be covered [for] the unforeseens," he says.
Get it in writing "Often, if a contractor is reluctant to sign a contract with you, it‟s a good sign that he or she is not a legitimate company," Mr. Johnston warns. Some contractors may also persuade you to do an upfront cash deal so that they can save you money by avoiding taxes, but be leery of such offers, he says. If the contractor takes off before the project is complete, you‟ll have no protection. When you draw up a contract (you can find draft ones on the Canada Mortgage and Housing Corp.‟s website), clearly lay out a timeline and goals of the project. " „When we‟ve got the roof on, we‟ll release a third of the payment, when you‟ve finished the interior, another third.‟ You can specify over a period of time based on milestones," he says. *And don‟t do this...turn down a good contractor because he asks for a deposit – no contractor should be expected to pay for supplies before starting work
9.10.2010
Canada's economic growth expected to continue in 2010
Canada's economic growth expected to continue in 2010: RBC Economics
Pace of growth revised downward due to U.S.
RBC slightly pared back its 2010 forecast, expecting GDP growth of 3.3 per cent which is down from 3.6 per cent projected last quarter.
"While Canada's second quarter growth put real GDP close to its pre-recession high, concerns in the U.S. and nervousness about the health of the global economy are weighing on the outlook for the second half of the year," said Craig Wright, senior vice-president and chief economist, RBC.
RBC forecasts that the economy will continue to grow and that the output gap will be completely eliminated by mid-2012. The labour market has recovered 94 per cent of the jobs lost during the recession and the unemployment rate is expected to decline to 7.3 per cent by the end of 2011, from the 8 per cent that prevailed the second quarter of this year.
With government infrastructure spending to be exhausted in the first quarter of 2011, there will be pressure on the private sector to fill the void and sustain economic growth.
GDP is expected to rise 3.2 per cent in 2011, down 0.3 percentage points from projections in last quarter's Outlook. RBC notes that core inflation has been stable through the economic downturn and expects it to remain anchored around the Bank of Canada's 2 per cent mid-range target.
"Global financial conditions have not been severely damaged by the European sovereign debt crisis as previously feared," said Wright. "With central banks pledging to do whatever is necessary to keep the recovery on track, interest rates will remain low, supporting business and consumer spending once confidence is restored."
RBC adjusted its U.S. GDP forecast to 2.7 per cent in 2010 and 3.0 per cent in 2011, compared to 3.1 per cent and 3.4 per cent the previous quarter, in light of the sharp weakening in real GDP in the second quarter and disappointing reports on the housing and labour markets over recent months.
According to the report, the Canadian dollar has been hurt by concern about the
At the provincial level, RBC expects all provincial economies to grow in 2010; however, the downshift in economic momentum prompted growth forecasts for most provinces to be revised lower in 2010 with the exception of Saskatchewan (increased to 6.3 per cent from 3.8 per cent) and Alberta (up 3.5 per cent from 3.1 per cent). The largest downward revisions were made to
- BC: growth of 3.3 per cent, revised lower from
3.5 per cent - ON: growth of 3.5 per cent, revised lower from
3.8 per cent - PQ: growth of 3.0 per cent, revised lower from
3.5 per cent - NB: growth of 2.3 per cent, revised lower from
2.4 per cent - NS: growth of 1.8 per cent revised lower from
2.2 per cent
2.6 per cent
A complete copy of the forecast is available as of 8 a.m. EDT, at www.rbc.com/economics/market/pdf/fcst.pdf. A separate publication, RBC Economics Provincial Outlook, assesses the provinces according to economic growth, employment growth, unemployment rates, retail sales and housing starts.
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