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Article

Insolvency in Canada

Insolvency is a financial state defined by either of two situations. One is when a person, business or country cannot meet their obligations as they become due. The other is when the value of a person’s liabilities exceeds their assets.

Article

Equity in Canada

Equity is the monetary value of a business or property, beyond any liens or related debts. The term generally refers to “shareholders’ equity.” Shareholders’ equity is an ideal figure that stands for the amount of money that shareholders would get if the company liquidated its assets and paid its debts. In informal usage, the term equities has evolved to mean publicly traded stocks.

Article

Capital in Canada

In economics, capital traditionally refers to the wealth owned or employed by an individual or a business. This wealth can exist in the form of money or property. Definitions of capital are constantly evolving, however. For example, in some contexts it is synonymous with equity. Social capital can refer to positive outcomes of interactions between people or to the effective functioning of groups. Human capital refers to people’s experience, skills and education, viewed as an economic resource.

Editorial

The Great Crash of 1929 in Canada

In late October of 1929, terror seized the stock exchanges of North America. Capitalism’s speculative party, with its galloping share prices and its celebrity millionaires, came to an abrupt stop. The Great Crash, it was called, and it was followed by the Great Depression.

Article

Capitalism in Canada

Capitalism is an economic system in which private owners control a country’s trade and business sector for their personal profit. It contrasts with communism, in which property effectively belongs to the state (see also Marxism). Canada has a “mixed” economy, positioned between these extremes. The three levels of government decide how to allocate much of the country’s wealth through taxing and spending.

Macleans

Newcourt Merges with CIT

This article was originally published in Maclean’s magazine on November 8, 1999. Partner content is not updated.

On May 5, hundreds turned up in their finest for the première of the National Ballet of Canada's revamped production of Swan Lake. Yet, as fabulous as artistic director James Kudelka's $1.6-million production was, an equally remarkable performance had taken place before the dancing ever started.

Macleans

Newcourt Credit

This article was originally published in Maclean’s magazine on February 23, 1998. Partner content is not updated.

Steven Hudson learned early about the power of performance-based compensation. As a teenager in Scarborough, Ont., he took a job at a bingo hall for seniors, pushing a refreshment cart up and down the aisles. The more chips and popcorn he sold, the more money he took home.

Macleans

Mutual Funds: Best and Worst

This article was originally published in Maclean’s magazine on January 27, 1997. Partner content is not updated.

That, of course, is the pitch many mutual fund investors want to hear - and one the financial services industry is only too happy to pump out. But savvy investors know that in the markets, big returns often go hand in hand with big risks.

Article

Royal Bank of Canada (RBC)

Royal Bank of Canada (RBC) was founded in 1864. Today, it is the country’s largest chartered bank and financial institution. It has five divisions: Personal and Commercial Banking, consisting of banking operations in 36 countries around the world; RBC Wealth Management, consisting of investment products and services for retail investors; RBC Capital Markets for international investment banking services; RBC Insurance for individual and group clients; and Investor and Treasury Services, providing custody services and fund administration for international clients. Royal Bank is a public company that trades on the Toronto Stock Exchange, New York Stock Exchange and SIX Swiss Exchange under the symbol RY. In 2019, RBC registered $46 billion in revenue and $12.9 billion in profit and held $1.4 trillion in assets. Royal Bank employs more than 85,000 people, who serve 17 million customers.

Article

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce, commonly known as CIBC, is the fifth largest chartered bank in Canada. It was created through the 1961 merger of two Ontario-based banks, the Canadian Bank of Commerce and the Imperial Bank of Canada — the largest merger of two chartered banks in Canada’s history. Today, CIBC operates its business in Canada and abroad through three divisions: retail and business banking, wealth management, and capital markets. CIBC is a public company that trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol CM. In 2019, CIBC registered $18.6 billion in revenue and $5.1 billion in profit and held $651.6 billion in assets. The bank employs approximately 45,000 people, who serve 10 million customers.

Article

Bonds in Canada

A bond is a tool that businesses, governments and other organizations use to borrow money. More specifically, it is a loan agreement through which the bond issuer (the borrower) agrees to pay the lender a specified amount by a certain date. Bond agreements generally also include interest payments. While the borrower usually pays the lender interest on the loan, bonds sometimes have negative interest, meaning the lender pays interest to hold the bond. Bonds and debt financing are important tools for funding large infrastructure projects and wars. (See Canada Savings Bonds; Victory Loans.)

Article

Assets in Canada

An asset is a useful and desirable thing or quality. The word is most often used in business, financial or accounting contexts. Canada has some of the world’s most impressive physical and natural resources. These resources may be viewed as “national assets.” The concept is also useful in personal finance, as housing is most Canadian families’ largest asset.

Article

Debt in Canada

A debt is something that one owes to another. While debt can take many forms, the term usually refers to money owed. In a Canadian context, debts have become an increasing concern during the past three decades. According to Statistics Canada, at the end of the second quarter of 2020, Canadian non-financial businesses, governments and households owed almost $7.1 trillion in debts. That works out to roughly $186,000 per person. (See also Public Debt.)

Article

Financial Bubbles in Canada

In economics, a bubble refers to a rapid rise in asset prices, to the point that they become disconnected from the fundamental value of the underlying asset. A change in investor behaviour is the most common cause of a bubble. When many investors rush to invest in a new technology or take advantage of low interest rates, for example, the increased demand for the asset can raise the price far above its real worth.

Article

Political Party Financing in Canada

The financial activities of political parties in Canada were largely unregulated until the Election Expenses Act was passed in 1974. Canada now has an extensive regime regulating federal political party financing; both during and outside of election periods. Such regulation encourages greater transparency of political party activities. It also ensures a fair electoral arena that limits the advantages of those with more money. Political parties and candidates are funded both privately and publicly. Election finance laws govern how parties and candidates are funded; as well as the ways in which they can spend money. (See also Canadian Electoral System.)