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[ad_1] Commerce and Industry Minister Piyush Goyal on Friday said Egypt, which is one of the largest importers of wheat from Ukraine and Russia, has approved India as a wheat supplier. There is a sharp decline in availability of wheat in the global markets due to the ongoing conflict between Russia and Ukraine. Both the nations are major producers and exporters of wheat. Egypt imported wheat worth about USD 1.8 billion from Russia and USD 610.8 million from Ukraine in 2020.The African nation is looking to import 1 million tonne of wheat from India and would need 2,40,000 tonne in April. “Indian farmers are feeding the world. Egypt approves India as a wheat supplier. Modi Govt. steps in as the world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow and we are ready to serve the world,” Goyal said in a tweet. India’s wheat exports increased to USD 1.74 billion in April-January 2021-22 as against USD 340.17 million in the same period last year. In 2019-20, wheat exports were worth USD 61.84 million, which rose to USD 549.67 million in 2020-21. India’s wheat exports are mainly to neighbouring countries with Bangladesh having the largest share of more than 54 per cent in both volume and value terms in 2020-21. It has entered new wheat markets such as Yemen, Afghanistan, Qatar and Indonesia.The top ten countries importing Indian wheat in 2020-21 were Bangladesh, Nepal, the United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia. India accounts for less than 1 per cent in the world’s wheat export. However, its share has increased from 0.14 per cent in 2016 to 0.54 per cent in 2020. India is the second largest producer of wheat with a share of around 14.14 per cent in the world’s total production in 2020. India produces around 107.59 million tonne of wheat annually while a major chunk of it goes towards domestic consumption.Major wheat growing states in India are Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Bihar and Gujarat. [ad_2] Source link

[ad_1] Wells Fargo Two of the nation’s largest banks – JPMorgan Chase and Wells Fargo & Co. – had their mortgage businesses hit hard by the higher interest rate landscape in the first quarter of 2022. The financial institutions reported double-digit declines in origination volume and net earnings from January to March, which were partially offset by strong performances in their respective servicing portfolios. That’s a taste of what to expect from other mortgage lenders who have yet to report Q1 results.  There are many storm clouds on the horizon, top executives at the banks said in earnings calls this week.  “The mortgage origination market experienced one of its largest quarterly declines that I can remember, and it will take time for the industry to reduce excess capacity,” Charlie Scharf, Wells Fargo’s CEO, said during a call with analysts on Thursday.   Mike Santomassimo, the bank’s chief financial officer, added: “We believe the mortgage market experiences the largest quarterly decline since 2003, primarily due to lower refinance activity in response to higher mortgage rates.” Wells Fargo, the 4th-largest U.S. mortgage lender by volume, originated $37.9 billion in the first quarter of 2022, down 21% quarter-over-quarter and 27% year-over-year. The share of refinancings declined from 64% in the first quarter of 2021 to 56% in the same period of this year. The bank’s revenues in the home lending business reached $1.5 billion, declining 19% compared to the prior quarter and 33% in comparison with the same period of 2021. The mortgage banking noninterest income came in at $693 billion, down from $1.3 billion year-over-year. At JPMorgan, the fifth-biggest mortgage lender in the country, origination volume totaled $24.7 billion from January to March, a decline of 41% compared to the prior quarter, and down 37% in comparison with the first quarter of 2021. JPMorgan’s home lending net revenue reached $1.2 billion in the first quarter, down 20% compared to the same quarter in 2021. However, compared to the fourth quarter 2021, the bank’s mortgage business net revenue increased 8%.   According to the Jamie Dimon-led bank, the mortgage business’ dip in performance in the first quarter was largely driven by lower production revenue, due to lower margins and origination volume.  Originations in both correspondent and retail channels fell for both JPMorgan Chase and Wells Fargo in the first quarter. Wells Fargo’s retail volume fell to $24 billion in Q1 2022, compared to $33.6 billion in the first quarter of 2021. Correspondent channel origination volume fell to $18.2 billion in Q1 2021 from $13.8 billion a year ago. JPMorgan Chase experienced a larger decline in correspondent business, originating $9.6 billion in the first quarter of 2022, down 41% year-over-year. In the retail channel, origination volume reached $15.1 billion, a decrease of 34% year-over-year. The banks said the decline in originations revenue was largely offset by higher servicing revenue.    Wells Fargo’s mortgage servicing rights – carrying value (period-end)­– increased 13%, from $7.5 billion in Q1 2021 to $8.5 billion in the first quarter of 2022. The net servicing income jumped from a loss of $123 million in Q1 2021 to a gain of $116 million in the same period this year. JPMorgan’s servicing rights increased to $7.2 billion in the first quarter of 2022 from $4.4 billion in the first quarter of 2021. The net mortgage servicing revenues also improved: from a $54 million loss in the Q1 2021 to a $245 million gain in the Q1 2022.    Looking beyond the first quarter, executives still expect volatility in the mortgage market.  Santomassimo said mortgage rates increased 156 basis points in the first quarter, choking demand for refis. Still, Wells Fargo expects to produce decent volume in the purchase market, where it’s known for jumbo originations. “But gain-on-sale margins will definitely be impacted, given that there’s still a lot of excess capacity in the system,” Santomassimo told analysts. “We expect in the second quarter originations and margins to remain under pressure, and mortgage banking revenue to decline. We started to reduce expenses in response.” Jamie Dimon, chairman and chief executive officer at JP Morgan, told analysts on Wednesday that there are some difficult days ahead. On the bright side, customers have $2 trillion still in their savings and checking accounts, businesses are in good shape, home prices are up, and credit is extraordinarily good, which is going to continue in the second and third quarters, he said. However, it is hard to predict beyond that, due to factors such as inflation and the war in Ukraine. “Those are storm clouds on the horizon that may disappear, they may not. That’s a fact,” he said.  After the earnings report, Wells Fargo stock closed at $46.35 on Thursday, down 4.51%. JP Morgan stock was at $126.12, a 0.93% decline from the prior day. The post Wells Fargo, JPMorgan and the mortgage storm to come appeared first on HousingWire. [ad_2] Source link

[ad_1] For a frequent traveller, lounge access can vastly improve air travel, especially if you have to make multiple flight connections. On a long-distance trip with layovers, having access to food and drinks, a quiet place to rest, entertainment, a business centre and even a shower during a stop on your journey can make the difference between arriving at your destination exhausted and arriving refreshed. Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started. I want to earn rewardsI want to pay low interest You will be leaving MoneySense. Just close the tab to return. Of course, you can purchase one-time access to a lounge, but it will cost you only a little less than half the price of a yearly unlimited access subscription, such as Priority Pass. A variety of Canadian credit cards offer lounge privileges included with the annual fee, but there are differences around how access is granted and which ones you can visit. Some cards offer unlimited access to select airport lounges, while others offer limited access each year. If it’s possible to determine how many times you will be travelling in a year, it can help you decide which card will hold the most value for you. In Canada, there are different types of airport lounges you can access through your credit card, including Priority Pass lounges, those in the American Express Global Lounge Collection and traditional airline-specific lounges, such as Air Canada’s Maple Leaf Lounge and the Mastercard Experience Lounges. With that in mind, we’ve rounded up the best credit cards for lounge access, along with annual fees and the value of their lounge benefits. The best credit cards with airport lounge access Card Number of Lounge Visits Annual Fee Scotiabank Passport Visa Infinite 6 $139 TD Aeroplan Visa Infinite Privilege Unlimited at Maple Leaf Lounge, 6 at Priority Pass lounge $599 American Express The Platinum Card Unlimited $699 BMO World Elite Mastercard 4 $150 CIBC Aventura Visa Infinite 4 $139 Best overall airport lounge access credit card Scotiabank Passport Visa Infinite Card* With a $139 annual fee, this card gets you a Priority Pass membership, plus six free visits per year to all participating lounges worldwide, including both Priority Pass and Plaza Premium lounges. Each lounge offers complimentary snacks and refreshments, internet access, a spot to charge your devices and, of course, a relaxing atmosphere. If you consider the full retail value of these passes, not to mention the cards’ other perks, the annual fee pays for itself. Beyond that, it offers no foreign transaction fees (both online and when you’re abroad). It also offers competitive travel insurance coverage, including emergency medical, flight delay, lost baggage, hotel/motel burglary and rental car coverage. What sets this card apart is that it’s well-rounded and makes for a great card even if you don’t end up travelling this year. It earns you Scene+ points on your everyday expenses, which you can redeem for travel, along with movies, merchandise, gift cards and more. Annual fee: $139 Interest rates: purchases 19.99%, cash advances 22.99%, balance transfers 22.99% Income requirement: $60,000, a minimum household income of $100,000 or a minimum of $250,000 in assets under management Welcome bonus: Earn up to 35,000 Scene+ points. First, earn 25,000 points when you spend $1,000 in everyday purchases in the first 3 months. Then, get another 10,000 points when you spend $40,000 on everyday purchases in the first year. Must apply by July 4, 2022. Rewards: 2 points per $1 on grocery, entertainment, dining and transit/travel; 1 point per $1 on all other purchases Perks: Priority Pass membership with 6 complimentary visits a year; no foreign transaction fee; comprehensive travel insurance Get more details about the Scotiabank Passport Infinite Privilege* Best luxury airport lounge access card TD Aeroplan Visa Infinite Privilege If you’re a loyal Aeroplan points collector who also wants to have a better airport experience, consider this card. You’ll get access to Maple Leaf lounges, complete with complimentary snacks and beverages, internet access and showers. Plus, get a Priority Pass membership and six complimentary visits per year. You also get a host of other perks to make you feel like a VIP at the airport, like priority check-in, boarding and baggage handling (and other perks) for you and up to eight companions. You’ll also get a Nexus fee rebate of up to $100 every 48 months and free first checked bags, too. You’ll get an extensive suit of travel insurance, even as you continue to earn Aeroplan points on your every day purchases that you can redeem for Air Canada flights, merchandise and gift cards. Annual fee: $599  Interest rates: purchases 19.99%, cash advances 22.99% Income requirement: $150,000 individual or $200,000 household annual income Welcome bonus: When you apply online by May 29, you can earn 20,000 Aeroplan points when you make your first purchase with your new card. Plus, get 85,000 Aeroplan points when you spend $1,000 each month for the first 10 months. Rewards: 2 Aeroplan points per $1 spent on direct purchases with Air Canada and Air Canada Vacations, 1.5 Aeroplan points per $1 spent on eligible gas, grocery, travel and dining purchases, 1.25 points per $1 spent everywhere else.  Other perks: Access to Maple Leaf Lounges, complimentary Priority Pass membership with 6 complimentary visits per year, Nexus fee rebate up to $100 every 48 months, free first checked bag, priority check-in, priority baggage handling, priority boarding, priority airport standby, priority upgrades. Best airport lounge access card for frequent travellers American Express The Platinum Card  This top-tier card offers unlimited access to the widest range of airport lounges, which are included with your annual fee. With it, you gain access to the lounges across the American Express Global Lounge Collection, including: Priority Pass, Amex’s own Centurion Lounge, Plaza Premium Lounges and Delta Sky Clubs (when flying with the carrier). The lounges in the American Express Centurion

[ad_1] Key Takeaways: Each state requires a minimum amount of car insurance for anyone who owns a vehicle. State minimum coverage typically includes specific levels of bodily liability coverage, personal property liability coverage, medical payments coverage, and uninsured or underinsured motorist coverage. While state minimum coverage dictates the amount of car insurance you’re required to have, experts agree you should purchase insurance with higher limits in order to protect yourself. How much car insurance you need can be determined based on factors like the car you drive, how much you owe on your vehicle, how often you drive, your net worth, and more. How much car insurance you need is an important consideration, but you should also consider which types of car insurance you could benefit most from. For example, state minimum coverage usually requires a minimum amount of bodily liability coverage, personal property liability coverage, medical payments coverage, and uninsured or underinsured motorist coverage. However, you can buy additional types of car insurance including collision coverage, comprehensive car insurance, gap insurance, and more. Before you invest in a car insurance policy, you’ll want to consider how much protection you need and the types of coverage that make sense for your lifestyle. 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Click your state to get matched to a top ranked car insurance provider in your area. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas Get a Free Quote Why You Need Car Insurance According to the Insurance Information Institute (III), car insurance is a “contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.” They also note that, in exchange for your auto insurance premiums, the insurance company “agrees to pay your losses as outlined in your policy.” This definition for auto insurance very clearly underscores when you need this coverage in place if you own a car. Without car insurance, there would be no third party to pay for financial losses caused by an accident or theft. Instead, you would be financially on the hook for all potential losses, including your own as well as losses caused to others. Additional reasons you need car insurance include: Meeting state requirements: Individual states require you to have a minimum amount of car insurance in order to be a legal driver. If you are caught driving without at least the minimum amount of coverage required in your state, you could lose your license and/or face considerable fines. Meeting lender requirements: If you take out an auto loan to purchase your vehicle, chances are excellent your lender will require you to have enough auto insurance to replace your car in the event of an accident. After all, the lender owns the vehicle until you pay off your loan, so they have a vested interest in protecting their asset. Financial protection: Car insurance can kick in to pay for vehicle repairs, medical bills, and other costs associated with an accident or claim. Without car insurance, you could face a mountain of bills you could never afford to repay. Ultimately, it’s easy to see why you need car insurance. Not only is it legally required when you own a vehicle, but you need to protect yourself from unforeseen financial losses, which could easily reach into hundreds of thousands of dollars or more in the event of a serious accident. The problem is knowing how much car insurance you need, and which types of coverage you should prioritize as you build your policy. How Much Liability Insurance Do I Need? As you decide how much car insurance you should buy, you can start by looking up the minimum coverage requirements for the state you live in. From there, you can look at your specific situation to see how you can tweak those limits and add more coverage based on your needs.  First off, you’ll want to look at the amount of liability insurance coverage your state requires. Liability insurance makes up the bulk of your state’s minimum coverage requirements, and this type of coverage kicks in to cover expenses when you are at fault in an accident. When you look at state minimum insurance requirements, it’s easy to see how they could leave you in the lurch. In the state of Arizona, for example, drivers are required to purchase $25,000 per person and $50,000 per accident in bodily injury liability coverage, $15,000 in property damage liability coverage, and $25,000 per person and $50,000 per accident in both uninsured and underinsured motorist bodily injury coverage.  We all know those car accidents can result in injuries that can cost six figures or more, and having just $50,000 per accident in bodily injury liability coverage is not nearly enough. Generally speaking, experts suggest setting your liability limits high enough to cover even the worst-case scenario if you can afford it. At the minimum, you should strive to purchase a policy with at least $100,000 per person and $300,000 per accident in bodily injury liability, along with $100,000 per accident in property damage liability coverage. Additional Types of Auto

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[ad_1] In North Carolina, Biden defends handling of inflation [ad_2] Source link

[ad_1] In a narrow bylane of Moradabad, India’s peetal nagri (brass city), 30-year-old Zeeshan Ali runs a brass handicrafts unit. Ali was busy giving directions to a handful of workers, who were packing a small export consignment to be shipped to the Netherlands. The package is scheduled to reach Mumbai’s Jawaharlal Nehru Port in a day or two. Registered with the Export Promotion Council for Handicrafts, the unit’s order books are full, because exquisitely designed Indian handicrafts are in big demand in global markets, especially Europe, the US and West Asia. “After a recent visit to the Netherlands, I will be travelling to the UK soon to meet a few importers of handicrafts,” Ali says. His unit’s sales turnover in FY22 was about Rs 5 crore. In fact, even during the pandemic, export-oriented units in the brass city were exempted from the lock-down restrictions, which enabled them to cater to the sudden surge in demand from western markets in the later months of 2021. However, even as the demand from key export markets, especially Europe, continues to be robust, they are now worried because inflated costs of inputs – zinc, copper and coal – have shrunk their margins. Some of the units are struggling to execute export orders that looked lucrative when clinched. A short distance away from Ali’s unit is Rasheed Ahmed’s JR Handicraft. He was overseeing six workers, who were giving finishing touches to assorted brass handicrafts – bells, lamp stands and other decorative items used in temples across India. The unit, located on the Lal Masjid road, is abuzz after a period of lull, as abatement of the pandemic led to opening of temples in South India. Both these units are amongst thousands of such tiny firms which operate from 200-900 sq ft facilities in the bylanes of Moradabad where skilled workmen convert brass scraps to attractive pieces of handicraft by enameling, engraving and polishing. Many of these units have started to use metals like aluminium, stainless steel and iron to embellish the products with new designs, even as the traditional look is the main attraction for the western buyers. According to the Uttar Pradesh government officials, there are more than 5,000 units in Moradabad engaged in manufacturing of handicraft items. The brass city has been in existence for over 120 years. According to estimates, more than 0.15 million labourers are engaged in the town’s handicraft industry. Moradabad township was established in 1600 by Murad, son of the Mughal Emperor Shahjahan. According to Hamid Husain, treasurer, Moradabad Handicrafts Exporters Association, handicraft products worth 8,000 crore are exported annually from the industrial cluster, with top buyers being the US, the UK, Germany, the Netherlands and West Asian countries. Besides, products worth Rs 4,000 crore are supplied to the domestic market. Despite competition from China, Indian handicraft products are preferred by western buyers because of their unique designs, he adds. However, both Ali and Ahmed are concerned about rising commodities prices. Prices of copper and zinc, used for making brass in 1:2 ratio, are now ruling at Rs 700 a kg and Rs 550 a kg, respectively, up from Rs 350 and Rs 275 a year ago. Prices of coal, used for smelting, have also risen sharply to 65 per kg from Rs 30 per kg a year ago. “The cost of brass has seen a sharp spike because of higher commodities prices, while buyers have been resisting a corresponding rise in prices of handicraft items,” says Ahmed, who supplies various items to mostly temples located in Southern India states. It takes about 90 days to execute an export order. So, the commodity price fluctuations could upset the business plans of exporters like Ali and hit their margins. Also, small handicraft units don’t always get the GST refunds for exports on time. “It takes a couple of months for the 18% GST to be refunded and this hits our cash flows,” Ali says. “The government has to restore incentives like the Merchandise Export from India Scheme, which was withdrawn last year,” says Mohamad Allen, another exporter of handicraft products from Moradabad. The Uttar Pradesh government had earlier announced incentives under the ‘one district, one product’ scheme to provide skill development and other infrastructure support to SMEs in Moradabad for handicraft products. The Moradabad handicraft industry is also facing an acute labour shortage because of low wages and the hazardous nature of manufacturing carried out by small units. “My three sons do not want to take up moulding jobs as wages are too low,” Shakeel Ahmad, who earns around `200-300 per day for making decorative brass spoons, said. [ad_2] Source link

[ad_1] As automation continues to make a sizable impact on the real estate industry, finding the smartest ways to utilize it can help lenders sharpen their competitive edge. HousingWire recently spoke with Erin Wilson, Senior Vice President of Client Services at DataVerify, about how automating customizable workflows can help lenders save time, enabling them to focus more on building relationships with borrowers.  HousingWire: From loan origination to closing, where are some key opportunity areas that could offer lenders a competitive advantage? Erin Wilson: Something that lenders are almost always focused on is how to do more with less—how to automate as much of the process as possible. One of the best ways to address this concern is to have a relationship with a provider that will review their customers’ specific workflows. Many lenders are not aware of all the areas in which they can automate their processes and better configure their tools to fit their specific needs. There are thousands of lenders and each one can have unique ways of originating a loan, different investors whose guidelines they have to follow, or different target markets that present unique challenges. A good collaborator creates knowledgeable relationships with their customers—really gets to know and understand how the client does business. This allows the provider to optimize the products or platform for the specific customer’s needs. A more tailored solution that incorporates automation usually leads to more efficiency and faster turn times—which is what borrowers are really looking for in a lender. HW: What about today’s market makes having customizable workflows so vital to a lender’s success?  EW: This is a really tight market right now. Rates are increasing, lenders are struggling to find borrowers and inventory is not plentiful. Once the lender has interest from a borrower, it’s vital that they have a good idea as to who the borrower is quickly. Customizable workflows can help quickly evaluate the borrower so the lender doesn’t waste time working with a borrower who does not have the capacity or spend extra time on a borrower who should be fast tracked through the process due to less risk. Basically, the idea is quick and accurate—the most robust and accurate set of data needed for the borrower’s specific situation in the shortest time frame. HW: In what ways do lenders benefit from vendors who have good customer service? EW: It can be difficult from a lender’s standpoint to identify areas of their workflow that can be improved— often because they have been doing something one way for so long  they don’t realize there are ways to improve the process. That’s where a good relationship with a knowledgeable provider comes in. Lenders need easy-to-use and easy-to-learn solutions, but they also need vendors that can suggest improvements to the configuration of those solutions. For instance, at DataVerify, our account management and risk teams work together to review our clients’ processes creating a strong collaboration with our clients.  We often observe and suggest improvements that the lender may not be aware of. We work with our clients to pinpoint ways that we can better tailor our solution to improve their process. Sometimes this looks like simplifying a few steps, routing the input data in various ways to fit different loan types, adding specific watchlists or conditions, creating standards to improve quality control, etc. But often lenders don’t know that the solution is capable of all these configurations so they need their vendor to be able to study their process and come up with the best option. And on top of that, the solutions need to be able to be implemented quickly and easily so that lenders avoid exposing themselves to unnecessary risk or losing valuable time. HW: What are some advantages that your team brings to lenders as well as DataVerify overall?  EW: One of the main things that my team does really well is working with our risk team on account reviews. This is something we do on our end and then bring to our customers so they don’t have to initiate this process. We are proactively thinking ahead for our clients. Our Risk team is a group of dedicated risk experts who are constantly studying the marketplace patterns, looking for ways that lenders may be exposed to risk, as well as alerting us to fraud schemes and trends. My team then reviews our clients’ processes with the risk team and works together to suggest various ways clients could improve their workflow, implement better rules for consistency, suggest turning off or on conditions based on needs and compliance concerns, and other various configurations. We do this on a regular basis and at no additional cost. It’s so valuable to lenders to have a relationship with a company like DataVerify who is able to not only help them with efficiency, consistency, and risk mitigation but often doing it before the lender really even has a chance to evaluate these concerns on their own. We want the best for our clients so we work really hard to provide them with a best in class solution that is truly made to work in the best possible way for them right now and as they grow and develop. Their needs will not always be the same ones that they have right now. We are here to help them grow and our solutions are able to adjust to them rather than requiring they adjust to us. The post How customizable automation can make workflows more efficient for lenders appeared first on HousingWire. [ad_2] Source link

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[ad_1] Million Dollar Journey editor and Canadian Financial Summit founder Kyle Prevost shares financial headlines and offers context for Canadian investors. If a TFSA and an RRSP had a child: The new FHSA As part of the 2022 budget, the government unveiled its new tax-free first home savings account (FFHSA, but I prefer FHSA as it’s less of a mouthful). And it will be a great way for first-time homebuyers to save up part of their down payment. In a nutshell, here’s what to know about the FHSA: It allows Canadians to save and invest $8,000 per year, up to a lifetime maximum of $40,000. If you miss contributing in a year, you can’t “make up for it” by carrying forward contribution room in the years to come like you could with a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP). It blends the tax refund benefits that we love with the RRSP, along with the no-strings-attached non-taxation of withdrawals that the TFSA is famous for. Investment income from interest, dividends or capital gains are yours to keep tax-free. You have 15 years from when you open an FHSA to purchase a home, or else you will have to roll the funds into your RRSP. You can’t use the old RRSP Home Buyer’s Plan and the new FHSA at the same time, so the latter will probably quickly displace the former. The account won’t be available until 2023, and the specifics of the actual legislation have yet to be fully revealed. Who’s the THSA good for? It will be a boon to savvy savers who are desperate to get on the housing ladder. But critics are quick to point out that it doesn’t do much to help Canadians who were having a difficult time saving in the first place. One strategy future homebuyers may want to embrace is to use some money currently in their TFSA to top up their new FHSA over the next few years, then bank the contribution room in their TFSA for use in the years to follow.  Note: In regards to the TFSA contribution room, it doesn’t get “re-calculated” until the following calendar year, so make sure not to over contribute as you save. Compare the best RRSP Savings Accounts in Canada Read now Should the Liberal/NDP “bank tax” scare investors? Also introduced in the government’s budget was the promised “bank tax” (referred to by the government as the Canada Recovery Dividend, plus the windfall tax). It’s not just for banks, but insurance providers too. The new revenue measures consist of two seperate bills Canada’s financial institutions will now need to pay: A one-time 15% tax on their 2021 earnings above CAD$1 billion. This tax hit will be payable in installments over the next few years. A long-term 1.5% increase to the corporate tax rate as it pertains to Canada’s banks and insurers (up to 16.5% from 15%). Given the important role that Canada’s financial institutions play—not only in our personal investment portfolios, but also in our pension plans—the implementation of the Liberal campaign promise is being watched very closely. While many bank and insurance stakeholders were quick to denounce the new taxes as sending a hostile message to potential investors around the world, most analysts downplayed the real impact, speculating that the tax measures will likely only reduce bank valuation targets 1% to 3% in 2023. RBC Capital Markets bank analyst Darko Mihelic wrote to clients saying:  “The tax collector is not grabbing as much as we feared.” Here’s the thing: The corporate tax rate the CRA places on banks doesn’t really impact after-tax earnings all that much. I know that sounds illogical, but hear me out. Economists like to talk about concepts called tax incidence and elasticity. One might say, “Canada’s banking industry is very inelastic, thus placing a high tax incidence on consumers.”  To translate into layman’s terms: You have nowhere else to go—and the banks know it—so they’re going to pass the vast majority of those increased costs right on to you, so the shareholder bottom line stays about the same. But here’s my perspective: Canadian banks are highly profitable companies. The increasing interest rates we are seeing should increase their profits substantially due to increased space to make money on savings-vs-loan interest spreads. The industry is so confident in their revenues that the banks are hiring more employees than ever before.  Plus, it’s worth noting that many Canadian financial insurers make a sizable portion of their revenues outside of Canada and that investors had already factored in this tax to a large degree when the Liberal Party won the last election. In short: I’m not worried about it, and you can see my take on investing in Canadian bank stocks for more on the topic. Time to go shopping for Shopify shares? Shopify, Canada’s largest tech company, was in the headlines this week, announcing a 10-for-1 stock split that included some interesting provisions for founder and CEO Tobi Lütke. Stock splits (increasing the amount of shares available) are always interesting to me in that they seem to be a surefire way to generate positive news and stock momentum (as evidenced by recent splits involving Apple, Google, Amazon, and Tesla), yet it doesn’t really make logical sense. I explain stock splits to my business class using a pie analogy. (Now that I think about it, 80% or more of my analogies are food related. I might have a problem.) If you owned a big piece of the Shopify pie and then someone came and cut your pie up into 10 smaller pieces, do you have any more pie?  Obviously, the answer is no. So why then are your new collective 10 pie pieces suddenly worth more than the original pie piece was? You own the same percentage of the same company that earns the same profits! Here’s a non-food description for you numerically-inclined folks out there: Source: Visual Capitalist The argument for share prices rising after a