President's Message

Past President's Message
As my term has come to an end, I'd like to take this opportunity to say thank you. It has been a significant highlight of my career and I sincerely appreciate the support I've had... (Read More)

Credit Conference 2011: New Ideas New Visions
The 2011 Credit Conference is the event for Senior Industry Executives to share experiences, exchange information and gain insight on new ideas and strategies in the credit industry... (Read More)

Culture, Core Values, and the Role of the Communicator
Consider all the great cultures of the world today, and those that have come and gone throughout history. In a society, culture develops organically and is one of the things that defines what a society is. That's because culture develops from... (Read More)

It's Tax Time -- Again!
Preparing your personal income tax return is an annual event most people would rather forget. It means rummaging through the house looking for T4's, receipts and other important documentation, countless hours… (Read More)

People on the Move & Companies in the News

CAGT Board of Directors

President's Message
Spring is one of the four temperate seasons, the transition period between winter and summer. Spring and "springtime" refer... (Read More)

Our Season's Summary
Our 2009—2010 dinner meeting series have been a huge success this season. (Read More)

Mortgage Fraud
Contributed by Kevin Klayman, Gasee, Cohen & Youngman
Barristers & Solicitors and CAGT Board Member
Mortgage fraud has made many recent headlines. It, and other forms of real estate fraud, also appear...(Read More)

Innovation in Lending: Manitoba Credit Union 1st to offer Islamic mortgages
A Manitoba Credit Union has become the first major financial institution in Canada to offer mortgages geared towards the needs of devout Muslims...(Read More)

Did You Know?

Farewell to a colleague
John 'Jack' McAleer, May 10, 1928—December 26, 2009.

New Board Members The CAGT was pleased to elect the following three new members to its board of directors.

President's Message
2009 has proven to be a challenging time in Canada; however, it appears that we have weathered the economic storm. While many economists believe a turnaround in 2010 is likely, challenging conditions...(Read More)

New Bankruptcy Rules Lead to Spike in the Number of Bankruptcies Filed
By Doug Hoyes, Trustee in Bankruptcy, Hoyes, Michalos & Associates Inc
In 2005, and again in 2007, Parliament passed changes to the Bankruptcy & Insolvency Act, but the changes did not fully come into force until September 18, 2009. One goal of the new rules...(Read More)

Effect of Current Economic Conditions on Consumer Insolvencies
By Grant Bishop, Economist, TD Bank Financial Group
Personal insolvencies have increased sharply during the recession, rising by 37% from August 2008 to August 2009. Higher unemployment has driven the higher rates... (Read More)

Third Annual Credit Education Week a Big Success
By Laurie Campbell, Executive Director, Credit Canada
Credit Education Week 2009 marked many highlights. The event is growing in popularity...(Read More)

Instructions for Wrapping Presents with Small Children

People on the Move

Vacation Budgeting
Galit Osadtsuk, Consolidated Credit Counseling Services of Canada, Inc., Director of Community and Public Relations

A bowl of ice cream and a dream vacation should both leave you wanting more, but completely satisfied. Times are tough, but we all still need that vacation. Whether it's a family vacation or a singles cruise — you need to clear your mind, let loose and enjoy that hard earned sunny break. We wait and anticipate this special time of year. "Vacation", a time when we are not awoken by the harsh ring of the alarm clock, or rush to get through the morning traffic. We try to maximize our vacation time and quality, year after year, but often find ourselves lost and over budget. The best vacation is one that is memorable, fun and makes you forget that in just a few short days — you will be back at work, and back to the rush of morning traffic. The best kind of vacation is the one that doesn't leave you broke and in debt. Vacations aren't only for single people; they are family affairs, couples retreats and the singles time to "check-out". Let this be a guide to the vacation of your dreams, that won't burn a hole in your pocket book.
(Read more)

The Second Annual Credit Education Week Canada: November 17-20

THE second annual Credit Education Week Canada (CEWC) will be held from November 17-20, 2008. This national event is hosted by Credit Canada and Capital One Canada with the assistance of a wide range of partners, including regional affiliates, interest groups, business partners, associates, and educators. The majority of events will be held within the Greater Toronto Area, with parallel events held by credit-counselling agencies in various provinces.
(Read More)

New Ontario Legislation Places Regulations on Fraud Alerts
Sheila McCracken, VP Intersections and CGAT board member

While consumers have long had fraud alerts available as a means of protecting their credit from theft, an amendment to Ontario Credit Reporting legislation — Bill C-152 — now places regulations on fraud alerts. The new law, enacted in January 2008, contains the following components:

• Consumers may request an alert to be placed with a credit reporting agency (CRA) without providing documentation that a fraud attempt has occurred — as previously required by the CRAs.
• The CRAs may charge $5 for fraud alerts to be placed.
  (Read more)

Credit Education Week Canada
November 13 to 16, 2007

Although many Canadians experience serious credit problems, few have the knowledge they need to deal with them properly. The public needs more information on money management and debt recovery. That’s why Credit Canada is putting on an event called Credit Education Week, from November 13 to 16, to create public awareness of these issues while providing an opportunity for the credit-counseling industry to reach potential consumers.
(Read more)

Sub-Prime As Prime Target
The Surging Non-Conforming Mortgage Market in Canada
Benjamin Tal

WITH the number of new players entering the market at an unprecedented pace, the Canadian non-standard and sub-prime mortgage market is receiving increased attention. And for a good reason. The market is currently rising at an annual pace of more than 50% – by far the fastest growing segment of the mortgage market. What is behind the meteoric ascent of this controversial business line? Is it sustainable? And what does it mean for the mortgage market of tomorrow?
(Read more)

CAGT Shoots, Scores at May 2006 Dinner Meeting

The association's final dinner meeting of the year proved to be a memorable event for more than 200 CAGT members who were in attendance on May 2. The sold-out event featured a special guest speaker, hockey legend and Hall of Famer Darryl Sittler. The former centreman for the Toronto Maple Leafs spoke to the members about hockey, of course – candidly sharing his personal experiences as one of the game's top performers.

Some of Sittler's remarkable career highlights included the February 7, 1976 game against the Boston Bruins, during which he scored six goals (or two hat tricks) and added four assists, for an NHL record total of 10 points (a record that still stands to this day).
(Read more)

Fraud is one of the world's oldest crimes and it won't be going away any time soon. Our job in the financial services industry - and a job to which Visa is highly committed - is to do everything we can to detect and prevent fraud rather than just count and report it.
(Read more)

Crime in the 21st Century

Recent global events have had a profound impact on the financial service industry. Changes to the regulatory framework have created substantial costs to the banking, insurance and securities industries in the form of enhanced compliance, legal and internal audit requirements.  Tougher rules make it tougher for organized crime and terror groups to do their business. But, the money still has to flow.  (Read More)