• We all know that life’s only certainties are death and taxes. What’s less clear is the answer to this question: What happens to your debts when you die?

    Some of them go to the grave, too.

    “If you have unsecured debt, the debt’s going to die with you,” says insolvency counsellor Margaret Johnson, president of Solutions Credit Counselling Service Inc. “Nobody has to take it over and pay it. Debts don’t transfer by virtue of death or marriage.

    “However, if you leave an estate, the executor of your estate will have to deal with any debt before assets are distributed to any beneficiaries,” she adds.

    So let’s start with that unsecured debt, meaning anything that’s not backed by an underlying asset. Think credit-cards and utility bills.

    The power of your signature

    “Unless you have signed a contract or co-signed for something, you do not need to take over someone’s debt when they die,” Johnson says. “No one can leave their debts to you or to their spouse. Unless you have signed for the debt, it is

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  • Temporary work in Canada on the rise

    There is a steep rise in the proportion of temporary work in Canada, especially in the areas of nursing, information systems analysts and consultants and financial services clerks.

    That's according to recent data by job search site CareerBuilder.ca, which focuses on the top 10 fastest-growing temporary jobs in Canada based on percentage growth.

    Licensed practical nurses topped the list and is an occupation that has ballooned by 60 per cent, representing some 296 jobs, since 2010. Information systems analysts and consultants ranked second, with a 44 per cent increase, while bank and insurance clerks was third on the list with a 43 per cent increase.

    Still, employers appear split on their hiring intentions. Half of nearly 300 employers surveyed say they plan to hire temporary or contract workers sometime in 2013, Ross Levadi, director of staffing and recruiting at the job site, said in a statement.

    But at the same time, Levadi said nearly two in five employers also say they plan to

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  • Fewer Canadian tech startups selling out?

    Fewer Canadian technology startup companies are looking for buyers in order to exit the market, choosing instead to find ways to reach their next growth stage and generate revenue domestically.

    Some 44 per cent of startups polled are looking for a merger or acquisition to exit the market, a steep drop from 76 per cent in the prior year, according to a PwC report released this week titled Emerging Canadian Technology Companies: A CEO Perspective. The survey polled 200 chief executives in February and April, and those findings reflect their strategies for 2012 and 2011, respectively.

    The survey shows 21 per cent of respondents anticipate a partial sale of the company, while 30 per cent have no plans to exit at all.

    As well, CEOs say they are staying put because more than one-third reported their companies had reached profitability, while another 28 per cent expect to do so within one year. Some 26 per cent expect to do so within two years, the report shows.

    Eugene Bomba, national emerging

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  • Like so many women, Cecilia Nakatsui dreamed of one day being a mom. So after she got married in 2010, she went off the birth-control pill and was ready to start a family. It never occurred to her that she’d have trouble getting pregnant. After a year of trying unsuccessfully to conceive, a doctor told her that she’d never have children. The news devastated her.

    “There were a few months where I was really angry,” Nakatsui says. “I didn’t want to be around kids or pregnant people.”

    She went to see a specialist at a private fertility clinic, who acknowledged that her chances were indeed slim, but that there were various treatments they could try. The efforts paid off.

    “We got pregnant!” says Nakatsui, who’s thrilled despite some serious nausea. Aged 39, she’s due in October. Her case was a little more complicated than what’s involved in the already complex process of in-vitro fertilization (IVF), because Nakatsui had to obtain an egg from a donor in the U.S.

    Her becoming pregnant also cost

    Read More »from The high cost of infertility
  • There was a story earlier this week that prison inmates in the U.S. are using the online recommendation service Yelp to rate their jail cells. Is this … useful? Funny? Cool?

    Those three options appear next to every review that appears on Yelp, which are written by everyday people rather than professional critics. Clicking on one of the useful/funny/cool buttons is a way to offer a user-generated review of a user-generated review, which may sound a little meta for those who aren’t well versed in social media. The point is that Yelp may be the one of the best examples of an organization that thinks globally but truly acts locally, creating a platform whereby people who may never speak to their next-door neighbours consider the opinions about nearby restaurants, dentists or beauty parlours. Investors can’t seem to get enough of it.

    Although the company posted a first-quarter loss on Wednesday, shares spiked more than 27 per cent and closed at an all-time high of $32.22 on Thursday, perhaps

    Read More »from The Canadian startup that could out-help Yelp
  • Demand for luxury homes is gaining momentum in most major Canadian city centres, according to a Re/Max survey this week that also highlights records were set in the first quarter in six of 16 markets it tracks.

    The real-estate sales group says Calgary saw the most appreciation, up 50 per cent for homes costing $1 million compared to the same period in 2012. Edmonton snagged the second place with a 41 per cent increase in high-end sales, followed by Regina at 10 per cent.

    In total, eight out of the 16 residential housing markets examined in the Re/Max Upper-End Market Trends Report were on par or ahead of year-ago levels, while records were set in six markets.

    Many affluent purchasers are taking advantage of attractive interest rates and in some instances, lower housing values, to make their purchases. Equity gains are also a factor given substantial increases in housing values over the past decade.

    "Momentum is clearly starting to build," says Gurinder Sandhu, executive vice-president and

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  • Ontario drivers are crossing their fingers for a proposed 15-per-cent cut in their auto insurance rates, one of the few perks presented in the provincial budget unveiled Thursday.

    Other incentives being offered by the minority Liberals - in hopes of getting their budget passed - include a 1 per cent increase in social assistance and a $200-per-month earnings exemption for people receiving disability support.

    The Ontario government, under new leader Kathleen Wynne, is also vowing to invest $295 million over two years in a youth job strategy to get about 30,000 young people in the province into the workforce.

    While these few budget goodies are seen as political olive branches to get the NDP to pass the budget, economists say some measures can help to stimulate Ontario’s struggling economy.

    Ontario Finance Minister Charles Sousa said in his budget speech that auto rates are not only “hard on people’s wallets but it also presents a drag on our economy.”

    The proposed 15-per-cent savings, which

    Read More »from Ontario Budget 2013: Few perks for taxpayers
  • Ontario's minority Liberal government released a budget that forecasted a smaller-than-expected 2013-14 deficit with spending measures aimed at luring opposition support in a bid to avoid an election.

    The first budget under Premier Kathleen Wynne forecasts a deficit of $11.7 billion in this fiscal year. The budget, presented by Finance Minister Charles Sousa on Thursday, predicts a return to balance in 2017-18.

    "Let me make it clear: our government believes eliminating the deficit is the single most important step we can take to grow the economy and create jobs," Sousa said in his budget speech, noting it is the fourth consecutive year government has beat its deficit targets.

    "Eliminating the deficit makes resources available for strategic investments that will boost economic growth that leads to job creation."

    To pass, the budget needs the support of New Democratic Party leader Andrea Horwath, who has said she will consult Ontarians before making a decision on what to do next. Progressive

    Read More »from Ontario 2013 budget focuses on $11.7 billion deficit
  • Stephen Poloz, president of Export Development Canada, has been named the new boss at the Bank of Canada, replacing outgoing governor Mark Carney.

    Poloz, 57, was considered a contender for the role, but his appointment is a surprise to many who thought the job would go to Tiff Macklem, the bank’s senior deputy governor.

    “Who said that central banking was boring?” CIBC World Markets economists Benjamin Tal and Emanuella Enenajor said following the announcement, made after markets closed on Thursday.

    CIBC speculated Poloz was chosen because the government wanted someone with more experience dealing directly with the private sector. That said, the economists believe Poloz’s appointment will have little impact on monetary policy, at least in the near term.

    “Best bets for now are that the Bank of Canada will be out of action until hiking rates some time in the first half of 2015. The patient has been given the right medicine thus far, so in the near term Mr. Poloz will just have to watch and

    Read More »from Stephen Poloz named new Bank of Canada governor
  • I don't often buy Joe Fresh clothes, but when I'm at the grocery store I'll browse. For the first time, that slow saunter along the brightly-colored clothing aisles didn't quite feel the same.

    Not because I'm boycotting the Joe Fresh brand, owned by Loblaw Companies Inc and now under crushing scrutiny after last week's garment factory collapse in Bangladesh that killed some 400 workers and injured thousands. I don't blame the Canadian food retailer because some Joe Fresh clothes were made there.

    Rather, the event serves to remind us all that, at every stage from stitch to purchase, we play a role in ensuring people have the basic right to go to work every day and not fear death.

    In a quarterly earnings conference call on Wednesday, Loblaw executive chairman Galen G. Weston said he was "deeply shaken" by the event, as are his colleagues throughout the Joe Fresh and Loblaw business.

    "Our thoughts and prayers continue to go out to those who were injured and to all of the families who have

    Read More »from Loblaw’s Joe Fresh offers reason to reflect after Bangladesh tragedy

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