The Scotiabank reported today that their third quarter results are nearly a record. Income over the quarter amounted to $1,032 million versus $936 million the same period last year. This quarter's earnings are down slightly from quarter two due to the force of lower interest and loan loss recoveries.

Shareholders will be happy, as earnings per share have increased 10% to $1.02 from $0.93 in the same period a year ago.

Rick Waugh, Scotiabank President and CEO said of the third quarter results, "This performance underscores our diversification and ability to invest in long-term growth initiatives while continuing Scotiabank's record of achieving strong quarterly results."

According to a TD Waterhouse Investor Poll, young adults aged 18-24 are less likely than older investors to use all types of investment services, less likely to have a professionally-developed financial plan and more likely to be managing their investments entirely on their own.

When asked if they used the services of a bank, credit union or trust company for their investments, six in ten young adults answered affirmatively, only slightly less than the national average. However, when asked if they used more specialized services including those of a financial planner, full-service broker, discount broker or investment manager, in all cases the propensity to use such services is dramatically lower among 18 to 24 year olds.

"This is a classic 'Catch 22' scenario," says says Patricia Lovett-Reid, Senior Vice-President, TD Waterhouse Canada Inc. "Younger, inexperienced investors are in need of the most guidance and encouragement in setting and achieving financial goals. Yet it appears they're least likely to be getting such advice."

The British Columbia Securities Commission and the Alberta Securities Commission have reports about a scheme being offered at free, public seminars at which people are introduced to a way to participate in extraordinary investment returns with references to money moving offshore and Canadian tax avoidance. These are some of the "red flags" that regulators typically warn investors about.

Seminar attendees are told that they can join an organization for a fee that then allows them to learn about and access a system to become "portfolio account managers" and restructure their assets through a variety of methods including opportunities in the precious metals industry, consumer debt or capital markets, environmental projects and international mutual funds.

According to reports, under this scheme a fee is paid and members are given a one-year probation period with the organization to restructure their own assets, refer other people into the organization, or introduce a new business opportunity to the group.

Forty per cent of Canadians have made an average of three withdrawals from their RSPs. This according to a Scotiabank study on investment behavior among Canadian investors 18 years of age and older.

The study also found that nearly half of those who have made at least one withdrawal do not intend on paying it back. "There may be a strong reason to make an RSP withdrawal, such as buying a home, but we remind Canadians that it is important to make regular RSP contributions," says Ian Filderman, Director of Mutual Funds, Scotiabank.

Among Canadians who have taken money out of their RSP, they have withdrawn an average of $18,000. The top three reasons investors cited for withdrawing the money were to buy, build or get a mortgage for a new home (37 per cent), to pay down debt (24 per cent), and to cover day-to-day living expenses (20 per cent.) Established investors tend to be the most likely to withdraw money from their RSPs.

Mackenzie Investments has announced the launch of Mackenzie Founders Fund, an equity fund of funds investment solution that provides investors with equal exposure to four of Mackenzie's longest standing and most notable funds: Mackenzie Growth Fund, Mackenzie Cundill Value Fund, Mackenzie Maxxum Dividend Fund and Mackenzie Ivy Foreign Equity Fund.

The Fund gives investors easy access to seasoned management teams, all of whom have a history of stable returns with solid growth potential. Mackenzie will automatically rebalance the funds to help ensure the allocations remain within specified ranges across the four funds.

The Privacy Commissioner of Canada, Jennifer Stoddart, has new oversight responsibilities under the Proceeds of Crime and Terrorist Financing Act, which just received Royal Assent. Under this new legislation, the Commissioner's Office is now required to regularly review the Financial Transactions and Reports Analysis Centre's compliance with the Privacy Act, the federal public sector privacy law.

Under the Privacy Act, the Privacy Commissioner already has the power to audit the personal information-handling practices of federal departments and agencies. However, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act specifically mandates the Office to review and report to Parliament on FINTRAC's activities every two years. The Commissioner's Office had already planned to conduct an audit of FINTRAC in 2007-08, pursuant to its authority under the Privacy Act.

The Bank of Canada today released the document Renewal of the Inflation-Control Target: Background Information, which describes Canada's experience with inflation targeting, reports on some key issues bearing on the framework for conducting monetary policy, and identifies issues warranting further research.

This release follows the 23 November announcement by the Government of Canada and the Bank of Canada that the inflation-control target has been renewed for a period of five years to the end of 2011. Under the agreement, the Bank will continue to conduct monetary policy aimed at keeping inflation, as measured by the consumer price index (CPI), at 2 per cent, with a control range of 1 to 3 per cent around this target.

Insurance protects the financial security of our family and friends when they need it the most; but that doesn't mean it makes for interesting dinner conversation.

Having accepted the hard truth that not everybody finds insurance as interesting as we do, The Co-operators has developed a series of educational materials entitled Insurance 101 to help Canadians understand the fundamentals of insurance. In that spirit, here is The Co-operators Top Ten Tips for Managing Insurance Costs.

Paul Moist, national president of CUPE had this to say about the economic update, "Today's Fiscal and Economic Update shows that Stephen Harper's government is trying to buy the votes of Canadians with the promise of more tax cuts that could lead to deep spending cuts in the future."

"Their business friendly "Advantage Canada" plan shows a narrowness of economic vision that ignores the most pressing problems facing Canada: increasing regional and social inequalities," added Moist. "Instead of more vague promises, we need direct public investments in our future. Tax cuts and privatization have failed to improve productivity and have not increased the standard of living for most hardworking Canadians.

"This plan reflects more of the same from conservative and liberal governments. Corporate profits have reached record highs and executives have granted themselves massive pay hikes. But ordinary hardworking Canadians have gained little from the past few years of economic growth. Average wages have barely kept up with inflation while the cost of living and fees for public services have been increased.

CMA Canada is encouraged by the direction of Federal Finance Minister Jim Flaherty's economic and fiscal update and looks forward to the government accepting its recommendations to achieve economic objectives.

"We are pleased that the economic groundwork laid out by the Finance Minister today is aligned with our recommendations to the government," said Michael Tinkler, CMA Canada's public finance analyst. "However, the proof will be seen in the specific measures delivered in the next federal budget."

CMA Canada made a series of recommendations to the Standing Committee on Finance earlier this fall. In his economic update today, Minister Flaherty identified a number of areas where those recommendations could be implemented in the next federal budget, expected in March 2007.