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  • Government Services
    This is the official Industry Canada website. It provides information and links to a wide range of government services that support Canadian businesses.
     
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  • Canadian National Debt
     
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  • American National Debt vs. Canadian National Debt
     
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  • Canadian Unemployment Statistics
     
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  • Canadian Inflation Rate
     
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  • Canadian Natural Gas Prices
     
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  • Managing Risk in Uncertain Times

    The Role of the Credit Professional in the Commercial Leasing Industry by Lisa Moore CCP

    December 15, 2009: civil servants in Ireland rally in reaction to the Irish government's vote in favour of a reduction in public sector compensation by 5-15%. The Republic of Ireland is claimed to be facing the deepest financial crisis of any advanced nation and it isn't over yet.

    May 5, 2010: striking protestors in Greece, the undisputed pillar of ancient democratic civilization, jam the streets setting the finance ministry ablaze, killing three.

     
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  • Who Is Committing Fraud in Canada?

    A 2009 survey conducted by KPMG called: Profile of a Canadian Fraudster, revealed some interesting demographics on who commits fraud in Canada.

    The survey polled senior executives such as CFOs and Vice-Presidents from across Canada and covered a wide range of industries, including Financial Services, Energy and Natural Resources, Consumer Markets, and Industrial Markets. One quarter of respondents had revenues of over CAD$1 billion, with another quarter having less than CAD$100 million in revenues.

     
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  • Creditors, Suppliers and Security Breaches

    Once upon a time, all the suppliers had to worry about what was the credit of their customers and the legal effectiveness of the security liens that they took on inventories. Now, debtors and creditors alike, for that matter, live under the constant threat of security breaches which can have consequences of a material order of magnitude. As a lawyer advising payments companies, I thought it would be interesting to discuss security breaches ...

     
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  • Deception of the Gift and Prepaid Credit Card

    What do you do about those not so great gifts, those gifts you didn’t get and really wanted? If you’re lucky you can return the gifts you don’t want and purchase what you really want! Or you may have received gift cards to buy whatever you want but it may not be from a retailer that you shop at.

    Gift cards and pre-paid credit cards (credit cards with amounts already on them) have become more and more the option for giving, it’s simple and easy.  The popularity of gift cards has created a new portal for fraudsters to deceive you and relieve you of your hard earned money.

     
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  • ELECTRONIC FUNDS Transfers and Fraud

    Electronic Funds Transfers (“EFTs”) are widely accepted as a method for organizations to transfer funds on a timely basis to suppliers, employees and other organizations. However, EFTs can pose an internal control weakness for many organizations. Employees can circumvent the built-in internal controls, if any, and defraud the organization of significant amounts of cash at one time or over a period of time. EFTs typically allow employees to withdraw organizational funds by way of an Online Banking Agreement (“OBA”) in which an employee may ...

     
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  • Predictive Indicators - Learn how to read the signs and improve your bottom line

    Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability.

     
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  • Identity Theft - Practical tips for credit professionals

    Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.

     
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  • Some Recent Canadian Developments in Cross-Border Litigation

    Here are some recent developments important to anyone engaged in cross-border civil litigation involving common-law Canada. One, the criteria for determining whether a court has jurisdiction over a non-resident defendant have been revised. Two, the concept of "forum of necessity" is now established in Ontario. Three, Canadian courts will not, as readily as in the past, decline to exercise their jurisdiction in cases where a parallel action (one involving the same parties and issues) has already been commenced elsewhere.

     
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  • Supreme Court Rules Crown Doesn’t Have Rights To GST And QST

    In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.

     
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  • Factoring Agreement: Security or Sale of Assets?

    Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company.  One of the issues that the court had to consider was the application of a factoring agreement.

     
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  • Info from Visa

    What is expected of a credit manager when a customer claims that he was a victim of identity theft, and the debt is not his?

     
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  • Financial Ratios and Related Tools

    A ratio by itself is an incomplete figure that could be misleading if analyzed in isolation. To perform an analysis, inter-related ratios should be examined and calculated over a period of time to see the trends, and then compared to ratios of industry or peers.

     
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  • International Financial Reporting Standards

    Effective January 1, 2011, IFRS will replace current Canadian GAAP accounting standards for Canadian publicly accountable enterprises (PAE) and Government Business Enterprises. As of this date as well, private companies have the option of adopting IFRS or the new Canadian standards developed specifically to meet their users' needs which are referred to as the Accounting Standards for Private Enterprises.

     
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  • All About Choice

    Experience has told us that when the economy turns bad, it’s time to expect more accounting shenanigans from public companies. This can happen in three ways.

    Sometimes, a company has been using aggressive accounting for years, and a dismal economic picture makes it difficult to hide the old chicanery any further. Other times, a firm decides to use accounting tricks to mitigate the impact of poor operating results.

     
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  • Cash Flow Myths

    It's just too easy to mislead the average investor in Canada. Financial reports can be arcane and confusing even for professionals. Adding to the problem are regulators who don't care to clean up pervasive scams, much less make financial statements more usable for investors.

     
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  • Ethics

    Webster’s dictionary defines ethics as:  “ A set of moral principles or values”, and ethical as: “ Conforming to professional standards of conduct.”  To help guide ethical behaviour in the credit department, it’s important to start with a written credit policy.

     
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  • Search Sites for Bankruptcies in Canada and the US

    In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...

     
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  • PIPEDA and Collections

    Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...

     
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  • International Credit

    Foreign trade differs from domestic trade with respect to the instruments and documents employed. Most domestic sales involve an open-account credit where the customer is billed and has so many days to pay. In international trade, the seller is seldom able to obtain as accurate or as thorough credit information on the potential buyer as with a domestic sale.

     
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  • Credit Rules (Axioms)

    If short-term credit suppliers are paid by asset conversions, then the primary interest should be centered on the balance sheet and their focus of attention should be liquidity.

     
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  • Credit and Collections as a Revenue Generator
    Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company’s credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer needs and problems, and / or be proactive in collecting those slow paying accounts. A properly operated credit and collections department can enhance profits and earnings per share.
     
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  • Credit Reporting

    Web sites of companies that provide credit reports for Canadian companies.

     
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  • Credit and Collections Department Should Be Generating Revenue

    Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company's credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer...

     
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  • Letters of Credit

    A letter of credit is a document that a financial institution or similar party issues to a seller of goods or services which provides that the issuer will pay the seller for goods or services the seller delivers to a third-party buyer. The seller then seeks reimbursement from...

     
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  • Construction Credit

    Construction credit is a unique and specialized form of mercantile credit. Although the field follows many of the same principles, practices and procedures as mercantile credit, there are a number of factors that make the practice unique. In order to be successful, the credit professional must...

     
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  • The Quickening of Innovation in Asset Based Financing

    Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.

     
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  • Acceleration Clauses in the Event of Default – Are they enforceable?

    All leases have an acceleration clause when there is a default, however there is not a consistent approach as to what the damages will be. Some leases require the defaulted lessee to pay the balance of payments due without discount while others utilize a net present value formula applying a discount rate close to, but generally below, the interest rate implied in the lease. A few still use “the rule of 78’s” (but few under 50 know what that means). The recent case, Hav-A-Kar Leasing Ltd. v. Vekselshtein 2012 ONCA 826 (“Hav-A-Kar”) discussed this matter but may have not quite got it right.

     
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  • Introduction to Corporate Governance

    Why is governance important from a credit risk perspective? Jeremy Brisset, corporate lawyer at Osler, Hoskin & Harcourt will tell you at our next Live Webinar. This webinar will be of value to members of the credit sector, particularly those in commercial credit industry.

     
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  • Sharpen Your Financial Analysis Skills
    Presented by George Brown, MBA, CMA, CCP, CIA
     
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  • Target Take Two
    Back by popular demand, Russell Bennett will revisit the bankruptcy of Target and the fall out for its creditors. In May, when we first held this Live-Webinar, it generated a lot of interest from our members – follow up questions continue to come in to the National office.
     
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  • Betting The Company: BOMBARDIER Goes All-In on C Series Jets and Blows Up Its Balance Sheet
    A brief analysis of Bombardier's woes and what we can learn from a company undertaking a massive project, consuming working capital, and ultimately destroying its balance sheet.
     
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  • Builders lien across Canada
    Please mark this webinar in your to-do-list for what will surely be a very informative session from a noted authority on construction liens.
     
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  • International Debt Recovery, Legal Obstacles & Strategies
    INTERNATIONAL DEBT RECOVERY, LEGAL OBSTACLES & STRATEGIES
     
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  • The warning signs that preceded Carillion's fall

    Not since the financial crisis has the collapse of a business had such a political impact, but the warning signs had been flashing at Carillion for all to see, says Jane Fuller.

     
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  • Already pinched, many Canadians anxious about higher rates
     
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  • Direct payments and construction insolvency
    Main contractor Carillion’s entry into liquidation has resulted in many employers seeking to establish relationships with subcontractors, under which they will be paid directly in order to stay on site and finish the relevant project. On the face of it, this seems like an attractive solution, and may leave some employers wondering why they didn’t procure their projects by construction management in the first place. However, establishing direct relations is not without risks, and requires safeguards for employers and subcontractors alike. Those are set out in the last section of this article, but it is important to understand the pitfalls, particularly of direct payment, first.
     
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  • Remington Outdoor Company Plan of Reorganization Confirmed by the Court
    MADISON, N.C.--(BUSINESS WIRE)--Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, today announced the United States Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization (“the Plan”). Remington expects to emerge from bankruptcy before the end of May.
     
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  • These Best Credit Practices in Brazil Will Keep You from Falling Downhill
    I’m often asked by many overseas creditors about where to start when establishing a business relationship with a customer in Brazil. My answer is that it often depends on whether you are going to grant credit, and if so, how much.
     
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  • How to Better Know Your Customers

    As a credit manager, a critical part of your role is to identify who you can trust and to what extent you find their claims realistic. This is translated into knowing your customers well and defining whether they can pay you as agreed. Naturally, you may not have much information for new clients. The amount of credit awarded requires careful consideration when managing new and existing customers. Luckily, there is a method for evaluating how creditworthy they can be.

     
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Q and A (1)
  • How does theoretical economics affect credit decisions?
    https://creditedu.org/knowledgecentre/index.php/site/qa/12
    1. As we have seen in the recessions of 1991 and 2001, marginal companies in many sectors will be forced to file for protection because of liquidity problems caused by them failing to meet their financing covenants, or the bank not renewing their line of credit, or credit becoming more expensive.  A failure of a major buyer can cause a company to break its covenants and be outside of its margining limit.
    2. With publicly traded companies, the problems may occur, but at least there is disclosure required if public companies are not meeting forecasts or they are outside of their banking covenants or they are having difficulty renewing their lines of credit.  Furthermore, often the debt of these companies is rated and the company’s fortunes are followed by industry analysts.

    By the time a credit manager gets the information, the company may already have a large exposure to the buyer.  As the situation deteriorates it may be difficult to bring the exposure down.  It is a question of timing, the poor results may not be reported for several months and during that period the exposure has been continuing to run.  The time between the disclosure of the problem and the reorganization may be very short as the buyer and secured creditors want to protect the assets.

    1. With private companies the problem is exacerbated, as it is difficult to even obtain financial information, let alone be advised in advance of developing problems.  Suppliers don’t know if sales are down, margins are being squeezed or there are problems with the bank.  If a credit manager can obtain Financial Statements, they provide a historical picture at best.  The effect of the recession is happening in real time, out of sight.

    In summary, credit managers work with very imperfect information.  Time works against them in obtaining information and they have to often make credit decisions projecting 3 to 6 months ahead.  A recession in the U.S. affects many buyers, but in most cases, the credit manager can only guess at how much the buyer is impacted.

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