A22 January 11, 2013 The Richmond News
PUBLIC AUCTION
Finances
A large wholesaler of fine Persian & Oriental carpets is now insolvent. Their assets are ordered to be sold by auction. All items are guaranteed as hand woven, or hand made with natural fibers. Consignments for liquidation from various cancelled exhibitions have been added to this auction
OUTSTANDING COLLECTION OF PERSIAN: ORIENTAL CARPETS, LARGE WOOL AND SILKS.
INSURANCE
How safe is your money? Canadians are covered by two types of deposit insurance
AUCTION: SUNDAY, JANUARY 13 AT 2:00PM VIEW FROM 1:00PM
TRADITIONAL AS WELL AS CONTEMPORARY: TURKOMAN, SILK TABRIZ, KASHAN, SHIRAZ GASHGAI, SIRJAN, SAROUG, FINE GABEH, CHOBI, NAIN, TRIABAL BALOUCH, ONE OF A KIND VILLAGE RUGS, MASTER WORK BY RENOWED ARTISANS, RUNNERS, SCATTER RUGS, OVERSIZED AND MANY LARGE DINING LIVING ROOM SIZES.
EXECUTIVE AIRPORT PLAZA HOTEL
Terms: Cash, Visa, MC, Amex, and certified cheques. 15% Buyers premium plus HST in effect. Some items in advertisement are subject to prior sales/error/omissions.. All sales are final. For more info call 6048086808. Licensed auctioneers.
011013
7311 WESTMINSTER HWY, RICHMOND
(WESTMINSTER HWY BETWEEN GILBERT AND ALDERBRIDGE)
With widespread political uncertainty, especially the turmoil throughout the European Union, many investors wonder how well their money is protected in the event their bank or brokerage fails. The Canadian banking system isn’t immune to the pressures that face global banking, so it’s a reasonable question. In Canada investors have two basic types of account protection – the Canadian Investor Protection Fund (CIPF) and the Canadian Deposit Insurance Corporation (CDIC). The
Writing Contest For Students Grade 8-12 Write a 400-600 word newspaper article in the style of Danielle Aldcorn’s Family Function Column. It must deal with an issue relevant to teens. Visit the Family Function Archives at the Richmond News website www.richmond-news.com to get a sense of style and topic. Submit your article between Monday Jan. 21 and Sunday, Jan. 27. See the contest blog for rules and details: richmondnewsyouthwritingcontest. wordpress.com The Editor of the Richmond News, Eve Edmonds, and columnist, Danielle Aldcorn, will give a written critique of all the entries.They will be posted on the blog as they are completed. FOUR winners will be chosen.They will each have their submission published in the Richmond News.They will also receive a free digital download for iBooks of the novel HIT THAT AND YOU’RE DEAD by D.R. Graham.
Eve Edmonds
FIVE Runner ups will also receive a free digital download for iBooks of the novel HIT THAT AND YOU’RE DEAD by D.R. Graham. The winners and runner ups will be posted on the blog on or around February 28, 2013.
Sponsorship provided by:
Additional prizes provided by:
Danielle Aldcorn
CIPF was ers’ cheques Kim established and bank by the invest- Inglis drafts issued ment industry by CDIC to ensure members. An client assets important are prodistinction FINANCES tected, within here is that defined limmutual funds, its, should stocks, bonds, a CIPF Member become and Treasury bills are not insolvent. covered by CDIC insurThe CDIC is a federal ance. The same applies to Crown corporation created accounts or products in U.S. by Parliament that insures dollars or other foreign cureligible deposits, made with rency. its member institutions, in To understand the difcase a member institution ference between CIPF and fails. Although they sound CDIC, consider an investor similar, there are key differ- who purchases a three-year ences between the CIPF and term deposit from Bob’s the CDIC. Bank that is held at Mary’s In general, the CIPF Brokerage. If Bob’s Bank covers up to a maximum of is a CDIC member and C$1 million of cash, securi- goes bankrupt, the investor ties, and some segregated will be protected through insurance products held CDIC. If Mary’s Brokerage with member brokerages is a CIPF member, and goes of the Investment Industry bankrupt but Bob’s Bank Regulatory Organization does not, the investor will of Canada (IIROC). This be protected through CIPF. includes two types of Just as it is important for accounts, each eligible for Canadians to understand the C$1 million coverage: how their investments are general and protected, separate. concerns “Although they General should be accounts are sound similar, there considered considered in context. to be cash are key differences According and margin CIPF, between the CIPF toinvestment accounts, whereas dealer and the CDIC.” separate insolvency accounts is rare and are typically retirement has only occurred 18 times accounts such as RRSPs since CIPF’s inception in and RRIFs. All general 1969. CIPF has made payaccounts are combined for ments of $36 million, net of coverage purposes, as are recoveries, and no eligible all separate accounts. customers have suffered a CDIC insures eligible loss of property. deposits up to a maximum Likewise, since CDIC of C$100,000 per depositor was created in 1967, there at CDIC member instituhave been 43 member institions. Most Canadian tution failures, with the last chartered banks are CDIC occurring in 1996. And, members, as are a number according to the Department of companies that take of Finance, Canada’s deposits. There are some banks are well-capitalfinancial institutions that ized and exceed Bank for take deposits but are not International Settlements’ CDIC members though, norms by significant marsuch as credit unions and gins. Total capital is in the caisses populaires. However, 9.6 per cent range, whereas provincial deposit insurance the required minimum is 8 programs may cover deposper cent. its held at those institutions. —Kim Inglis, CIM, PFP, CDIC coverage includes FCSI, AIFP is an Investment Advisor & Portfolio savings and chequing Manager with Canaccord accounts, GICs or other Wealth Management, a diviterm deposits with an origision of Canaccord Genuity nal term to maturity of 5 Corp., Member – Canadian years or less, and accounts Investor Protection Fund. that hold realty taxes on www.reynoldsinglis.ca. The mortgaged properties. It views in this column are also covers money orders,