Investorial

I recently read an update on Portus. It reported that investors who were victims of the hedge fund company’s malfeasance could recover more than the previously estimated $0.62 on the dollar. I’m happy that these investors may look forward to receiving more settlement, but this unfortunate incident should not have happened in the first place.

You can call me an investment cynic, but I think everything is a scam until I educate myself about it. Portus was a hedge fund company who sold invesments via an offering memorandum with the help of many invesment distribution channels. Investment advisors, mutual fund and insurance sales representative who referred should bear a lot of the responsibilities for their actions. So far only Manulife has really come to say that they will make restitution to clients referred to Portus through their network.

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News is now well-spread among the Canadian financial community that Dalton McGuinty’s Ontario government has decided to axe the 15% tax credit it has offered to Ontarians who invest into labour sponsored investment funds (LSFs).

I do not like this tax law change because it has all but sealed the fate of LSFs in Ontario. At one time, I was interested in using this tax credit for myself, but after doing the math it was clear that my money would be able to work harder elsewhere. Here’s my analysis.

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