“No Cause Justifies The Killing of Innocent People ” – Albert Camus
After 5 Day Rally, Markets Quiet On Friday
North American markets were relatively flat Friday, ending a five-day rally, even as positive economic news emerged from China and the U.S. The loonie finished the day at 77.30 cents US, down 0.23 of a U.S. cent. The S&P/TSX composite index fell by 32.10 points to 14,482.42. For the week the index grew by 1.6%. Year to date the return is +11.32%.
In New York, the Dow Jones industrial average advanced by 10.14 points to 18,516.55, a new record high. Meanwhile, the S&P 500 gave back 2.01 poi nts to 2,161.74 and the Nasdaq composite slipped by 4.47 points to 5,029.59. In commodities, the August contract for crude oil gained 27 cents to US$45.95, while the more heavily-traded September contract climbed 23 cents to US$46.65.
August natural gas was up three cents to US$2.76 per mmBtu and August gold lost US$4.80 to US$1,327.40 per ounce.
RCMP and CRA Issue Warning On Taxpayer Scam
The RCMP and the Canada Revenue Agency are warning again about the “taxpayer scam” as Canadians continue to be victimized almost daily. Fraudsters impersonating CRA employees target their victims and demand either personal information, or payment for phony fees or back taxes. “To date in 2016, almost $2 million has been reported lost by 590 individuals,” says RCMP assistant commissioner Todd Shean, who leads the force’s Federal Policing Special Services. “And if only 5% of victims report their losses, we can assume that the actual total amount lost to this scam is much, much higher.” The agencies call on taxpayers to take steps to ensure their personal information remains confidential and to avoid being duped.
“The CRA will never request prepaid cards, ask for information about your passport, health card or driver’s licence, or leave personal information on your answering machine,” adds Diane Lebouthillier, Minister of National Revenue. “Before taking any action, taxpayers should always verify their tax account by checking My Account via the secure CRA portal or by contacting the CRA at 1 800 959-8281. This information, including examples of real scam telephone calls and e-mails, can be easily found on the CRA website,” she says.
Sources: Bloomberg; Investment Executive; advisor.ca,