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Let's get one thing straight: the stock market doesn't care that you're retired. It doesn't care that you finally cleaned out that drawer full of ancient T4 slips, promised yourself you'd stop checking your RRIF balance daily, or told your spouse, "This year, we're sticking to the plan." The Market Doesn't Care About Your Retirement Date Markets wobble because they wobble. Headlines panic. Analysts disagree sharply — and confidently. And somewhere, a retiree stands in front of the fridge, wondering whether to sell everything or simply turn off the news. But retirement isn't a day-trading contest; it's a decades-long longevity project. The aim is to generate reliable income, maintain sleep-at-night discipline, and avoid the common mistake among retirees of saving too much while living too little. Your Retirement Income Defense: Sectors That Weather Any Storm Read the news, and you'll see a constant blizzard of rising prices created by our neighbours to the south. Not just little price increases, but if economists are right about what we can expect, it's best to “inflation-proof” yourself - before you need it. But keep in mind, every downturn follows the same pattern: a few key sectors keep humming while everything else goes through a mild identity crisis. The Classic Defensive Trio for Canadian Retirees: Consumer Staples (groceries, household essentials) Utilities (keeping the lights on and heat up) Healthcare (aging doesn't pause for recessions) Research on past downturns shows these sectors experienced significantly smaller losses than the S&P 500 during selloffs. When markets tantrum, these industries act like the sensible cousin who says, "We'll get through this. Have a muffin." Canadian-Specific Additions: Telecoms (we'll cut many things, but not Wi-Fi) Pipelines (fee-for-service revenue, though rate-sensitive) Combine these with low-volatility or dividend ETFs, and your portfolio suddenly feels less like a roller coaster and more like a slow-moving Via Rail train: reasonably steady, unfussy, and you still get to where you're going. The Cash Wedge: And Why You Need One Think of your retirement plan as a three-layer cake: Long-term investments (stocks, dividend ETFs, balanced portfolios) Intermediate safety assets (short GICs, T-bills, high-interest savings) Cash you can actually live on (your wedge) Your Cash Wedge sits at the very front of the line — a 12–24-month cushion of living expenses held in stable, boring, absolutely-not-newsworthy places: High-interest savings accounts Short-term GICs Treasury bills Cashable deposits It's essentially the "dry powder" you need to ride through market volatility without panic-selling. Three Critical Risks Your Cash Wedge Protects Against 1. Sequence-of-Returns Risk in Early Retirement This is the risk that markets drop early in your retirement while you're withdrawing. It's the silent killer of portfolios. A cash wedge buys you: Time for dividends to arrive Time for markets to recover Time for calm to return 2. Emotional Decision-Making During Market Downturns When markets fall, too many retirees experience "sell-and-suffer syndrome": They sell low Lock in losses Delay recovery Reduce the lifespan of their savings 3. Portfolio Depletion at Critical Moments Without a cash wedge, every withdrawal during a downturn digs a deeper hole. With a cash wedge, withdrawals can pause while investments rebound. "Think of a cash wedge as retirement jiu-jitsu — using stability to neutralize volatility." How to Calculate Your Ideal Cash Wedge Size There's no magic number, but here's a practical framework: 12 months of essential expenses for retirees with pensions or steady income sources 18 months for those relying heavily on investments 24 months for anyone highly risk-averse or aging in place on a fixed budget This isn't a pile of cash sitting in a chequing account — it's a structured, laddered buffer. Why Canadian Retirees Often Resist Building a Cash Wedge I've heard all of these comments over the years from many retirees: "Cash earns nothing." Not true anymore — HISAs and T-bills offer competitive yields. "I don't want my money sitting around doing nothing." It isn't doing nothing — it's protecting your future income. "I've always been fully invested." Retirement changes the rules. What worked during the accumulation phases of retirement can be dangerous during deaccumulation. The Cash Wedge is not an investment strategy. It is an income preservation strategy — the most important one in retirement. Real-Life Example: The 2020 Market Crash Test Remember 2020? Stock markets dropped nearly 35% in just weeks. Let's consider two couples with similar assets: Couple A : had a 2-year cash wedge Couple B : had none Couple A simply shifted withdrawals from their wedge, not their portfolio. Couple B sold their best assets at their worst prices — causing permanent damage. This is why I tell retirees: "The Cash Wedge protects your portfolio from you." It’s 12–24 months of living expenses kept in cash, high-interest savings accounts (HISA), short-term GICs, or T-Bills. It's not exciting. No one flaunts a 6-month GIC at brunch. But the emergency fund prevents disaster: selling investments at the worst possible time. It buys you time. It buys you calm. It buys you the uninterrupted ability to buy groceries. The Cash Wedge alone is powerful. But for Canadian homeowners — especially those whose wealth sits mostly in their property — there’s a second buffer that can dramatically strengthen your financial resilience: your home equity. We'll explore that in Part 2 of this post tomorrow. Sue Don’t Retire… ReWire!!! Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.
A popular on-the-go sandwich is now the subject of a mega trademark lawsuit between two food industry giants. The J.M. Smucker Company, more commonly known as Smucker's, recently filed a trademark lawsuit against grocery chain Trader Joe's over what it alleges is infringement upon its iconic billion-dollar investment: the Uncrustables sandwich. Smucker's seeks to obtain unspecified monetary damages from Trader Joe's, as well as profit from its similar product. But beyond the novelty of the sandwich suit lies a complex case built around a lesser-known morsel of trademark law, says Waseem Moorad, Esq., assistant professor of Law at Villanova University Charles Widger School of Law and director of the school's Intellectual Property Clinic. Professor Moorad, a former U.S. Patent and Trademark Office Patent (USPTO) examiner, recently discussed the actual claims of the lawsuit, and how both parties are preparing for a potential trial. Q: Since this lawsuit was filed, it has been a popular topic of public discourse, much of which has centered on the product—a crustless peanut butter and jelly sandwich—itself. Is that what this is truly about? Professor Moorad: Much of the commentary has been focused on the argument of whether Smucker's is permitted to have a monopoly of peanut butter and jelly sandwiches, or if Trader Joe's can actually infringe upon the Uncrustables product without necessarily using the actual trademarked name. While both discussions are legitimate conversations folks could have while munching on the delicious snack products, they are not necessarily the relevant legal claims at the crux of this lawsuit. Q: Before we get into what those relevant legal claims are, Smucker's has filed dozens of trademarks in its 128-year history. What sorts of intellectual property do these trademarks generally protect? PM: Most of their trademarks filed with the USPTO are registered to protect against competitors from using words, logos, slogans, symbols and other materials that are linked to the brand name of the company, its affiliates, or its respective products. Well-known examples include Smucker's, Folgers, Jif and, of course, Uncrustables. If a competing company has a brand or a product that has a similar sounding name or appearance, such as "Giff Peanut Butter," then Smucker's could sue that company for trademark infringement. That name is not only infringing upon a trademark that Smucker's has federal protection over, but also is in the same related industry (food products), within which Smucker's has protection. Q: But Trader Joe's did not necessarily infringe on any trademarked words, symbols, slogans or the like. What, then, is the basis for the claims of infringement? PM: The issue is related to a deeper subset of trademark law, specifically the concept of "trade dress." Trade dress is the intellectual property associated with the visual and aesthetic characteristics of a product or its related packaging that allows a consumer to know with whom that product or packaging is associated. For example, Coca-Cola's name, which is federally protected, is well known as a registered trademark; however, the Coca-Cola bottle, with the curvy appearance where it gets slimmer in the middle, is an example of a registered trade dress belonging to Coca-Cola. If there was no logo or word mark on the bottle, the average consumer would still be able to recognize it as a Coke bottle. There are several trademarks that Smucker's owns that are related to the trade dress of its products. Smucker's isn't alleging that Trader Joe's is copying any of the branding names of their products; they are accusing their competitor of mimicking the trade dress or aesthetic appearances, textures and characteristics of its Uncrustables products and packaging. Q: What specific trade dress trademarks are they claiming have been infringed upon? PM: There are at least two registered trademarks that Smucker's is drawing legal attention to. In 2002, Smucker's had trademarked the image of an Uncrustables sandwich that has pie-crimping indentations or marks along the circumference of the sandwich, and in 2019, the company trademarked the image of an Uncrustables sandwich with a bite taken out of it. Smucker's argument is that the Trader Joe's packaging for a similar crustless peanut butter and jelly shows an image of a sandwich with a bite taken out of it, as well as the crimping along the outer edges. Q: How does one make a legal case out of something like this? PM: In order to effectively file a trademark infringement lawsuit, the plaintiff must not only show that their federally-protected intellectual property rights are being infringed upon, but also demonstrate that as a result of this infringement, the customer or consumer is being confused. Smucker's alleges that as result of Trader Joe's actions, customers are now confused over the product and are purchasing Trader Joe's peanut butter and jelly sandwiches thinking they are actually Smucker's Uncrustables sandwiches. Smucker's is of the belief that if the Trader Joe's packaging did not show pie-like crimped edges and the image of the sandwich with a bite taken out of it, confused consumers would not have purchased the Trader Joe's products and would have instead purchased Smucker's Uncrustables. It is this argument that will be the crux of the court cases to follow. Q: Assuming this goes to trial, how will the two parties prepare and what are some of the challenges for Smucker's as plaintiff? PM: Part of the case on Smucker's end will be to gather customer feedback or testimony that demonstrates confusion in the marketplace as a result of the similar packaging and trade dress. Trader Joe's will focus on the fact that even though the packaging may be similar, there would be no reason or basis for a customer to be confused between a Trader Joe's-branded product and a Smucker's-branded product. As the plaintiff in this case, the burden shall be on Smucker's to prove the confusion element necessary to have trademark infringement. The Trader Joe's product clearly says Trader Joe's, and the chain has a marketplace reputation for selling its own products rather than other-branded products. The challenge in such a scenario will be to prove, despite this, that customers purchasing this product would still have gotten confused and either assumed that they were purchasing Uncrustables, or mistakenly believed that Uncrustables may now have a commercial relationship with Trader Joe's.
Canada's First Lifetime Fixed-Rate Reverse Mortgage: A Game-Changer or Just Another Option?
Every so often, a retirement product emerges that makes even a seasoned boomer take notice and remark, "Well, isn't that interesting?" The Globe and Mail reported that Bloom Finance has introduced Canada's first "lifetime fixed-rate reverse mortgage." What’s a Lifetime Fixed-Rate Reverse Mortgage? A Fixed Rate Reverse Mortgage is a financing option that gives you a permanently locked-in interest rate for as long as you hold the loan—not just for a typical five-year term. This could appeal to many Canadians entering retirement: It means you can unlock tax-free equity from your home without worrying that future rate hikes will eat into your cash flow or erode your long-term plans. What makes this even more appealing is the nature of a reverse mortgage itself. You’re not required to make monthly payments You retain full ownership of your home Your rate simply determines how your balance grows over time. When that rate is fixed for life, it removes one of the biggest sources of uncertainty, allowing retirees to plan confidently, protect more of their equity, and use their home as a stable financial tool rather than a source of stress. In short, a fixed-rate reverse mortgage combines the predictability retirees crave with the flexibility they need—something increasingly hard to find in today’s jittery rate environment. Bloom's New Lifetime Reverse Mortgage: Why People Are Talking Reverse mortgages allow homeowners aged 55+ to access up to roughly 55% of their home's equity without taxes, without monthly payments, and without affecting OAS or GIS. In the past, concerns have centred on the compounded interest and the uncertainty of future rates. Bloom's new Lifetime Reverse Mortgage offering aims to ease this stress by offering a fixed rate for life. Currently, that rate is 6.69%. The rates are a bit higher than other reverse mortgage products on the market. For comparison here are some current rates at the time of publication: Home Trust's (6.44% for a 5-year fixed rate) Equitable Bank (6.54%) HomeEquity Bank's (6.64%) 5-year fixed rates. Looking Beyond the Rates of Reverse Mortgages Bloom's real appeal with this new product is emotional: no more renewal surprises. For retirees on fixed incomes, the stability of a fixed rate feels different. It's like a weighted blanket for your financial nervous system. Think of it as an insurance policy against rising interest rates. And boomers love insurance. We insure our hips, luggage, vacations, eyeglasses, cell phones, and emotions (usually at the spa). So, a mortgage rate that stays stable? Yes, please. But let’s look beyond the mechanics of this product. We need to discuss a force even greater than compound interest: luck. Let's Talk About Luck (aka: The Retirement Wild Card) Here's a truth many boomers seldom admit: financial success isn't only about planning. It's about timing. It's about circumstance. And yes… pure, unfiltered luck. As humans — especially we entitled boomers — we tend to overemphasize our achievements and downplay our faults. And let's be honest: we don't like admitting when we're wrong. Society often rewards the strong and wrong more than the weak and right. (If you're unsure, just watch any political panel for 30 seconds.) Even Warren Buffett — the patron saint of rational investing — made a spectacularly poor decision when he bought Dexter Shoe for $433 million in Berkshire stock. The company later became worthless. Buffett described it as the worst deal of his life. If the Oracle of Omaha can make a mistake, the rest of us can certainly recognize how luck has influenced our real estate stories. And oh, did luck influence the boomer journey. We bought homes when they were affordable; when interest rates were character-building, and avocado appliances were peak chic. Then real estate skyrocketed. Homes doubled, tripled, quadrupled. Not because we were geniuses — but because we were standing in the right place at the right time. Let's be even more honest: A boomer's worst day in real estate is a millennial's dream day. We might not like admitting it, but it's true. And yes — boomers get to show off a little because we also carried the burden of our failures: recessions, layoffs, 19% mortgage rates, renovation disasters, and property taxes that still make us weep into our soup. But luck? She was definitely in the room. Now that we've named her, we can begin speaking honestly about how to use the equity we possess — wisely, deliberately, and with eyes wide open. Let's Discuss the Numbers (Because We Ought To) Here's where the real impact happens. Say you're 70 and you take out a $200,000 reverse mortgage at Bloom's lifetime rate of 6.69%. Over 20 years, with compounding interest and no payments, you'd owe approximately $724,000. Now, if you took out a traditional reverse mortgage at 6.54% over those same 20 years (not including rate hikes, though they're likely), you'd owe approximately $707,000. That's a $17,000 difference — not a high price to pay for lifelong comfort. But There Are Trade-Offs The early-exit penalties are steep: · 8% in year one · Decreasing until year five · Then three months' interest thereafter Penalties are waived if you downsize, move to assisted living, or pass away. But if you leave for other reasons? You're responsible for the costs. Translation: Only select this reverse mortgage product if you genuinely plan to stay put. Zooming Out: The Full Menu of Equity Options This lifetime reverse mortgage is just one tool in a broad (and expanding) equity-release toolkit. Others include: ADUs (Accessory Dwelling Units): Build a suite, rent it out, house a caregiver, or create multigenerational living. Offers independence and income potential. Downsizing: The classic move. Big house to small house to building a solid cash cushion. Emotionally complex, financially empowering. HELOCs (Home Equity Lines of Credit): Offer flexible, interest-only repayment options. Manulife One: The Swiss Army knife of HELOCs. Perfect for disciplined retirees. HESA (Home Equity Sharing Agreements): No payments or interest — you exchange future house appreciation for cash today. Traditional Reverse Mortgages: Similar to Bloom in structure but without the lifetime rate. And yes — boomers have more equity-access options than any generation in Canadian history. Not arrogance. Just facts. And increasingly relevant ones. Research shows that 91% of older adults in Canada prefer to age at home rather than move to an institution, with 92.1% of Canadian seniors currently living in private dwellings in the community. Honest Questions to Ask Yourself Before Signing for Any Type of Loan Wondering if you should take the leap? Before you even consider signing anything, pour yourself something warm (or stronger) and ask a few honest questions. · Am I emotionally ready, or just tired of worrying about money? · Am I genuinely content to remain in this home forever, or am I romanticizing the past? · Where are interest rates heading — and how will that affect my comfort level? · What exactly do I need cash flow for — income, essentials, opportunities, legacy, or "finally something for ME"? · Have I thought about how this decision might affect my children and inheritance? · What future choices could this create — or prevent? · And the biggest question of all: if Plan A fails, is Plan B truly realistic… or just wearing yoga pants and pretending? Because here's the real truth: the happiest retirees aren't the ones who got lucky — they're the ones who used their luck with purpose, timing, and emotional clarity. Bloom's lifetime reverse mortgage isn't a miracle cure, nor is it a trap. It's simply one tool — and for the right person, it provides emotional stability and financial predictability. Here's What Matters Before you sign for a reverse mortgage, HELOCs, or anything else with an acronym and a sales commission attached, here's my professional advice: Get the full picture so you can make decisions that truly work for your life — not merely to meet someone else's sales quota. The "best" financial move isn't the one that appears impressive on a spreadsheet. It's the one that allows you to sleep peacefully at night. The one that grounds you emotionally and supports you financially. Retirement isn't the end of the story. It's the chapter where you finally get to blend strategy with self-awareness, confidence with clarity, and luck with a bit of laughter. And if life insists on being unpredictable? Then outsmart it, outlaugh it, and choose the equity tools that help your future self say, "Nice move." Love, Aunt Equity" aka Sue "Don't Retire… ReWire!!!" Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.
Avoiding the Reverse Mortgage Reflex
Every once in a while, an industry article really hits the mark. Recently, one did just that—Canadian Mortgage Trends' "Who Uses Mortgage Brokers Today and Why? (Part 2)" gave seniors their own category, not as an afterthought, but as a client segment worthy of attention. Bravo. It's about time someone acknowledged that older Canadians aren't just "another niche." But then… came the reverse mortgage section. Don't get me wrong—it's refreshing to see financial professionals finally acknowledge that Canada's aging population presents both opportunities and complexities. But suggesting that "helping seniors" automatically means "offering a reverse mortgage" is like telling everyone who's thirsty to drink espresso. Some will love it. Others will lie awake at 3 a.m. with regrets. Let's call it what it is: type-casting seniors into a product. The Reverse Mortgage Reflex There's a curious habit in our industry. Mention the word "senior" and watch what happens: eyes light up, marketing decks shuffle, and—as if on cue—the term "reverse mortgage" materializes like a pop-up ad from 2007. It's as if the entire profession has agreed that every retiree with a pulse and property must be yearning to re-mortgage their home. Except… most aren't. Most seniors spent decades teaching their kids to avoid debt and pay off mortgages as quickly as possible CBC Radio. Suggesting they should now joyfully jump back into one to "solve retirement" isn't just unappealing—it's borderline insulting. Here's the truth: no one dreams of retiring into debt. And the numbers bear this out. Debt Levels: While only about a quarter of people over 65 had debt in the late 1990s, that figure has climbed to more than 40% today (Source: CBC News). Anxiety Levels: Nearly 50% of retirees now worry about their debt, according to the Credit Counselling Society. Reverse mortgages can absolutely be valuable tools. The reverse mortgage market has exploded, with over $8.2 billion in outstanding debt as of June 2024—an 18.3% increase from the previous year (Source: MoneySense). But offering one before understanding the client's full picture isn't being a trusted advisor—it's running on sales autopilot. Brokers, You're Better Than This Brokers pride themselves on being client advocates—the ones who shop the market, decode fine print, and find creative solutions when banks can't. The very definition of a broker is someone who matches the right solution to the customer's needs. So why, when it comes to seniors, do many skip the most important part—the needs assessment—and leap straight to the product? It's backwards. While it may seem very simple, a proper financial conversation starts with identifying the problem, then illustrating a solution, and finally defining the intended outcome. • Why does this person need to access equity? • What problem are they really solving? • How do they define "financial comfort" The first step of solution selling isn't talking—it's listening. Start With the Need, Not the Product Before reaching for any rate sheet, it's critical to understand the client's true priorities. According to research from HomeEquity Bank, 9 in 10 Canadians want to age in place and live out their retirement years in the comfort of their home (Source: Canadian Mortgage Trends). But their financial needs are as diverse as their travel insurance policies. The reality is stark: A 2024 survey by the Healthcare of Ontario Pension Plan (HOOPP) found that 39% of Canadians aged 55-64 have less than $5,000 in savings, and 73% have $100,000 or less. More than half of Canadians over 60 who remain in the workforce do so out of financial necessity, not choice (Source: CBC Radio). Ask the right questions: • Do they need to eliminate high-interest debt? • Do they need cash flow to cover rising expenses? • Are they struggling to afford in-home care or medical support? • Do they want income stability—that pension-like feeling—rather than a lump sum? • Do they want to downsize, relocate, or age in place with dignity? Only after understanding the full financial picture can you propose the best, most robust solution. That's not just good practice. That's respectful advising. Solution Selling: Connecting the Dots Here's a classic example: A client walks in with a paid-off home and a stack of monthly bills that feel heavier than the Sunday paper. They're anxious about cash flow but debt-averse. The reflex answer? "Reverse mortgage!" Not so fast. Solution sellers focus on understanding customers' challenges and delivering ideas that address their daily needs, rather than pushing products. When clients can see exactly what they're getting, they make better decisions and advisors earn lasting trust through transparency, not sales pressure. Maybe downsizing to a more manageable property makes sense. Perhaps a small secured line of credit covers the gap without interest compounding as quickly. Maybe an annuity provides steady income with less long-term cost. Or maybe—just maybe—they don't need a mortgage at all. Consider that a $100,000 reverse mortgage balance can grow to $150,000 in just 5 years at current rates, with interest compounding annually. When you solve the real problem (not just the balance sheet), you build lasting trust and genuine loyalty. The Psychology of the Senior Client It's not just about the math; it's about the mindset. Here's where most brokers stumble: they treat all seniors as if they're cut from the same cloth. They're not. Let's get real: seniors aren't a monolithic group. A 55-year-old and an 85-year-old? They're separated by 30+ years of life experience, different communication styles, varying financial literacy, and completely different emotional triggers around money. Cookie-cutter advice doesn't cut it. The best advisors listen first. They ask questions. They assess each client's actual financial situation—not what they assume it is—and then deliver advice that fits that person's life, not some generic "senior strategy." Respect Is the Real Differentiator Understanding a client's lifestyle, fears, and goals isn't just good ethics—it's good business. Seniors have finely tuned radar for sincerity. They can smell a sales pitch faster than a Labrador finds bacon. Want to stand out? Lead with curiosity, not a contract A holistic, solution-based approach positions you as a trusted advisor—not a product pusher. Once you earn that trust, referrals flow like coffee at a church social. From Product Pushing to Purpose Selling Here's the shift our industry needs: Stop viewing seniors as a market. Start viewing them as individuals with layered needs. Solution selling isn't anti-reverse mortgage—it's anti-assumption. It ensures the whole problem gets solved, not just the one that fits your product lineup. Yes, over 25% of Canadians aged 55 and older are considering a reverse mortgage (Source: Canadian Mortgage Trends), and it might eliminate a monthly payment—but if it doesn't solve for cash flow, health costs, or income stability, you've only done half the job. The real opportunity? Elevate the conversation from product placement to purpose-driven advising. Advisors, Reset Your Lens Seniors don't need to be sold. They need to be understood. Give them the dignity of choice, the respect of time, and the power of informed decision-making. When advisors show prospective clients detailed solutions, it allows clients to properly assess the quality of advice and make fully informed decisions, supporting healthy long-term relationships The best brokers—the ones shaping the next chapter of this industry—don't just sell mortgages. They sell confidence, clarity, and control. And that, my friends, is how you truly help Canadians retire hip, fit, and financially free. Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.
Federal Budget 2025: What's In It for Canadian Seniors?
Let's be honest: the word "budget" probably makes you want to take a nap. Or pour a stiff drink. Maybe both. We spent decades pinching pennies, brown-bagging lunches, and watching every dollar so we could finally retire and stop thinking about money every waking minute. Now here I am, telling you to read about a government budget. I know. I'm sorry. But stick with me—I promise to make this as painless (and possibly entertaining) as possible. Why You Should Care About the 2025 Federal Budget (Even If You Really Don't Want To) Some of you hate talking about money. I get it. But here's the thing: information is power, and denial isn't just a river in Africa (give it a second to land)—it creates unnecessary ignorance and real missed opportunities to regain some control over your financial life. Plus, this budget affects your kids and grandkids too. So even if you're sitting pretty, the people you love might not be. The Economy Right Now: A Very Quick Explainer You've probably noticed everything costs more. A lot more. Welcome to inflation, courtesy of today's tariff-happy trade wars. (And if you want a deeper dive into how inflation affects more than just your wallet, check out my earlier piece: "Inflation: It's not just for prices anymore".) Here's the short version: When governments slap tariffs on imported goods (think: "You want to sell your stuff here? Pay up!"), Companies pass those costs directly to you at checkout. Your grocery bill goes up. Your heating costs rise. Even that new garden hose costs more because, apparently, everything comes from somewhere else now. So when you're living on a fixed income—CPP, OAS, maybe some RRIF withdrawals—and prices keep climbing while your income stays flat, that's a problem. A big one. Enter: the federal budget. It's basically Ottawa's financial to-do list: where they'll spend money, what they'll cut, and (theoretically) how they plan to make your life easier. Or at least less expensive. What's Actually In This Federal Budget Thing (The Good Parts Only) I've waded through the charts, jargon, and multi-billion-dollar announcements so you don't have to. Here's what matters to you: 1. Your House: Now it's a Potential ATM Remember when turning your basement into a rental suite sounded expensive and complicated? Ottawa heard you. The Secondary Suite Loan Program is expanded: Borrow up to $80,000 at 2% interest (15-year term) to build a basement apartment, garden suite, or in-law unit. The refinancing rules are also relaxed: You can now refinance up to 90% of your home's post-renovation value to fund these projects. Translation: You can turn unused space into monthly rental income, house a caregiver, or create a spot for family—all while boosting your property value. It's like your house went to entrepreneurship school. For more on Additional Dwelling Units (ADUs), check out this post. 2. Slightly Less Painful Tax Season Ottawa is cutting the base federal tax rate for modest-income earners and cancelling the consumer carbon price on heating fuels. Translation: If you're still working part-time or living on CPP + OAS + RRIF withdrawals, expect slightly lower deductions and cheaper heating bills starting this winter. We're talking maybe $30–$50 more per month—not a windfall, but enough to buy groceries without wincing at the checkout. 3. Health Care: Maybe, Possibly, Getting Better The budget includes more money for provinces to spend on health care and long-term care reform. The goal? Shorter wait times and expanded home-care programs. Translation: The government says they're helping seniors age at home with dignity. Whether that actually happens depends on your province not blowing the money on consultants and photo ops. Keep your eyes on provincial announcements for new or expanded home-care subsidies. 4. Your Savings: Slightly Less Likely to Evaporate Budget 2025 confirmed Canada has the lowest debt-to-GDP ratio in the G7. They're also cracking down on bank fraud and scams targeting seniors. Translation: Lower national debt helps keep interest rates and inflation under control, protecting the real value of your fixed income. And Ottawa is finally recognizing that scammers love targeting retirees. (If you haven't already, read my piece on The Rise in Grandparent Scams—it's eye-opening.) About time. Watch for my upcoming article on a recent senior scam making the rounds—and my assessment of how banks can do much more to protect seniors. 5. $60 Billion in "Savings" (Don't Panic) You'll hear politicians bragging about cutting $60 billion. Before you worry they're gutting CPP or OAS, relax. They're trimming their own bureaucracy—less middle management, more digital tools, fewer wasteful meetings about meetings. Translation: They're supposedly spending less on themselves so they can spend more on things that matter—like housing, health care, and infrastructure. Whether they actually pull this off remains to be seen, but at least they're talking about it. So What Does All This Actually Mean? Look, I won't pretend this budget is a game-changer. It's not. But it does offer a few smart moves if you're willing to act. And let's remember: this is Carney's first budget. Changing financial policy and spending priorities takes time—and some patience on our part. Rome wasn't built in a day, and neither is a functional federal budget that actually helps everyday Canadians. Review your home equity. Could an ADU loan help you age in place and generate income? Audit your expenses annually. Cutting $100/month in spending equals roughly $1,500 in pre-tax income. That's real money. Stay vigilant against scams. Government protection is nice, but it starts with you not clicking sketchy emails and text messages. Ask about tax credits. Low-income seniors may qualify for increased refundable credits under provincial top-ups this year. This isn't a flashy budget. There are no big checks in the mail. But it does signal a shift toward pragmatism: help Canadians stay housed, healthy, and financially secure while Ottawa tightens its own belt. For Canadians 55+, that means: Slightly lower everyday costs More options to create income from your home Continued investment in health and home care A more stable economy to protect your savings Progress? Maybe. One cautious, bureaucratic step at a time. Your Next Move Take 30 minutes this week to think through how these programs could fit into your life. Could an ADU loan make aging in place possible? Could refinancing free up cash flow? Small adjustments now = big peace of mind later. And that's what being hit, fit, and financially free is all about. And hey—you just read an entire article about a government budget. Voluntarily. That deserves recognition. Go ahead, brag about it. You've earned it. Now go enjoy your retirement. You've definitely earned that too. Sue Don’t Retire…Re-Wire!!!
Why College Students Are Storming Fields More Often
In his most recent Forbes article, Dr. Marshall Shepherd takes a scientific look at why college students and fans storm football fields, blending insights from psychology, meteorology, and social dynamics. He explains that field-storming is not simply a burst of emotion—it’s a predictable outcome of collective excitement and shared identity. After an unexpected win or a high-stakes rivalry game, thousands of people simultaneously experience what psychologists call “emotional contagion,” amplifying feelings of unity and celebration. This shared surge, combined with environmental cues like stadium acoustics and crowd density, transforms the act into what Shepherd calls a form of “social weather event.” “Storming the field isn’t chaos—it’s choreography fueled by emotion and crowd physics.” Shepherd also examines the logistical and safety implications. He notes that while universities often celebrate these spontaneous displays of school pride, they carry risks ranging from crowd injuries to property damage. Yet, institutions are reluctant to ban them outright because these moments reinforce fan loyalty and media attention. Shepherd suggests that the solution lies in better understanding crowd behavior: designing stadiums with safe egress routes, training security teams to manage surges, and anticipating emotional tipping points rather than reacting afterward. “Understanding the science behind fan behavior lets us manage energy, not suppress it.” Ultimately, Shepherd’s piece reframes field-storming as a fascinating mix of culture and physics—where joy, identity, and momentum collide. He urges universities to see these moments not as mere rule-breaking but as opportunities to study human behavior in motion, and to design environments that celebrate passion without compromising safety. Dr. J. Marshall Shepherd is a leading international weather-climate expert and is the Georgia Athletic Association Distinguished Professor of Geography and Atmospheric Sciences at the University of Georgia. Dr. Shepherd was the 2013 President of American Meteorological Society (AMS), the nation’s largest and oldest professional/science society in the atmospheric and related sciences. View his profile here Dr. J. Marshall Shepherd is available to speak with the media about this interesting topic - simply click on his icon now to arrange an interview today.
Intangible assets now make up more than 90% of S&P 500 market value — yet many organizations still lack a dedicated executive role to manage them strategically. This is where the Chief Intellectual Property Officer (CIPO) comes in. In this expert-backed piece, J.S. Held's Chief Intellectual Property Officer James E. Malackowski, CPA, CLP, and his colleague David Ngo unpack the economic forces shaping this role, the skills CIPOs bring to the table, and why forward-thinking companies are making IP leadership a boardroom priority. What you’ll learn: • The economic forces driving the rise of CIPO leadership • How CIPOs bridge legal, technical, and commercial priorities to unlock value • The growing relevance of CIPOs in consulting, insurance, and AI-driven industries • Practical strategies for integrating IP leadership into portfolio and risk management • Why the next decade will define the CIPO’s role in corporate success With deep expertise in IP strategy, valuation, and litigation, Malackowski and Ngo offer a clear, compelling case for elevating IP leadership to the C-suite. Looking to connect with the experts? Click on their profiles to arrange an interview or gain deeper insights into intellectual property strategy, risk, and valuation. James E. Malackowski, CPA, CLP Chief Intellectual Property Officer, J.S. Held | Co-founder and Senior Managing Director, Ocean Tomo Global leader in intellectual property valuation, strategic advisory, and expert testimony. Recognized among IAM’s “World’s Leading IP Strategists” and a pioneer in IP exchange models. David Ngo Senior Analyst, Intellectual Property Disputes Financial Expert Testimony, Ocean Tomo, a part of J.S. Held Specialist in quantifying economic damages in IP disputes and valuing intangible assets, with expertise in applying economic and financial analysis to complex litigation. For any other media inquiries, contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com.
Julian Ku Testifies in Foreign Abuse of U.S. Courts Hearing
On Tuesday, July 22, 2025, Professor Julian Ku testified at the Foreign Abuse of U.S. Courts hearing held by the House Judiciary Subcommittee on Courts, Intellectual Property, Artificial Intelligence, and the Internet. The hearing explored how the Chinese Communist Party (CCP) currently utilizes the U.S. Court system in a way that has been deemed inappropriate. It also covered targeted actions that can be taken to contest and prevent the CCP’s ability to use the court system in that manner in the future. Additionally, Professor Ku was recently awarded the Freedom and Opportunity Academic Prize. The prize recognizes higher education professionals whose innovative work advances conservative policy priorities.
The Canadian Housing Market is a Mess
The Social Contract is Broken—And We Forgot to Tell Our Kids There was a time in Canada when the rules seemed straightforward: work hard, stick to the plan, and your kids would have an even better future than you did. That was the unspoken social contract—not legally binding, but deeply believed. A handshake between generations, sealed with maple syrup and mutual optimism. You purchased a modest home, stayed with one employer for 30 years, and retired with a gold watch, a pension, and a house you owned outright. Life wasn’t flashy, but it was fair. And your kids? They would climb even higher. Well… about that! The Housing Market: From Stepping Stone to Stumbling Block Homeownership used to be a rite of passage. Now it feels more like winning The Amazing Race: Toronto Edition. According to Statistics Canada housing data, in 1990, the average Canadian home sold for approximately $215,000. Fast-forward to late 2023–early 2024, and that number has ballooned to around $670,000–$700,000 on average —a more than 200–225% increase in just over three decades. Meanwhile, wages didn’t get the memo. Since 1990, they’ve only doubled. So, while home prices soared, incomes shifted to the kitchen for more instant noodles. It's not just a gap—it’s a canyon. Sure, there was a housing correction in the early ’90s. But if you’re under 40, you’ve never seen a price drop—only stable prices (on a good day). Meanwhile, boomers and older Gen Xers bought homes when down payments didn’t require a GoFundMe page. Boomers Rode the Rocket—Then Pulled Up the Ladder Let’s be honest: we did quite well. If you purchased property in the ’70s, ’80s, or ’90s, you benefited from a wave of equity that transformed retirement into a cruise ship brochure. For many, the house became the largest—and only—source of real wealth. We got used to it. Then we got protective. Then... well, a bit smug. • NIMBYism? Guilty. • Zoning restrictions? Voted yes. • Capital gains reform? Over my arthritic body. • Preferred Pronouns – Me, Myself and I We feared anything that could lower our property values. A 25% correction? Not in my golden years! But that might be what it takes to give our kids a fair shot. We told them to "work hard," then quietly reinforced a game they couldn’t win. We Told Them to Hustle—Then Rigged the Game Today’s young Canadians aren’t lazy; they’re exhausted. They’ve done everything we asked—degrees, careers, even side hustles—and still can’t afford a 500-square-foot shoebox in Toronto without cashing in their RRSPs or moving back into our basements. By the way, they’re doing this—not because they missed us, but because rent is eating up half their paycheque and still asking for dessert. Even worse? Many are looking abroad, not for a gap year, but for an economy in which they can participate—one where they might be able to afford a home and groceries in the same month. If the best and brightest are quietly packing their bags, it’s not wanderlust; it’s a policy failure. There’s now a whole ecosystem catalyzed by everything from consultants to cloud-based software and payment platforms that has aided a global movement of “creative-class” digital nomads. For those who want a more affordable cost of living and have the skills necessary to work remotely, this generation has options to move. In "Intelligent Money," author Chris Skinner envisions a future where AI-powered financial systems won’t just advise against homeownership—they’ll actively discourage it. Why commit to mortgage debt when you can rent flexibly, invest digitally, and maintain liquidity in your life? Not a dream, but a necessity. We told them to pull up their socks. They’re wondering if we sold their shoes. What Happened to Profit Sharing? Remember when companies used to share their success? Microsoft, Google, and yes, still Costco, offered profit-sharing or stock options that turned employees into unexpected millionaires. It wasn’t charity; it was a fair deal. Then gig work emerged, HR departments disappeared, and the only thing we shared was burnout. We need to restore fairness—perhaps even incentivize companies that value loyalty. Renter Equity Accounts: A Radical Concept—Equity You're not building wealth if rent is more than 30% of your income. You’re funding someone else’s retirement. So, here’s a thought: when rent exceeds 30%, why don’t we match the excess—25% to 50%—and deposit it into a locked “Renter Equity Account”? It grows tax-free and can be used for: • A down payment • Retirement savings • Student debt relief • Emergency funds Employers could contribute to REA plans. Governments could provide incentives, and renters could finally receive more than just a rent receipt and a pat on the back. It's Time for Bold, Practical Ideas We can’t rewind to 1990. (Although the fashion world is trying.) But we can fix what’s broken: Let Canadians earn their first $250,000 tax-free, provided it is used for a down payment or to eliminate student loans. That’s helping reduce overall debt. Ensure zoning reform is effective by linking federal infrastructure funding to genuine housing development. Establish public wealth tools - TFSA-style accounts for low-wealth, high-effort Canadians. Forgive student loans for public service, specifically for individuals filling positions such as nurses, teachers, early childhood educators, and tradespeople, with added incentives for those relocating to underserved areas. Invest in them, and they will reinvest in us. What Families Can Do—Right Now No, you can’t rewrite national policy from the kitchen table. (Unless you’re Chrystia Freeland.) But here’s what you can do: Start a down payment fund—consider using a TFSA or an investment account to help your kids build capital. Create an ADU—laneway homes, granny suites, legal basement rentals. Housing and support combined. Access your home equity—HELOCs or reverse mortgages can be lifelines, not luxury options. Create a rent-to-own family plan—turn monthly rent into future equity. Discuss finances—share your successes, warn against mistakes, and share the financial knowledge you’ve gained from hard lessons. An Apology—from the Heart To our kids and to the next generation, we should say we’re sorry. We didn’t plan for this outcome. We assumed the paths we walked would still be open for you, that the same rules would still apply, and that equity would be available to all. We forgot that a contract—even an unspoken one—still needs to be honoured. But it’s not too late. We can speak out. We can share our thoughts. We can change the policies, shift the mindsets, and reopen the doors that have been closed, because the future of this country shouldn’t be something you have to leave to find. Let’s fix this. So, you can stay. And thrive. And lead. Let’s rebuild the contract together. Deal? Don’t Retire … Re-Wire! Sue
The Impact of Counterfeit Goods in Global Commerce
Introduction Counterfeiting has been described as “the world’s second oldest profession.” In 2018, worldwide counterfeiting was estimated to cost the global economy between USD 1.7 trillion and USD 4.5 trillion annually, as well as resulting in more than 70 deaths and 350,000 serious injuries annually. It is estimated that more than a quarter of US consumers have purchased a counterfeit product. The counterfeiting problem is expected to be exacerbated by the unprecedented shift in tariff policy. Tariffs, designed as an import tax or duty on an imported product, are often a percentage of the price and can have different values for different products. Tariffs drive up the cost of imported brand name products but may not, or only to a lesser extent, impact the cost of counterfeit goods. In this article, we examine the extent of the global counterfeit dilemma, the role experts play in tracking and mitigating the problem, the use of anti-counterfeiting measures, and the potential impact that tariffs may have on the flow of counterfeit goods. Brand goods have always been a target of counterfeits due to their high price and associated prestige. These are often luxury goods and clothing, but can also be pharmaceuticals, cosmetics, and electronics. The brand name is an indication of quality materials, workmanship, and technology. People will pay more for the “real thing,” or decide to buy something cheaper that looks “just as good.” In many cases, “just as good” is a counterfeit of the brand name product. A tariff is an import tax or duty that is typically paid by the importer and can drive up the cost of imported brand name products. For example, a Yale study has shown that shoe prices may increase by 87% and apparel prices by 65%, due to tariffs. On the other hand, counterfeit products don’t play by the rules and can often avoid paying tariffs, such as the case of many smaller, online transactions, shipped individually. Therefore, we expect to see an increase in counterfeit products as well as a need to increase efforts to reduce the economic losses of counterfeiting. The Scale of the Counterfeit Problem In their 2025 report, the Organisation for Economic Co-operation and Development (OECD) and the European Union Intellectual Property Office (EUIPO), estimated that in 2021, “global trade in counterfeit goods was valued at approximately USD 467 billion, or 2.3% of total global imports. This absolute value represents an increase from 2019, when counterfeit trade was estimated at USD 464 billion, although its relative share decreased compared to 2019 when it accounted for 2.5% of world trade. For imports into the European Union, the value of counterfeit goods was estimated at USD 117 billion, or 4.7% of total EU imports.” In a 2020 report, the US Patent and Trademark Office (USPTO) estimated the size of the international counterfeit market as having a “range from a low of USD 200 billion in 2008 to a high of USD 509 billion in 2019.” According to the OEDC / EUIPO General Trade-Related Index of Counterfeiting for economies (GTRIC-e), China continues to be the primary source of counterfeit goods, as well as Bangladesh, Lebanon, Syrian Arab Republic, and Türkiye. Based on customs seizures in 2020-21, the most common items are clothing (21.6%), footwear (21.4%), and handbags, followed by electronics and watches. Based on the value of goods seized, watches (23%) and footwear (15%) had the highest value. However, it should be noted that items that are easier to detect and seize are likely to be overrepresented in the data. Although the share of watches declined, and electronics, toys, and games increased, it remains unclear whether this represents a long term trend or just a short term fluctuation. In general, high value products in high demand continue to be counterfeited. Data from the US Library of Congress indicates that 60% – 80% of counterfeit products are purchased by Americans. The US accounts for approximately 5% of the world’s consumers; however, it represents greater than 20% of the world’s purchasing power. Though it is still possible to find counterfeit products at local markets, a large number of counterfeit goods are obtained through online retailers and shipped directly to consumers as small parcels classified as de minimis trade. This allows for the duty-free import of products up to USD 800 in value. Counterfeit items may be knowingly or unknowingly purchased from online retailers and shipped directly to consumers, duty-free. Purchased products can be shipped via postal services, classified as de minimis trade. Approximately 79% of packages seized contained less than 10 items. Given the size and volume of the packages arriving daily, many or most will evade scrutiny by customs officials. This means of import is increasing over time. In 2017-19 it was 61% of seizures. By 2020-21, it was 79%. Economic Impact of Counterfeiting The scale of the counterfeiting problem has significant impacts on the US economy, US business interests, and US innovations in lost sales and lost jobs. Moreover, counterfeit products are often made quickly and cheaply, using materials that may be toxic. The companies producing these goods may not dispose of waste properly and may dump it into waterways, causing significant environmental consequences. Counterfeit products from electrical equipment and life jackets to batteries and smoke alarms may be made without adhering to safety standards or be properly tested. These products may fail to function when you need it and may lead to fire, electric shock, poisoning, and other accidents that can seriously injure and even kill consumers. Counterfeit cosmetics and pharmaceuticals can also lead to injuries by either including unsafe ingredients or by failing to provide the benefits of the real product. The Tariff Counterfeit Connection Tariffs may be seen as a tax on consumers and raise the price of imported products that are already the target of counterfeiters such as luxury leather products and apparel. It’s commonly understood that raising prices on genuine products can only drive up the demand for counterfeit goods. In general, consumers will have less disposable income and the brand goods they desire will cost more which is bound to increase the demand for counterfeit goods. Although recent changes removing the USD 800 tax exemption on de minimis shipments from China and Hong Kong will make it more expensive for counterfeiters to ship their goods internationally, tariffs are typically applied as a percentage of the cost of an object. This will cause the price of more expensive legitimate goods to increase even more than the cheaper counterfeit goods and likely make the counterfeit products even more attractive economically. Therefore, we expect to see an increase in counterfeit products as well as an increase in efforts to reduce the economic losses of counterfeiting. The Role of Technical Experts in Counterfeit Detection Technical experts play an important role in both the prevention and detection of counterfeits and helping to identify counterfeiting entities. Whether counterfeit money, clothing, shoes, electronics, cosmetics or pharmaceuticals, the first step in fighting counterfeits is detecting them. In some cases, the counterfeit product is obvious. A leather product may not be leather, a logo may be wrong, packaging may have a spelling mistake, or a holographic label may be missing. These products may be seized by customs. However, some counterfeit products are very difficult to detect. In the case of a counterfeit memory card with less than the stated capacity or a pharmaceutical that contains the wrong active ingredient, technical analysis may be needed to identify the parts. Technical analysis may also be used to try and identify the source of the counterfeit goods. For prevention measures, manufacturers may use radio frequency identification (RFID) or Near Field Communication (NFC) tags within their products. RFID tags are microscopic semiconductor chips attached to a metallic printed antenna. The tag itself may be flexible and easy to incorporate into packaging or into the product itself. A passive RFID requires no power and has sufficient storage to store information such as product name, stock keeping unit (SKU), place of manufacture, date of manufacture, as well as some sort of cryptographic information to attest to the authenticity of the tag. A simple scanner powers the tag using an electromagnetic field and reads the tag. If manufacturers include RFID tags in products, an X-ray to identify a product in a de minimis shipment (perhaps using artificial intelligence technology) and an RFID scanner to verify the authenticity of the product can be used to efficiently screen a large number of packages. Many products also may be marked with photo-luminescent dyes with unique properties that may be read by special scanners and allow authorities to detect legitimate products. Similarly, doped hybrid oxide particles with distinctive photo-responsive features may be printed on products. These particles, when exposed to laser light, experience a fast increase in temperature which may be quickly detected. For either of these examples, the ability to identify legitimate products, or – due to the absence of marking – track counterfeit products, allows authorities to map the flow of the counterfeit goods through the supply chain as they are manufactured, shipped, and are exported and imported to countries. For many years, electronic memory cards such as SD cards and USB sticks have been counterfeited. In many cases, the fake card will have a capacity much smaller than listed. For example, a 32GB memory card for a camera may only hold 1GB. Sometimes, these products may be identified by analyzing the packaging for discrepancies from the brand name products. In other cases, software must be used to verify the capacity and performance of each one, which is time-consuming when analyzing a large number of products. Forensic investigators, comprised of forensic accountants and forensic technologists, are heavily involved in efforts to combat this illicit trade. By analyzing financial records, supply-chain data, and transaction histories, they trace the origins and pathways of counterfeit products. Their work often involves identifying suspicious procurement patterns, shell companies, and irregular inventory flows that signal counterfeit activity. Forensic investigators often begin by mapping the counterfeit supply chain, an intricate web that often spans continents. Using data analytics, transaction tracing, and inventory audits, they identify anomalies in procurement, distribution, and sales records. These methodologies help pinpoint the origin of counterfeit goods, the intermediaries involved, and the final points of sale. By reconstructing the flow of goods and money, forensic investigators can begin to unmask activities. Cross-border partnerships are essential for tracking assets, sharing insights, and coordinating with financial regulators. Public-private partnerships further enhance the effectiveness of anti-counterfeiting efforts. Forensic investigators often serve as bridges between government agencies, brand owners, and financial institutions, facilitating the exchange of key information. These partnerships increase information-sharing, streamline investigations, and amplify the impact of enforcement actions. A promising development in this space is the World Customs Organization’s Smart Customs Project, which integrates artificial intelligence to detect and intercept counterfeit goods. Forensic investigators can leverage this initiative by analyzing AI-generated alerts and incorporating them into broader financial investigations, which allows for faster and more accurate identification of illicit networks. Jurisdictional complexity is a major hurdle in anti-counterfeiting efforts. Forensic investigators work closely with legal teams to navigate these challenges to ensure that investigations comply with local laws, and evidence is admissible and can withstand scrutiny in court, especially when dealing with offshore accounts and international money laundering schemes. Forensic investigators follow the money, tracing illicit profits through bank accounts, shell companies, and cryptocurrency transactions. Their findings not only help recover stolen assets but also support disputes by providing expert testimony that quantifies financial losses and identifies the bad actors. Conclusion Imitations of brand name products have become more convincing, harder to detect, and the sources of the counterfeit goods more difficult to identify. While counterfeiting clearly has evolved because of technological advancements, e-commerce, and the growing sophistication of bad actors, the process has now been complicated even further by the unpredictable tariff and trade policies that are affecting businesses worldwide. Consequently, companies need to take a multi-faceted approach to these new challenges introduced into the counterfeiting of products by tariffs. By engaging high-tech product authentication measures, utilizing technology-based alerts about counterfeits, and retaining the specialized skills of forensic investigators and other experts, companies will be able to navigate the risks posed by the complex and changing relationship between tariffs and counterfeit goods. To learn more about this topic and how it can impact your business or connect with James E. Malackowski simply click on his icon now to arrange an interview today. To connect with David Fraser or Matthew Brown - contact : Kristi L. Stathis, J.S. Held +1 786 833 4864 Kristi.Stathis@JSHeld.com