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How to protect yourself against financial fraud as a newcomer in Canada

As a newcomer in Canada, your financial security is of prime importance. However, fraudsters and scammers recognize that newcomers can be easy targets, as they don’t necessarily have the information needed to protect themselves against fraud. Being in a new country, you may not be aware of the ways in which financial fraud occurs, how to identify fraudulent situations, or where to report fraud. This article gives you an overview of the various types of financial fraud and scams that occur in Canada and provides valuable tips to help protect you against financial fraud as a newcomer. Recognizing common financial fraud and scams in Canada Phishing emails or text messages Phishing emails or text messages are often designed to look like they are from a source or website you trust, like your bank or an online store. The sender will ask you to click on a link or download a file, or will try to create a sense of urgency, such as saying there has been some suspicious activity from your account or that you need to update your payment information to keep your account active. Be sure to check the email address the email originated from. If the domain name doesn’t match the organization’s name, it’s likely a phishing attempt. Other red flags can be bad grammar, a generic greeting, or unsolicited attachments in the message. If you suspect that an email or text is fraudulent, call the organization to verify before clicking on any links or sharing any personal information. Generally, Canadian banks will never ask you to share personal information, such as account numbers or Social Insurance Number (SIN), over email or text message. Debit or credit card fraud Debit or credit card fraud happens when someone steals your credit card, PIN, or bank card information and uses it to make purchases or withdrawals from your account. Fraudsters can use different ways to get your credit card information, including stealing bank statements from your mailbox or garbage, hacking into company databases to steal information, prompting you to use your credit card on a fake website, or through phishing emails. You can prevent debit and credit card fraud by keeping your credit card and personal information safe. Check your bank statements or banking app regularly to ensure that you can identify all the transactions. If you think you have been a victim of credit card fraud, call the phone number on the back of your credit card immediately to get in touch with your bank and lock your card to avoid additional fraud. Immigration and citizenship fraud There are several private immigration consulting organizations that specialize in helping newcomers come to Canada. However, if you come across a website that asks you to pay for immigration or application forms or guides that are otherwise available for free on the Immigration, Refugees, and Citizenship Canada (IRCC) website, it might be fraudulent. You may also receive fraudulent phone calls or emails from someone posing as an immigration or citizenship service provider, claiming that they can guarantee entry into Canada, provide jobs, or fast-track your immigration processing for a fee. Never share your financial details with such organizations without contacting the website owner and checking online reviews to confirm the legitimacy of the business. Also, learn about the immigration and citizenship process so you can identify fake claims. Employment fraud While looking for a job as a newcomer in Canada, be on your guard against fake “employment agencies” who ask you to pay for “training” in order to get a job or promise you a guaranteed job if you pay a large upfront fee. Legitimate recruiters or agencies in Canada will never guarantee job placements or force you to undergo mandatory training. Typically, when employers use external recruiters or agencies to find candidates, the organization, not the candidate, pays the agency’s fee. Fake phone calls from “CRA” or tax fraud Many newcomers receive fraudulent phone calls from someone claiming to be from the Canada Revenue Agency (CRA) or Service Canada. Typically, the caller (or recorded message) will state that you have unpaid tax liabilities or that your Social Insurance Number (SIN) has been compromised. In some instances, scammers may even claim there is a warrant out for your arrest, which can be quite alarming. They may ask you to share your SIN number or make a payment through wire transfer, bitcoin, or prepaid gift cards. These callers are often aggressive and use threatening language to scare the recipient. In a variation of this type of fraud, the caller (supposedly the CRA) will claim that you’re entitled to a tax refund and will need to share your banking information to get it. The CRA typically contacts individuals by message in their secure online portal, so if there is an issue with your tax return, you will see a message about it there. If you’re unsure about the legitimacy of a call, hang up and call the agency to verify its authenticity. Educate yourself on the ways legitimate government agencies can contact you and the questions they may ask. Pyramid or Ponzi schemes A pyramid scheme is a business model where you’ll be offered payment or commission for enrolling other members, rather than for selling actual products or services. You’ll be asked to pay an upfront “membership fee,” with promises of being able to turn a profit once you start bringing in more members. A Ponzi scheme is a type of fraud where you’re lured into investing money with the promise of very attractive dividends. In reality, your money is not being invested anywhere and is instead being used to pay “dividends” to other investors. Investors may receive lucrative dividends for some time until the pool of new investors dries up. If the promised returns seem too good to be true, it may be a Ponzi scheme. Be sure to carefully vet investment opportunities or speak to your financial advisor before making any investments. Catphishing or romance fraud If you’re active on dating sites or apps, keep an eye out for romance fraud. Catphishing, or catfishing, is when a person pretends to be someone else online, using a fake name, photograph, or story. A fraudster may spend time talking to you online, and once they’ve established a romantic connection, they’ll ask you for money, claiming that they need it to help a sick relative or get over a bad stretch. In some cases, the scammer may even meet you in person to make the relationship seem more legitimate. Fake computer virus or ransomware In this type of scan, the victim gets a call or email claiming that their computer has been infected with a virus. The scammer may ask for money to remove the virus or could try to access personal information and passwords through their device. Be sure to install an anti-virus to protect your laptop and mobile device. Fake prizes If you receive a message, email, or phone call saying you’ve won a prize for something you don’t remember participating in, it’s probably a scam. Fraudsters may use this opportunity to collect your personal information or verify your contact details, so avoid responding to such messages or sharing any information. If you’re unsure about the legitimacy of the prize, check the organization’s website to confirm whether the contest or offer is real. Tips to protect yourself against financial fraud as a newcomer Financial fraud can impact your financial stability and, as a newcomer, it’s important to safeguard yourself against potential threats and fraudulent activities. Here are some key things you should keep in mind to protect yourself against financial fraud: Keep close track of finances. Review your bank account, credit card statements, and credit report regularly and report any inconsistencies early. If you’re unsure about what to look for, speak to a financial advisor for more information. Protect your personal and financial information. Change your banking passwords often and don’t write them down. Keep your credit card and credit card information safe, and don’t use your credit card on untrustworthy websites. Don’t share your personal or financial information, including your SIN, unless you know why it’s needed and how it will be used. Educate yourself on who can ask for your SIN or credit history, and only share this information if it’s absolutely necessary. Learn to identify fraud. If an offer seems too good to be true, it’s likely fraudulent. Always review the terms and conditions of the service or financial product you’re purchasing before making any payments. Borrow only from trustworthy financial institutions. Credit is an essential part of Canada’s financial ecosystem. Financial institutions like banks, credit unions, mortgage providers can provide you with credit to cover your expenses. Avoid going to illegitimate local lenders or payday loan providers as they could misuse your financial information or lead you into debt. Verify suspicious phone calls or emails and report fraud. If you’re unsure about the legitimacy of an email or call you received, check for signs of phishing or contact the organization or agency to verify whether the information is accurate. Don’t share your financial or personal information with anyone or click on any links until you’ve verified the authenticity of the message. If you suspect that you’ve received a fraudulent phone call or email, report it to the Canadian Anti-Fraud Centre by telephone at 1-888-495-8501, through their website, or by email (info@antifraudcentre.ca). If your SIN has been stolen, report it to Service Canada at 1-866-274-6627 as soon as possible. Keep your laptop and mobile devices safe. Never give physical or virtual access to your devices to someone who isn’t an authorized service professional or someone you didn’t contact for service or repair. Your devices may contain saved passwords, login details, or other personal information that fraudsters can extract and misuse. Always wipe your devices by restoring factory settings before selling or scrapping used laptops or mobile phones. As a newcomer in Canada, receiving phone calls from someone posing as a CRA official can be alarming. By learning to recognize common financial scams and verifying potentially fraudulent claims, you can safeguard yourself against fraud. Remember, by reporting fraudsters, you are protecting not just yourself but also countless others who may otherwise be targeted by financial scams. Original article located here, published by Arrive. About Arrive Arrive is powered by RBC Ventures Inc, a subsidiary of Royal Bank of Canada. In collaboration with RBC, Arrive is dedicated to helping newcomers achieve their life, career, and financial goals in Canada. An important part of establishing your financial life in Canada is finding the right partner to invest in your financial success. RBC is the largest bank in Canada* and here to be your partner in all of your financial needs. RBC supports Arrive, and with a 150-year commitment to newcomer success in Canada, RBC goes the extra mile in support and funding to ensure that the Arrive newcomer platform is FREE to all. Working with RBC, Arrive can help you get your financial life in Canada started – right now. Learn about your banking options in Canada and be prepared.

Aston University MBA students to work with SMEs through new Virgin Money programme

The Levelling Upstarts programme is open to all small and medium-sized enterprises (SMEs) The Virgin Money programme aims to match SMEs with MBA students from leading university business schools, including Aston Business School Applications for the programme are open and will run until the end of February. Virgin Money has launched an innovative new programme which gives SMEs the opportunity to partner directly with MBA students from leading universities, including Aston University, through digital workshops to help them solve specific business challenges. Levelling Upstarts aims to both empower regional SMEs to level up and to foster the next generation of business leaders. The programme will help SMEs overcome challenges such as building brand awareness, honing a competitive advantage or selling into new markets. They will receive tailored guidance and recommendations through access to MBA students at leading universities, including those from Aston Business School. The digital workshops for successful applicants will be held with Aston University in March and June. Around 40 businesses will be selected to take part in the initial round of workshops across the three business schools on the programme. Kirit Vaidya, Fulltime MBA programme director at Aston Business School, said: “We have been working with Virgin Money for over two years. We are excited to participate in the Levelling Upstarts programme. “Our students have experience and expertise in a range of areas including IT, marketing, operations and human relations in addition to what they learn on our MBA programme. “The students gain enormously from the experience of applying their knowledge to add value for businesses. The participating businesses gain from the students’ expertise and fresh perspectives in addressing specific challenges or to transform their business models in a fast-changing world.” Professor George Feiger, executive dean of the College of Business and Social Sciences at Aston University, said: “Both our students and the participating businesses can gain immensely from the Levelling Upstarts programme by sharing ideas, putting thoughts into practice, offering alternative perspectives, challenging the perceived norm, creating bold solutions and ultimately working in partnership to enable the SMEs to move forward. “It is also a unique opportunity for tomorrow’s entrepreneurs to gain direct access to the growing businesses of today, putting their training into practice and gaining new skills along the way, boosting their employability.” Graeme Sands, Interim Head of Business Banking at Virgin Money, said: “Our new Levelling Upstarts programme enables businesses to get focused, comprehensive and free support that otherwise may not be available to them. “By pooling the resources of talented business students and helping them think outside of the box, the programme can help to help solve their business challenges while simultaneously giving MBA students valuable and transferable skills to help their future careers. “It really is a win-win for both students and participating businesses.” Applications for the programme are now open and will run until the end of February. Businesses that wish to express an interest can email levellingupstarts@virginmoney.com for further information on how to apply.

Brexit: UK services are losing out to EU rivals – but Asia could be big winner

"Seven months after Britain’s exit from the EU, the chilly effects on UK trade are being felt. Total exports of UK goods and services were down by 13% (£36 billion) and imports down 22% (£66 billion) for January to May 2021 compared to the same period in 2019." Professor Jun Du, Aston Business School Singapore looks like one of the big winners from Brexit. joyfull In a separate new ONS report into UK services, exports and imports fell 12% and 24% in the first quarter of 2021 compared to the same period in 2019. To some extent this is due to the pandemic, but the decline with EU countries was more severe (exports down 15% and imports by 39%), which suggests Brexit was relevant too. The difference between services exports to EU and non-EU countries was particularly marked in sectors like construction (-43% vs +24%), maintenance and repair (-62% vs +11%), and manufacturing services (-40% vs -12%). It seems to confirm that the UK’s services offering has been made less competitive by the EU-UK Trade and Cooperation Agreement hardly covering such business. This has left EU members free to decide whether to allow different UK providers into their markets. But as we shall see, other services exporting countries outside the EU may also benefit as a result. In our recent paper, Ireland looked like the big winner. It has probably benefited from firms relocating and business being re-routed from the UK, not to mention low corporation tax and a young well-educated workforce. Between 2016 and 2019, Ireland’s services exports rose 24% (that’s €144 billion or £123 billion), driven by financial services, IT and transport. Speculation still abounds about which other EU cities will benefit in the medium term. Amsterdam surpassed London as Europe’s largest share-trading centre in January by absorbing much trade in euro-denominated assets, though London has been back on top recently. Other potential winners include Frankfurt (banking), Luxembourg (banking and asset management) and Paris (financial, professional and business services). Even a less serious contender like Berlin can attract tech talents thanks to its culture clusters and affordability. On the other hand, most financial traders have so far remained in London. The city is still strong in hosting stock market flotations and other forms of capital raising. And the flow of financial jobs out of London has been a fraction of what remainers predicted. A four-year regulatory transition period for areas like data protection and electronic trade will undoubtedly be helping. London vs EU rivals is only half the story. James Padolsey/Unsplash, CC BY-SA Yet all this misses a bigger picture, namely that Europe’s ability to provide services may have been weakened overall. Imagine a group of US investors wants to invest £1 billion in European shares and other financial assets. In the past it might have set up a fund in London, making use of the city’s network of lawyers, accountants, bankers and other finance professionals, while filtering some of the work to specialists in, say, Paris and Frankfurt for issues related to France and Germany. But now Brexit means the fund can’t invest in certain EU securities from London. The investors would have to set up a second fund in, say, Dublin to get exposure to all the EU assets they want. The additional expense and time involved makes them decide it will be more lucrative to set up an Asia-focused fund in Singapore instead. When you multiply this effect across every sector, it is potentially huge. Certainly some investors will decide to either switch attention from the UK to EU countries, or to live with the extra cost of doing business across both the UK and EU. But others are deciding that an opportunity somewhere else in the world now looks more attractive. The danger is that this adds up to a global shift in economic weight over time. In fact, we could be seeing signs of this already. Winners and losers In follow-on research that we have yet to publish, we have been analysing the services exports of the major service providers in Europe and globally, using trade data jointly collected by the World Trade Organization (WTO) and the Organisation for Economic Cooperation and Development (OECD). The data shows the UK was and is the biggest services exporter in Europe and second only to the US worldwide, but appears to have been losing ground since Brexit. Ireland and the Netherlands are the major growth stories in Europe, while China, India and Singapore are leading the way elsewhere. Services exports by country, 2019 vs 2015 Trends in services exports. Left: 2015 data in solid coloured bars; 2019 change in yellow markers. Right: Green bars represent accelerating service growth; red bars represent decelerating growth. BaTIS The UK’s services growth trend fell 11% in the 2016-2019 period compared to 2010-15. This backs up our recent published research finding that the UK’s global share of exported services fell from 8.9% in 2005 to 7% in 2019. Meanwhile, France, Spain, Italy and Belgium’s growth has also been declining, while Germany, the Netherlands, Switzerland, Luxembourg, Austria and also the US were static. Ireland was the fastest growing services exporter among all, but Singapore and India gained momentum too. Strikingly, we see increasing growth in Asia between 2016 and 2019 in sectors like travel, financial, IT and creative services. This includes extraordinary growth in Singapore in finance, business, insurance and pension provision, and also in China in numerous segments. It looks like nothing short of a boom. Shanghai has been on the up and up. Krzystsztof Kotkowicz, CC BY-SA This may partly reflect the industrial transformation taking place in the Asian developing world from manufacturing to services. It may also capture a long-term shift of services centres from the west to the east – a reshuffle on a truly global scale. But at the same time, it’s evidence that Brexit has weakened the UK as the European centre for services. Yes, business shifted to Ireland (and Luxembourg) to some extent, but that could be hiding a wider collective setback. The question for the years ahead, for the UK and its European services peers, is whether they can come up with arrangements that help maintain their collective strengths – and to what extent they can exploit opportunities elsewhere, particularly on developing countries, where US services providers have traditionally been far ahead. This article was co-written by Professor Jun Du and Dr Oleksandr Shepotylo.

How to rent an apartment with no credit history or job letter in Canada

For the first few months or even a couple of years, most newcomers moving to Canada consider renting accommodation versus buying property. As an essential and high priority task, this often turns out to be challenging as in addition to the rent deposit, landlords usually ask for an employment letter, a credit report, and references. And with just having moved to Canada, newcomers often aren’t able to meet these additional requirements. So, as a newcomer, how can you find permanent accommodation in Canada with no credit history and no job offer letter? In this article, we will share a few tips and workarounds on how to position yourself as a reliable tenant so you can find a suitable place for you and your family. Moving to Canada soon and looking for more tips on renting a place? See How to rent your first home as a newcomer in Canada. To build a stronger case as a reliable tenant, you can try combining as many tips as you can from the ones outlined below 8 tips to find a rental unit without credit history and job letter in Canada 1. Provide proof of savings from a bank account You can demonstrate your reliability as a tenant by showing proof of savings to cover a few months of rent. To do this, you don’t need to provide a detailed bank statement. Speak with your banking advisor to know your options; it may be possible to obtain a letter indicating that you are in possession of the funds to pay the rent. Moving to a new country comes with many challenges. Book an appointment with an RBC Advisor or call 1-800-769-2511 to find answers to any financial questions you may have. RBC’s phone services are available in up to 200 languages. Once you have your appointment booked, an advisor will reach out to check whether you’d like to meet via phone, video or in-branch. 2. Provide a local guarantor or co-signer A guarantor or a co-signer is someone who agrees to pay rent on your behalf if you are not able to. Being a guarantor or co-signer is legally-binding, and usually, only close friends or relatives will agree to act as a guarantor for you. You should also consider the impact on your relationship with them should you fail to hold up your end of the bargain. 3. Look for house-share or apartment-share arrangements You can try to find a shared accommodation by – Subleasing from an existing tenant; or Co-signing the lease agreement with a roommate who has a good credit history; or Leasing from a landlord who lives in the same apartment or house. What is a sublease? A sublease allows you to rent a room from the original tenant of an apartment. Rent payments are made to the existing tenant who, in turn, pays the landlord. Generally, rooms that are subleased by tenants don’t require you to provide a credit report or employment letter. This may differ from place to place and depends on the urgency of the tenant who is subletting. In Canada, many people seek out roommates for their living arrangements. Instead of signing a sublease with the existing tenant, you could explore the option of co-signing the lease with a roommate who has a good credit history, to meet the credit history requirement. Landlords renting out a room in their own house or apartment may be willing to overlook the requirement for credit history and/or employment letter. You can start your search by looking for shared accommodation listings on sites like Kijiji, Craigslist, and some provincially popular options like Home Zone on Facebook (for Toronto and GTA listings). Tip: Sites like Kijiji and Craigslist tend to have many scammers. If a listing seems too good to be true, it’s probably a scam. Do not make any payments until you verify the place in-person and sign the appropriate paperwork. 4. If you can, offer more than expected deposit Each province in Canada has legal guidelines on rent deposit payments to be made by tenants before moving in. For example, in Ontario, renters are required to pay first and last month rent; there’s no security deposit. But in British Columbia, you will be required to pay a security deposit equivalent to half the monthly rent. In the absence of a credit report and employment letter, you can offer the landlord a few more months of rent upfront – this can be a huge incentive for the landlord to accept your application over another. Remember, the landlord cannot legally ask you for any additional amount beyond the specified norms. So be sure to check the guidelines for the province you are moving to and accordingly present your offer to the landlord. 5. Explore condos rented out by individual owners It can be relatively easier to find a condo or apartment that’s owned by individual landlords versus those that are owned by property management firms or large institutional investors. The application process for apartments located in rental buildings is usually very strict and offers little to no flexibility in terms of credit and employment verification. However, in a condo setting, most landlords are individuals and might be open to accepting you as a tenant, subject to your reliability. 6. Consider neighborhoods that are away from prime locations Finding a place in the heart of the city or the city centre is usually challenging even for those who have credit history and employment records to show. Broadening your search and considering the suburbs or neighbourhoods that are on the radius of the city may prove helpful in finding a suitable place. While you do this, if you don’t have a car, keep a close eye on public transportation and commute time to the city centre. 7. Book temporary accommodation for the first couple of months If you have friends or family already residing in Canada and they’re open to hosting you, it may be a good idea to plan your stay with them for the first few months. For those who cannot leverage this option, you can try booking long-term stays at an Airbnb, a hotel, or a hostel. Hostels in Canada are clean, secure, and extremely budget-friendly; some even provide free breakfast. Often, you’ll be able to choose between staying in a mixed dorm or a male or female-only dorm. Some hostels also provide private rooms at a higher cost. Try exploring sites like HostelWorld, HI Hostels, Booking.com, or Kayak to find good deals. If you are moving to Toronto as a single young professional, you can now skip the temporary accommodation part entirely and book a SoulRoom. Get a fully furnished room in one of the great locations in the city, at an affordable price. All rooms at SoulRooms come at a minimum six-month lease and are ready to live, equipped with high-speed internet, cable and utilities with shared living spaces. Just unpack your bags and be at home! Some landlords are willing to rent to tenants with a two or three-month credit history. Booking or arranging temporary accommodation for the first few months will give you a couple of months of time to build your credit. For a deeper understanding of how to build your credit, download Arrive’s guide onCredit and credit scores in Canada. How to obtain a credit report It takes at least a few weeks to a month for newcomers to receive their first Canadian credit card and a few additional months of credit transactions to generate a credit history. EQUIFAX and TransUnion are the two major credit rating organizations in Canada, and you can choose either one to get your credit report. Detailed instructions to obtain the report are available on the respective websites. 8. Take up a survival job and/or volunteer Survival jobs are lower-skilled jobs where significant education or extensive professional experience is usually not required. For example, working as a driver with a ride-sharing service, warehouse or factory worker, cashier at a grocery store, barista at a coffee shop, food delivery person, sales associate, telemarketing associate, cleaner, or a server at a restaurant. Volunteering is an integral part of Canadian culture, and giving back to the community is usually well-regarded and valued in Canadian society. It involves giving personal time freely for the benefit of another person, group, or cause. Both survival jobs and volunteering are good ways to earn Canadian experience, practice your language skills, build your network locally, and gather references for your rental application. Survival jobs will also provide you with an employment letter and cover basic living expenses while still allowing you to continue looking for your desired role. Helpful articles: Taking up survival jobs as a newcomer in Canada: All you need to know The benefits of volunteering as a newcomer in Canada Finding your first long-term permanent accommodation in Canada can be stressful and challenging. Following the tips outlined in this article will ensure you have a place to stay while you build your credit history and find employment. And over time, you will be well-positioned to find a place you can call home! Original article located here, published by Arrive.

Canadian finances 101: What you should know as a newcomer

Canada’s financial ecosystem is made up of banks, credit unions, trusts, and other financial and insurance companies and it is considered to be one of the most sound and safest in the world. According to the Global Competitiveness Report 2019, published by the World Economic Forum, Canada ranked 9th globally for its financial system, showcasing stability and reliability. As you plan your move, familiarizing yourself with the Canadian banking and financial landscape can help provide context to key tasks like opening bank accounts, building credit history, borrowing money, and filing taxes. In this article: Types of financial institutions in Canada Getting started with taxes: The Canada Revenue Agency (CRA) Canada: A credit-based economy Banking, investments, and money transfers What are the types of financial institutions in Canada? Financial institutions in Canada can be classified into three main categories: 1. Banking institutions These are places where you can deposit, withdraw and borrow money. Examples of such institutions include banks, online-only banks, credit unions, trust companies, mortgage companies, etc. Banks A bank is licensed to receive deposits and make loans. Most banks are managed by the national government. The five largest banks in Canada are often referred to as the “big five” in banking. They are: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). Sometimes, you may hear the term “big six,” including the National Bank of Canada – although, note that its operations are primarily focused in the provinces of Quebec and New Brunswick. Digital-only banks In addition to these banks, there are a few digital-only banks, such as Tangerine (a subsidiary of Scotiabank), Simplii Financial (a subsidiary of CIBC), and EQ Bank. They provide all services online only and do not have any physical branches. Credit unions A credit union is a smaller financial institution that is owned by its members, who are also typically account holders. They operate under provincial legislation and regulations and provide similar services as banks. The main difference between a credit union and a bank is their structure; credit unions are owned by anyone with money in the credit union. The operations are supervised by a democratically elected board of directors made up of local community members. Due to their scale of operations, note that credit unions may have fewer branches and ATMs than a big bank would. Tip: As a newcomer to Canada, you can choose any financial institution of your choice. However, it is helpful to know that the big five banks (like RBC) have newcomer banking packages that specifically cater to permanent residents and international students and are thus better positioned to assist you in your unique situation. Trust companies Trust companies are legal entities similar to banks that act as an agent (on behalf of a person or business) for the purpose of administration, management and the eventual transfer of assets to a party. Mortgage companies Money lending entities such as mortgage finance companies (MFCs) and mortgage investment corporations (MICs) provide real estate financing. MFCs are non-depository financial institutions that underwrite and administer mortgages sourced through brokers. Their lending is funded mainly through securitization or direct sales to third parties, primarily the big six banks. MICs and other private investors typically deal in uninsured, customized mortgage products that are not available through traditional channels. These products include non-prime loans, second mortgages and very short-term mortgages. Key financial authority: The Bank of Canada The Bank of Canada is the nation’s central bank. Its principal role is to promote the economic and financial welfare of Canada. The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable. It promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives. Additionally, the Bank of Canada also designs, issues and distributes Canada’s bank notes and acts as the “fiscal agent” for the government of Canada, managing its public debt programs and foreign exchange reserves. It also sets the interest rates in Canada. 2. Insurance companies These are entities that sell insurance to cover the risk of loss in various situations, caused due to a variety of factors. They include homeowner or renter’s insurance, health insurance, car insurance, life insurance, and more. They compensate you for any loss that’s covered by your insurance policy. Once you purchase a specific type of insurance, you are required to make periodic payments, called premiums, to the insurance company to avail of the agreed-upon coverage. 3. Investment companies These are organizations that focus on investing, administering or managing funds or money on behalf of other persons. Examples of such companies are investment banks, hedge funds, underwriters, and brokerage firms. Note: There might be an overlap in the services provided by financial institutions. For instance, a leading bank like RBC offers banking services, mortgages, a wide variety of insurance options, investment solutions, and more. Tip: Beware of predatory lenders offering payday, instalment, and other types of loans with very high interest rates. These lenders often prey upon people who need cash quickly and who have run out of all other options. They usually have exorbitant interest rates, confusing and misleading representations, and a lack of transparency and documentation. Therefore, always double-check money lending claims that seem too good to be true. Note that payday loans are provincially regulated while instalment loans are unregulated. What this means is – while interest rates cannot exceed 60 per cent, lenders are effectively free to change terms and add fees and other charges almost at will. Getting started with taxes: The Canada Revenue Agency (CRA) The CRA administers tax laws for the Government of Canada and for most provinces and territories. It administers various social and economic benefit and incentive programs delivered through the tax system. The CRA website is the go-to place for everything related to your taxes: filing annual tax returns, checking receipt of Government benefits and subsidies, viewing tax documents, etc. Important: To register for CRA’s “My Account,” you must have filed a tax return for the current or a previous year. Download Arrive’s free tax guide for newcomers for insights on how to file your taxes and to make sure you’re prepared to manage the expectations that come with paying taxes in Canada. Note: Beware of a long-running CRA scam with callers posing as representatives of the CRA. The CRA will never use threatening language nor ask for information about your passport, health card, driver’s license, or demand immediate payment by Interac e-transfer, bitcoin, prepaid credit cards or gift cards from retailers such as iTunes, Amazon. Canada: A credit-based economy North American countries such as the U.S. and Canada are known to be credit-based economies. This essentially means that most people use their credit cards (instead of debit cards or using cash) to make purchases and then repay the entire amount owed either at the end of their credit card billing cycle or in installments. You will need to build your own credit history, since this is essential to many aspects of life in Canada. Once you receive your first credit card, start by making payments for small expenses such as phone bills or groceries, and be sure you pay the balance in full by the end of the billing cycle. Tip: Keep in mind that credit cards have limits and do not offer free money. They can carry very high-interest rates, so your balance should be managed and paid down promptly – this will help you maintain a good credit rating. A credit score is a way for financial institutions to measure your ability to repay loans. Some scenarios where you may be asked for a credit report are while renting accommodation, applying to certain jobs, and obtaining mortgages or other loans from the bank. Additional resources Download Arrive’s free Credit guide to learn more about credit cards, credit scores, and credit ratings in Canada. For tips on staying debt-free and building your credit history in Canada, read How to build a good credit score from scratch as a newcomer. Banking, investments, and money transfers in Canada Banking Like many other countries, in Canada, you can conduct all your banking and money transfer transactions by walking into a branch or online, through internet banking. See How to open a bank account in Canada as a newcomer to know the process of opening a newcomer account. The article will also provide tips and resources to help you learn more about credit and direct deposits. Investments There are many financial products available to save and invest your money in Canada. They can be broadly classified into savings accounts, registered savings plans and investment products. Depending on your goals and your appetite for risk, you can choose one or a combination of several of these. Read Savings and investments for newcomers in Canada for deeper insights into all available investment products. Money transfers For domestic peer-to-peer payments (think: sending money to a friend, relative, co-worker, or acquaintance in Canada), there are a couple of ways to send and receive money online: Interac and Paypal. Interac is a bank-based tool, while Paypal is a non-bank, third party service. Among these, Interac e-transfers are the most popular and widely used form of peer-to-peer payments in Canada. You can send money overseas through online or mobile banking, by telephone, by email, or in-person. Banks like RBC have a simplified, affordable, and convenient process for international money transfer through online banking. If you have the recipient’s banking information handy, all it takes is a few clicks! Some popular options for international remittances are: Banks Credit unions Money transfer operators like Western Union, MoneyGram, WorldRemit, etc. Peer-to-peer transfer providers such as Transferwise (now, Wise), CurrencyFair, Paypal, etc. Currency exchange businesses When sending money overseas, the Canadian federal government tracks large sums (over $10,000 CAD) through Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money-laundering, terrorism funding, and related crimes. Understanding financial products and regulatory agencies in Canada can make you feel overwhelmed. Start with the basics so you can build awareness and a strong foundation to manage your finances in Canada. Original article located here, published by Arrive.

How to build a good credit score from scratch as a newcomer in Canada

Having a credit rating or a credit score is essential for life in Canada. A good credit score can ensure you qualify for better interest rates on mortgages and other loans down the line. To get started with building your credit history, having and using a credit card is essential. In this article, we will outline what a credit score is, share valuable tips to help you build a good credit history as a newcomer in Canada, and provide information on how to check your credit score and order a credit report. What is a credit score? When you borrow money from a bank (or lender), certain information is shared with a credit bureau. Over time, additional information, such as whether you’ve paid your bills on time, whether you’ve missed payments, and how much debt you have outstanding, will get shared with the credit bureau. These factors go into calculating your credit score – a three-digit number that indicates to lenders your capacity to repay a loan – as reported on your credit rating report. Credit scores range from – 300: The lowest score or the starting point; to 750: The magic middle number, which will likely qualify you for a standard loan; all the way up to 900: The highest score awarded for excellent credit history. The higher your score, the lower the risk is to the bank, and vice versa. A score under 750 will likely make it more difficult to acquire loans or credit cards – you may receive a lower credit limit and get charged higher interest rates. For newcomers to Canada, however, most banks offer a credit card when you open a newcomer account with them – this usually suffices to get you started on your journey of building a good credit history in Canada. Learn more about credit scores in Canada See Credit in Canada: What every newcomer needs to know for information on the different types of credit in Canada. Get insights on the factors that affect your credit score, understand why building a good credit history is important, and dive into how a credit score is calculated. Who can see and use your credit report? Credit bureaus follow rules that define who can see your credit report and how they can use it. Those allowed to see your credit report include: banks, credit unions and other financial institutions, credit card companies, car leasing companies, retailers, mobile phone companies, insurance companies, governments, employers, and landlords. These businesses or individuals use your credit report to help them inform lending decisions about you. Generally, you need to give permission or your consent, for a business or individual to access your credit report. In the provinces of Nova Scotia, Prince Edward Island and Saskatchewan, a business or an individual only needs to tell you (verbally) that they are checking your credit report. Other provinces require they obtain your written consent to check your credit report. Some provincial laws allow government representatives such as judges and the police to see parts of your credit report without your consent. 5 tips to build a good credit score 1. Make payments on time and pay off your balance in full each month When lenders review your credit report and request to see your credit score, they want to know how reliable you are with paying your bills – because usually, past payment performance is considered a good predictor of future performance. To build a good credit history, it’s important to make all your payments on time. While your credit card bill will always indicate the minimum amount owed, as someone just getting started with building credit in Canada, it’s best to pay off the balance in full each billing cycle. Paying the entire balance each month also helps you avoid racking up credit card debt. 2. Use credit wisely Always stay within your credit limit. If you have a credit card with a $2,000 CAD limit, try to not go over that limit. You should spend only what you can afford to pay back. Spending more than the authorized amount on a credit card can lower your credit score. As a rule of thumb, try to use less than 35 per cent of your total credit in each billing cycle. This includes all your credit products such as: line of credit, credit card from Canadian banks/lenders, loans, etc. For example, if you have a credit card with a $2,000 CAD limit and a $5,000 CAD line of credit from a bank, you should limit your total spending to approximately $2,450 CAD (35 per cent of 7,000) or less, while also maintaining the 35 per cent rule (in this case, $700 CAD) specifically for your credit card. Tip: Start small – use your credit card for groceries, monthly utility payments, phone bills, etc. Over time, this will help you build a strong credit history. If you max out your credit limit each month, lenders perceive you to be a greater risk. This holds true even if you pay your balance in full by the due date. 3. Limit your number of credit applications and/or credit checks As you settle in Canada, it is normal and expected that you’ll apply for credit from time to time. A lender or other organization offering credit-based products may ask to “check your credit” or “pull your report”. When they do so, they are asking to access your credit report at the credit bureau. This results in an inquiry in your credit report. Tip: To build a good credit history faster, it is recommended that newcomers to Canada start off with a single credit card (avoid holding multiple credit cards) and keep paying the balance in full. There are two types of credit checks: hard hits and soft hits. Hard hits: These are credit checks that will appear in your credit report and can impact your credit score. Anyone who views your credit report will see these inquiries. Examples include an application for a credit card or mortgage, some rental applications, and some employment applications. If there are too many (hard) credit checks in your credit report, lenders may think that you’re urgently seeking credit and/or trying to live beyond your means. Soft hits: These are credit checks that appear in your credit report but only you can see them. These checks do not affect your credit score in any way. Examples include requesting your own credit report or businesses asking for your credit score to update their records about an existing account you have with them. To control the number of credit checks in your report: Limit the number of times you apply for credit; When shopping around for a car or a mortgage, get your quotes from different lenders within a two-week period. Your inquiries will be combined and treated as a single inquiry for your credit score; Apply for credit only when you really need it. 4. Report any inaccuracies on your credit report Once you get your report, check for: Errors in credit card and loan accounts, such as a payment you made on time that is shown as late – this could impact your credit score negatively; Mistakes in your personal information, such as a wrong mailing address or incorrect date of birth; Accounts listed that you never opened, which could be a sign of identity theft; Negative information about your accounts that is still listed after the maximum number of years it’s allowed to stay on your report. Any inconsistencies or incidents of fraud should be reported to the respective credit bureaus without any delay and get it corrected. Monitoring your credit on a regular basis can help you spot inaccuracies before they impact your credit rating. Note: A credit bureau can’t change accurate information related to a credit account on your report. For example, if you missed payments on a credit card, paying the debt in full or closing the account won’t remove the negative history. 5. Use different types of credit: card, loan, line of credit The number of credit products you have (such as a credit card, line of credit, loans, etc.) affects your credit score. For newcomers to Canada, it is recommended to start off with a single credit card and gradually apply for other credit products at a later stage. As you become more established in Canada, diversifying your credit and having a mix of credit products may improve your credit score. However, make sure you can pay back any money you borrow, otherwise, you could end up hurting your score by taking on too much debt. How to check your credit score It takes at least a few weeks to a month for newcomers to receive their first Canadian credit card and a few additional months of credit transactions to generate a credit history. You can check your credit score in the following ways: 1. Through credit bureaus: EQUIFAX and TransUnion are the two major credit rating organizations in Canada, and you can choose either one to get your credit report. Detailed instructions to obtain the report are available on the respective websites. Your credit score on each credit bureau may slightly differ as each organization may consider different factors while calculating your credit score. Equifax refers to your credit report as “credit file disclosure” while TransUnion refers to it as “consumer disclosure”. Remember: Ordering your own credit report has no effect on your credit score. 2. Through select banks: If you have an account with the Royal Bank of Canada (RBC), you can view your credit score for free, anytime, through online banking. 3. Through third-party companies: Some companies offer to provide your credit score for free. Others may ask you to sign up for a paid service to see your score. Make sure you do your research before providing a company with your information. Carefully read the terms of use and privacy policy to know how your personal information will be used and stored. For example, find out if your information will be sold to a third party. This could result in you receiving unexpected offers for products and services. Beware of fraudsters who offer free credit scores in an attempt to get you to share your personal and financial information. Tips: Consider requesting your report from one bureau/company, then wait six months before you order from the other organization. By spacing out your requests, you may be able to detect problems sooner. Always check to see if a website is secured before providing any of your personal information. A secured website will start with “https” instead of “http.” How to order a credit report in Canada You can get a physical or a virtual copy of your credit report. A physical copy may take some time to be delivered to you while a virtual copy can be obtained immediately. You usually need to pay a fee when you order your credit score online from the two credit bureaus: TransUnion and Equifax. Tip: TransUnion allows you to order your credit report online once a month for free. Note: A free credit report is only available as a physical copy and cannot be ordered online; separate processes exist for both Equifax and TransUnion. You must place your order by phone, mail or fax. How long does information stay on your credit report? Positive information in your credit report stays indefinitely, from the time the report was created. Negative information (that affects your credit score) such as late payments or defaults generally stays on your credit report for six years. However, some information may remain for a shorter or longer period of time. Learn more about the timelines for specific cases on the Financial Consumer Agency of Canada website. Credit is essential to life in Canada and building a good credit history takes time, so, be patient. Being aware of factors that affect your credit rating can help you make better financial choices. Original article located here, published by Arrive.

Your First Week as an International Student in Canada

Canada is one of the world’s leading study destinations, due to its high quality of education, diverse culture, and overall quality of life. Each year, the country welcomes thousands of international students and sets them on a path to academic and personal success. Whether you have just started researching options on where to study or have already been accepted into a Canadian university of your choice, this article will serve as a handy guide for what to expect during your first week in Canada as an international student. In this article: Getting settled in Following quarantine protocol Financial basics for international students Registration at your university Familiarizing yourself with the neighbourhood and campus Getting connected Understanding student life Getting settled in Once you’ve completed your landing formalities at the airport, you are ready to get started on your exciting journey as an international student in Canada. The first item on your agenda will be getting settled into your new accommodation or temporary quarantine location. You can use ride-sharing services like Uber or Lyft or ask a friend or relative to pick you up at the airport and take you to your accommodation. Note: Due to quarantine restrictions, all international travellers landing in Canada are required by law to go directly to their accommodation or quarantine location, without making any stops on the way. As an international student, you will need to secure accommodation (at least on a temporary basis) prior to your arrival in Canada. You can choose to live either on- or off-campus, depending on your budget and requirements. If you haven’t been able to secure accommodation on-campus, there are plenty of other housing options available for international students. Following quarantine protocol The Canadian government has recently eased border restrictions for fully vaccinated travellers, including international students. All international students, regardless of vaccination status, must have a quarantine plan in place and need to follow quarantine protocol as per the Government of Canada ArriveCAN app (this is unrelated to the Arrive app for newcomers). Fully vaccinated students are now exempt from most mandatory quarantine requirements. However, in addition to the pre-arrival COVID-19 (Coronavirus) test, you will also be required to take another COVID test upon arrival in Canada and must quarantine until a negative test result is received. International students who are NOT fully vaccinated will be required to: Take a COVID test immediately after arrival, Book a three-day stay at a government-approved hotel, where they must remain in quarantine until they obtain a negative result to their first post-arrival COVID test. You may leave the hotel as soon as the result comes in, without having to wait the full three days, and go to your personal quarantine location. Get a second post-arrival COVID test on day 8 before exiting their quarantine on day 15. Tip: Your Designated Learning Institution (DLI) may have a quarantine protocol in place for international students. Before arranging short-term accommodation for your first few days in Canada, check if your DLI will be making quarantine arrangements in an on-campus dorm. Financial basics for international students As an international student in Canada, there are some essential financial basics you will need to complete in your first few days here. You might be able to begin some of these tasks during your quarantine period to get a head start on your checklist. Obtaining a SIN If you plan to work part-time while you study in Canada, you will require a Social Insurance Number (SIN). Depending on the airport you land in and your time of arrival, you may be able to get your SIN at the airport. If you are unable to obtain a SIN at the airport, you have the option to apply online or by mail. Opening a bank account Use your quarantine period to explore the different banking options and offers available for international students. As an international student, you want a trusted partner who understands your banking needs and is committed to newcomer success. Some banks (like RBC) are currently allowing international students to open student bank accounts remotely while in quarantine. To open a student bank account with RBC, you will require the following documents: Your passport Student permit (IMM 1442) or Temporary Resident Visa (TRV) Proof of enrollment (optional, good-to-have) Social Insurance Number (SIN) or proof of residence (optional, good-to-have) Information: Book an appointment with an RBC Advisor to get answers to your questions about student banking, and to learn more about opening an RBC student bank account remotely while in quarantine. Getting a credit card Having a good credit score is essential for financial success in Canada. As an international student, you may need a credit score for accommodation rental or lease application, or a car loan. Getting a credit card is your first step towards building a good credit history in Canada. Credit cards are a convenient option for making payments, without having to carry cash. Unlike a debit card, a credit card allows you to make purchases first and pay later. However, credit cards typically have very high interest rates, and late payments can result in high penalties. Make sure you speak with your banking advisor to have a good understanding of how your credit card works before signing your contract. You can gradually build your credit history by paying off your credit card bills on-time and in full. Creating a budget A good budget can help you plan your expenses, save money for the future, and prevent financial worries as you study in Canada. As an international student, your biggest expense aside from tuition fees will likely be accommodation. In addition, you will also need to budget for utilities, transportation, food, groceries, phone and internet expenses, furniture, insurance, and entertainment. It is also a good practice to set aside a small sum each month for emergency expenses. Tip: The cost of living in Canada may be very different compared to your home country. The Arrive Monthly Expenses Calculator can help you estimate and plan your monthly budget in Canada. Registration at your university With quarantine and social distancing considerations in place, the registration and course enrollment process at your university might be fully or partially virtual. Check your university website or contact your university to get information about your semester timetable, the dates and process for class registration, and getting a student card. You can also sign up for the International Student Identity Card (ISIC) for special discounts from featured partners in Canada. Many universities in Canada are offering a mix of virtual and in-person classes, and your class schedule may vary depending on the course you’ve enrolled in. Sign up for orientation classes to prepare for your academic journey. Familiarizing yourself with the neighbourhood and campus You will likely be spending a lot of time in and around your campus. Walk around your campus and new neighbourhood (if you are living off-campus) to familiarize yourself with the area. Review your campus map or ask around to locate the gym, health services, library, dining hall, class buildings, restaurants, and grocery stores. Don’t hesitate to check if the stores or restaurants you visit offer discounts to students. Most cities in Canada have an extensive public transportation network. Whether you plan to commute to campus or explore the neighbourhood, the public transit system can be a convenient way of getting around. Learn about the transit system in your city, get a transit pass, and start exploring. Information: Get to know more about public transportation in key Canadian cities through our Getting Around article series for Toronto, Ottawa, Edmonton, Montreal, Calgary, Vancouver, and Winnipeg. Getting connected With “virtual” becoming the norm in student life, staying connected to your friends, family, and university will likely be on your list of essentials. In Canada, you have the option of choosing between a pay-as-you-go (prepaid) or postpaid phone plan. However, since postpaid plans typically require a credit check, most international students start with a prepaid phone service. Some carriers also allow you to purchase a prepaid SIM card online and have it delivered to your address. International students living on-campus typically have internet access through their local Wi-Fi network. If you are living off-campus, you may need to sign up for an internet service. The cost of a monthly internet plan typically ranges between $50 to $80 CAD, depending on the provider and plan. Do your research on comparative costs, offers, and typical usage limits, before selecting a phone and internet provider. Understanding student life Student life in Canada is about more than just academic success. Take the time to meet your new classmates, either in-person or virtually, to forge new connections and friendships. Many universities have on-campus student groups where you might find people with similar interests or backgrounds. Most academic institutions will be offering a mix of virtual and in-person classes in the coming semesters. Use your first week to ensure that you’re all set up for online learning, technology-wise, to avoid interruptions in classes later. Once you have your course timetable, keep your schedule in mind while planning extracurricular activities, such as socializing, sports, exercising, exploring the city, or working part-time. Working part-time can not only bring in extra income but can also help you build skills, grow your network, and explore future career opportunities. If your study permit allows you to work part-time as an international student, evaluate how many hours you might reasonably be able to work, without impacting your academic success. Your first week as an international student in Canada may seem overwhelming at first as you get the basics in place. But with some prior research and planning, you will be able to settle into your new schedule, make the most of your student life, and set yourself up for long-term success. The Arrive mobile app is your essential companion to prepare for and navigate life as an international student in Canada. Whether you’re just exploring study options in Canada or are getting ready for your move, you’ll get the information and resources you need, when you need them, all in one place. Original article located here, published by Arrive.

Climate Change-Related Natural Disasters Impact Short-Lived Assets and Interest Rates

For decades, scientists across the globe have warned about the effects of climate change. Given that these changes—global warming, rising sea levels—happen over time and that their disastrous results may not be obvious for decades, studying the effects of climate change on financial markets has posed a problem. According to Christoph Herpfer, assistant professor of finance, Goizueta Business School, most of the existing literature that deals with the effect of climate change on financial markets considers “indefinitely lived assets,” such as owning stock or owning a home—assets that “don’t have an expiration date,” explained Herpfer. To evaluate the effect of climate change in the long run on these assets then requires discount models—ways to value something today based on what it could be worth decades from now. Herpfer, a banking and corporate finance specialist, studies short-lived assets that, on average, expire after 4.5 years. Herpfer wondered if there could be “an alternative channel in which climate change already impacts companies today,” he explained. One that didn’t have to deal with all the “challenges associated with long run discount rates,” he added. In “The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing,” Herpfer and his colleagues—Ricardo Correa, deputy associate director, Board of Governors of the Federal Reserve System, Ai He, assistant professor of finance, University of South Carolina, and Ugur Lel, associate professor, Nalley Distinguished Chair in Finance, University of Georgia, Terry College of Business—consider this question by studying corporate borrowing costs. In 2020, the paper received the best paper award at the Boca Corporate Finance and Governance Conference. The foursome had a novel idea: In recent years, there has been scientific consensus that climate change fuels natural disasters. So Herpfer and his fellow authors wondered if financial institutions took climate change-amplified natural disasters into account when pricing short-term loans. Their answer was, unequivocally, “yes.” Their work and research is captured in a recent article in Emory Business - it's attached and well worth the read. If you're a journalist looking to know more - then let us help. Christoph Herpfer is an assistant professor of finance at Goizueta Business School. He is also a financial economist working at the intersection of banking, law, and accounting. Christoph is available to speak with media about this research - simply click on his icon now to arrange an interview today.

As Flexible Voting Options Scrutinized, Expert Says Online Voting Not a Safe Alternative

The popularity of — and controversies surrounding — early voting and mail-in ballots demonstrates a demand for more flexible voting options. But online voting shouldn’t be up for consideration, according to James Hendler, the head of the Institute for Data Exploration and Applications at Rensselaer Polytechnic Institute.  Hendler also chairs the U.S. Technology Policy Committee of the Association for Computing Machinery, the world’s largest and oldest society of individuals involved in all aspects of computing. In public statements expressing his own opinion and on behalf of the ACM, Hendler has discussed the vulnerabilities of online voting and the organization’s effort to press against its adoption. Hendler argues that online voting is not, and cannot be made to be, secure against malware and denial of service attacks — and that no app or underlying technology, including blockchain, holds potential to overcome those challenges. "The current state of mobile voting is that we are not ready to deploy it at scale, that it has significant technical and socio-technical aspects, particularly cybersecurity, that we need to worry about, and that there are alternatives,” Hendler said. “The ACM has worked hard as an organization to explain our evidence-based reasoning, and to express the hope that online-voting won’t be used now and in the foreseeable future.” In explaining why online voting is more complicated than online banking, shopping and other common internet activities, Hendler said, “The main reason that online voting is more complex is that it must maintain anonymity, no one is allowed to know how you voted. Securing online voting without providing access to identity is extremely difficult. There are other reasons as well including the staggering cost and the lack of a centralized US authority, but identity management remains the number one.” Under his leadership, the ACM’s U.S. Technology Policy Committee, along with leading organizations and experts in cybersecurity and computing, sent a letter to all governors, secretaries of state and other state election directors urging them not to allow the use of internet or voting app systems. Hendler has extensive experience in policy and advisory positions that consider aspects of artificial intelligence, cybersecurity and internet and web technologies as they impact issues such as online voting and the regulation of social media and powerful technologies including facial recognition and artificial intelligence. In light of ongoing political unrest, Hendler is available to speak to diverse aspects of information technology as related to the election, AI in applications like policing, and the politics related to social media.

Digital Media Consumption in Canada is Being Dramatically Impacted by the Coronavirus Crisis

A Canadian perspective on Comscore’s ongoing special investigation into how the COVID-19 pandemic is leading to significant audience and consumer behaviour changes across digital platforms. Insights from our Analysis: News, news and more news: Canadians are consuming news at a record pace Social media and messaging: Canadians are staying ultra-connected with their communities Entertainment, music, and spirituality content: increased consumption seen as behaviours change Government: information from government websites are becoming top-of-mind Finance: increased focus on investments and payments  Analysis of News & Information Category We have seen an explosion on engagement with news and information sites. In looking at the news categories and its subcategories, the week of Mar 9-15, 2020 saw big increases in engagement over the benchmark week of Dec 30, 2019 - Jan 5, 2020. As a trend, news consumption in general is also on the rise in Canada in terms of aggregate daily unique visitors and visits over time. Analysis of Social Media and Messaging Category As Canadians respond to the Coronavirus reality, we are seeing that their engagement with digital communication channels has increased significantly. When comparing daily engagement with email, instant messengers and social networking sites between the week of March 9-15, 2020 and the benchmark week of Dec 30, 2019 -Jan 5, 2020 as it relates to the % change in usage, we saw large increase in activity. The raw increase in numbers in social media provides greater detailsof the growth in usage: Analysis of Entertainment, Misc and Religious / Spiritual Category Content is Queen, King, Prince, and Princess – between the weeks of Dec 30– January 5 and March 9-15, greater amounts of time at home and the associated increased screen time drove incremental usage of the Entertainment category and the Religious/Spiritual subcategory. Driving the growth is the explosion of Entertainment – Music, which saw an increase of 32% in aggregate daily UV, a 33% increase in visits, and a 31% increase in minutes during this time. Analysis of Government Category Another category that has seen an explosion of visitation and engagement is government sites. Overall there has been huge audience and time spent with government-related content. Here is the build of visits and aggregate Daily UV over the past 10 weeks: We reviewed the Government category between week of Dec 30, 2019 – January 5, 2020 to March 9 – March 15, 2020 and looked at the % change in usage, which really showed a large increase in activity by Canadians. Based on this trend and growing global cases of Coronavirus, it is expected that Canadian audiences will continue to flock to the content from the government in these uncertain times. Analysis of Finance Category There is a saying that we hear in society – “Follow the Money”. The digital behavior of Canadians has been analogous in recent weeks as we have seen increased measures taken relating to the Coronavirus. Overall the Business/Finance category has seen some increased usage over the time period reviewed. Banking, Payments, Investments, and especially Taxes have seen high visitation. Between the week of Dec 30, 2019 – January 5, 2020 to March 9 – March 15, 2020 we saw an increase of +19% and +59%, respectively, in visits in the Investments and Payments subcategories. Additional insights from Comscore’s initial COVID-19 insights for Canada show that: Overall Digital Consumption across the Total Internet has increased. During the time period of this review visits have increased by 10% and time spent has increased by 14% In a time of crisis, people turn to News/Information Websites There have been significant increases in activity by Canadians on Social Media, Email, and Messaging pointing to the need for communication. Social distancing is safe on the internet. Interest soars for government information sources – where we see an explosion of usage. Increases in certain content Categories like Entertainment, Games, Music, Dating, and Religion/Spirituality have spiked Spikes in traffic are occurring for the e-commerce giants as social distancing and local restrictions impact in-store retail – with specific focus on Food and Supermarket Global movement restrictions lead to tumultuous traffic for travel sites