Finaces

Beaver Creek to Recover Frozen Money

Steve Furino

My trustee Google Alert as informed me that things are progressing in Beaver Creek's attempt to recover our $93,000 frozen in asset-backed commercial paper (ABC paper). Here is a small quote from an interview The Record had with Steve Furino yesterday.

This week's court approval of a plan that paves the way for the Beaver Creek Housing Co-operative where he lives to finally get back $93,000 in what he thought was a safe investment still has him wary. "I'm thrilled and relieved," he says.

But he notes there have been 13 or 14 postponements in the past.

Although everything has been signed, it will still take about a month before funds will actually be made available, and that is assuming there isn't yet another postponement.

Living on Less

Thriving on Less - Simplifying in a Tough Economy

Times are tough, and unfortunately they will get tougher before they get any better. Everyone is starting to look at their expenses and evaluating where they can save. The kind folks at ThePowerofLess.com have produced a free ebook Thriving on Less - Simplifying in a Tough Economy. This handy resource details some helpful tips on how to not only survive, but to thrive during these times.

What follows is one of the largest suggestions found in the book.

The Difference between Banks and Credit Unions

Alberta's Common Wealth Credit Union has created the Young & Free chequing account which offers a ton of free features for young people aged 17 to 25.

Here are their two very entertaining and informative videos that explain the difference between banks and credit unions.

The Difference between Banks and Credit Unions: Part 1

Young & Free

Alberta's Common Wealth Credit Union has created the Young & Free chequing account which offers the following free features for young people aged 17 to 25:

  • Withdrawals from your own or other credit union ATMs
  • Transfers between accounts
  • Point-of-sale transactions
  • Global payment card transactions
  • Cheques
  • Bill payments
  • Internet banking and teleservice

To advertise this service, they have created their own website for it, and are advertising via YouTube and Facebook. Click Read More below to see their two very entertaining and informative videos that explain the difference between banks and credit unions.

Director informs The Record of ABCP Woes

On April 10, Patrick Hunt spoke with The Record regarding the $93,000 of our capital expenditure fund that was invested by Canaccord in asset-backed commercial paper and frozen since last August.

Patrick Hunt, who sits on Beaver Creek's board, said in an interview the fund is used for repairs and upkeep at the 28-year-old housing complex.

Unlike many housing co-ops, Beaver Creek was in good financial shape, he said in an interview.

"In a pinch we could have survived this," Hunt said, but added, "somebody is responsible for this. It wasn't us."

He believes small investors weren't treated with the same respect as large ones.

"Everybody with a lot of clout and money was able to pull out of this, but the little guy couldn't," he said. "Ninety-three thousand dollars is a lot . . . to us."

Going to Ottawa

About $93,000 of Beaver Creek's $183,000 capital expenditure fund invested with Canaccord is stuck in frozen ABCP. Steve Furino, Beaver Creek's Treasurer, has been asked to speak at the House of Commons finance committee's special hearing on ABCP tomorrow. Learn more in today's Globe and Mail or click the read more link.

Is buying a house better than living in a co-op?

With mortgage rates at all-time lows, is it a better financial investment to buy a house of live in a co-op?

Usually money is not the only issue when someone decides to buy a house, rent an apartment or live in a co-op. Some people prefer the co-op community, others enjoy the pride and pleasure of owning their house. I won't speak to these issues. I'll simply look at the question:

Would I have more wealth in twenty years if I bought a house or if I invested the difference between buying a house and living in a co-op?

Affordable Housing Doesn't Pay: why private developers will not pick up the slack from government

If the provincial government wants to get out of the housing business, who would build non-profit and co-operative housing in Ontario? According to Dwight Syms, no one.