Oct. 6, 2017

Cannabis in Canada

  • Ottawa expects approximately 600,000 people to smoke upon legalization
  • Federal:
    • With the target of legalization in July 2018, the federal government released the “Cannabis Act” which has a heavy focus on outlining criminal activity and fewer details pertaining to sale and production. Highlights include:
      • Possessing more than 30g is punishable by up to 5 years in prison
      • Possessing more than 4 plants per residence is punishable by up to 14 years in prison
      • Selling without a license carries a maximum sentence of 14 years in prison
      • Selling to a minor carries a maximum sentence of 14 years in prison
  • Alberta’s Cannabis Policy:
    • Wednesday’s release makes Alberta the third province to release details on sales and consumption
    • Proposes recreational use both at home and in public where smoking is allowed, with restrictions on schools, hospitals, and in vehicles
    • Considering the possibility of private stores while Ontario stores will be government run

TransCanada’s Energy East Pipeline

  • TransCanada Corp. (TRP) has abandoned its $15.5 billion Energy East Pipeline
  • TRP estimates a $1 billion charge and will focus on $24 billion in near-term capital programs
  • The west-to-east pipeline was set to provide 1.1 million barrels of crude per day to refineries in Quebec and New Brunswick
  • Heavily supported by both Alberta and New Brunswick government, while heavily opposed by municipalities and Indigenous leaders in Quebec
  • Alberta premier disappointed by decision, which puts greater significance on the Trans Mountain project in order to expand potential export markets

Jobs in September

  • Alberta had a net loss of 8000 jobs (-9900 part time), while unemployment dropped to 7.9% vs 8.1%
  • Canada added 10,000 jobs (est. 14,500), unemployment unchanged at 6.2%, wages up 2.2% Y/Y
  • In the US:
    • Despite hurricane disruptions, hourly wages increased 0.5% M/M, and 2.9% Y/Y
    • Probability of  Federal Reserve rate increase for December over 90% as a result of the wage increase
    • Labour participation increased to 63.1% vs 62.9%

It’s Wills Week in Edmonton: Dawn Hawley CFP, TEP

When one passes without a will, the Wills & Succession Act of Alberta dictates the settlement of one’s estate. This might vary drastically from one’s wishes. Your will:

  • Allows you to have peace of mind, knowing someone you trust has the authority to deal with your estate
  • Allows guardians to be named for your minor children (and pets) and attach conditions to their inheritance
  • Allows you to ensure your estate passes to those you choose (faster and more efficient)
  • Allows you to provide for charitable gifts
  • Should be reviewed every three to five years or when any personal circumstance changes