Latest news with #MNP
Cision Canada
13 hours ago
- Business
- Cision Canada
Frontenac Mortgage Investment Corporation Provides Update on Outstanding Filings and Annual Meeting
OTTAWA, ON, July 30, 2025 /CNW/ - Frontenac Mortgage Investment Corporation (" FMIC" or the " Company") announces that further to its press release of June 30, 2025, the Company continues to work diligently with MNP LLP (" MNP"), its external auditors, to complete the audit of the Company's annual financial statements for the year ended December 31, 2024. MNP has confirmed to the Company and the Ontario Securities Commission (the " OSC") that they no longer expect to complete their work to permit the Company to file the financial statements, management's discussion and analysis, and related chief executive officer and chief financial officer certificates (the " Annual Filings") by July 29, 2025, as previously advised by MNP. The Company will provide further updates once a new expected completion date for the audit has been communicated. There has been no change to the Company's expectation to file its outstanding unaudited interim financial statements for the three months ended March 31, 2025, management's discussion and analysis, and related chief executive officer and chief financial officer certificates (the " Interim Filings") concurrently with or as soon as practicable after its Annual failure-to-file cease trade order issued against the Company on July 3, 2025, will remain in effect until after the Annual Filings and Interim Filings are filed. Consistent with the its press release of June 30, 2025, the Company continues to expect the Q2 2025 redemption of common shares of the Company pursuant to the pro rata redemption plan outlined in the Company's management information circular dated October 31, 2024 to take place as soon as reasonably practicable after the filing of the Annual Filings and Interim Filings and the revocation by the OSC of its failure-to-file cease trade order against the Company. In light of the delay in filing the Annual Filings, FMIC is postponing its previously announced annual meeting of shareholders, which will no longer be held on August 28, 2025. The Company will announce a new meeting date once the filing date for the Annual Filings is confirmed. Additional information about the Company is available under FMIC's profile on SEDAR+ at About Advanced Capital Corporation Advanced Capital Corporation is a registered exempt market dealer and the Manager of FMIC since May 1, 2025. The firm provides experienced fund oversight, compliance leadership, and investor-focused governance. About Advanced Alternative Lending Advanced Alternative Lending is a mortgage administrator licensed by the Financial Services Regulatory Authority of Ontario, and has served as Administrator for FMIC since May 1, 2025. The firm is responsible for the day-to-day administration and servicing of FMIC's mortgage portfolio with a focus on recovery and resolution. Forward-Looking Statements This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as " forward-looking statements") within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements in respect of MNP's completion of the audit of the Company's annual financial statements for the year ended December 31, 2024; the redemption of outstanding common shares pursuant to the pro rata redemption plan, and the anticipated timing of future redemptions; timing of the filing of the Annual Filings and Interim Filings, the Company's annual meeting, and the revocation of the failure-to-file cease trade order by the OSC; and the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond FMIC's ability to predict or control, which may cause actual events, results, performance, or achievements of FMIC to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although FMIC believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, FMIC assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise.
Cision Canada
2 days ago
- Business
- Cision Canada
MNP collaborates with Microsoft to deliver transformative agentic AI solutions to the mid-market Français
CALGARY, AB, July 29, 2025 /CNW/ - MNP is deepening their relationship with Microsoft to empower Canadian mid-market organizations to accelerate their AI journeys. Through the launch of MNP's AI Foundry – a dedicated innovation hub that guides organizations through every stage of their AI journey, from identifying opportunities to scaling production-ready solutions – MNP is investing in the tools, talent, and technology to help organizations securely and responsibly reinvent their business functions with generative and agentic AI. MNP has been an early adopter and user of Microsoft generative AI solutions like Microsoft 365 Copilot and Azure OpenAI, in Azure AI Foundry. MNP has benefited from a 193 percent increase in proposal output, 75 minutes saved per meeting, and a 30 percent reduction in content development costs. With over 98 percent active utilization of Copilot licenses, the Firm's adoption strategy is already delivering tangible results. "From deploying 6,300 Microsoft 365 Copilot licenses to building Azure OpenAI-powered agents, we're embedding intelligence into all areas of our technology ecosystem," said Adel Elassal, CIO of MNP. "AI isn't an add-on for us — it's the operating system of the modern firm." MNP's Digital Services clients are realizing similar benefits. MNP's AI Foundry offers the technology, transformation, and industry insights that mid-market organizations need to accelerate and scale their use of M365 Copilot and agents across their businesses. In collaboration with Microsoft, MNP is developing templates, extensions, and connectors that enable clients to leverage their data and generative AI to reduce costs, improve efficiency, and drive growth — delivering a seamless path from idea to impact. "As Microsoft has established a dominant position in the AI space, we are leveraging that leadership by combining our industry knowledge and technical expertise to deliver best-in-class AI solutions for the mid-market," says Ahmed Otmani Amaoui, MNP's Microsoft Practice Leader. Microsoft recently recognized MNP's Digital Services practice by awarding it the Microsoft Inner Circle for Business Applications Excellence and designating it as a worldwide featured Microsoft Fabric partner. These awards, among others, reflect MNP's focus on building generative and agentic AI solutions using a business-focused approach. MNP's collaboration with Microsoft is having demonstrable impact across MNP's client base. In the public sector, MNP co-developed a citizen-facing agent to streamline municipal services. In healthcare, the Firm has helped automate nurse intake processes, freeing up frontline staff for patient care. In financial services, MNP is enabling banks to realize operational efficiencies through AI-powered automation. "Our collaboration with Microsoft positions MNP as Canada's go-to advisor for responsible, business-first AI," says Sean Murphy, MNP's National Digital Solutions Leader. "By combining Microsoft's relentless innovation with our sector expertise, we're helping Canadian organizations compete on a completely new playing field." "MNP's rapid evolution into a Frontier firm is a testament to its bold vision and deep commitment to innovation. By combining Microsoft's cutting-edge AI platforms with MNP's unique insight, sector know-how, and IP, we're empowering medium enterprise customers to accelerate their AI value realization — not just with tools, but with transformative outcomes." Ehsan Youssef, Small, Medium Enterprise & Channel Leader at Microsoft Canada. MNP: Canada's business advisor National in scope and local in focus, MNP provides client-focused accounting, consulting, tax, and digital services in more than 150 communities from coast to coast. Founded in Brandon, Manitoba in 1958, we are proud to be born and raised in Canada and committed to the success of Canadian individuals, businesses, and organizations. Our advisors deliver personalized strategies and made-in-Canada solutions to help you reach your full potential — wherever business takes you.
Ottawa Citizen
23-07-2025
- Business
- Ottawa Citizen
Denley: Some Ottawa city councillors want a big pay raise. They shouldn't get it.
Some Ottawa city councillors are quietly working on a proposal to give themselves a double-digit raise. To call the idea untimely would be an understatement. Ottawa is facing significant public service layoffs, our city government is struggling with a transit deficit, and the city is in negotiations with eight unions. Article content Still, some councillors want more money. How much and when have been the subject of discussions at City Hall for weeks. A notice of motion proposing a raise is expected soon, but it's not yet clear whether the pro-raise group constitutes a majority of council. Article content Article content Article content Coun. Riley Brockington, for one, passed up the opportunity to talk pay raises in an interview. In a statement, he said, 'Talks have been ongoing with members of council for many months, with a number of options being considered. The motion has not yet been finalized and a few discussions are still needed.' Article content The perceived need for higher pay stems from recent big raises for Toronto city councillors and provincial MPPs, councillors say. In March, Toronto city councillors awarded themselves a stunning $33,000 raise, pushing their salaries from $137,537 to $170,588. MPPs, whose salaries had been frozen since 2009, boosted their pay from $116,500 to $157,350, still considerably less than what a Toronto city councillor makes. Article content In Ottawa, salaries of between $137,000 and $150,000 have been discussed by councillors. They currently make $119,654. In 2022, when they were elected, the job paid $111,000. Since then, councillors have received three annual increments of 2.5 per cent, a figure tied to the raises for non-unionized managers at the city. Article content Article content It's convenient for Ottawa councillors to point to the pay of their Toronto counterparts, but the workload is not the same. Ottawa has 24 councillors to serve 1.1 million people. Toronto has 25 councillors and three million people. Article content Article content A better comparator can be found in a consulting report presented to councillors in January. The consulting firm MNP compared Ottawa to other major Canadian cities and concluded, 'We have found that the current remuneration for elected officials in Ottawa aligns with the median market rate. Therefore, data-driven results across comparators' research do not indicate that a salary increase is needed presently.' Article content Even if councillors could make a good case for more money, and they can't, the timing of such a request is lousy. Among the unions the city is currently negotiating with are the Amalgamated Transit Union and the Canadian Union of Public Employees, the city's two largest. A big raise for councillors would be like gold for union officials at the negotiating table.
Global News
15-07-2025
- Business
- Global News
‘Youth-cession' sees young Canadians struggling most, poll data shows
The Canadian economy is facing challenges stemming from the current trade war with the United States, and younger Canadians in particular are experiencing severe financial strain, according to the latest study. Combined with consistent signs of a weakening youth labour market, some experts say young Canadians may be in an economic recession of their own. 'It's hard to argue that (Canadian) youth are not in some kind of 'youth-cession,' given what is happening to the jobs that are most often hiring them in retail and in hospitality — they (the jobs) ain't there,' says economist Armine Yalnizyan, who is also an Atkinson Fellow on the Future of Workers. 'Some of the basics of life are getting more expensive at a time when wage growth is slowing. That's a real problem for a lot of people. Young people are really getting hit on the head with the trends that are taking place right now.' Story continues below advertisement What does the study show? Accounting firm and insolvency trustee MNP released its latest Consumer Debt Index, which collected responses from a variety of Canadians in June on issues like affordability and the cost of living, financial planning, as well as the amount of debt they are taking on. The study, which is conducted every three months, found younger adults and lower-income households felt the most strained and 'stalled' when it came to their financial goals. Nearly half (45 per cent) of respondents aged 18-34 said they felt anxious or stressed about their financial situation, and a third (33 per cent) of those younger Canadians polled said they felt like their lives were on hold because of their finances. Plus, 37 per cent of Canadians polled aged 18-34 said they felt stuck living paycheque to paycheque. Younger Canadians are also the least likely to be able to set money aside for important life goals, according to MNP. Story continues below advertisement 'Those making careful choices and delaying major decisions may be struggling to get ahead amid the current uncertainty around costs and income,' says president Grant Bazian at MNP. 'For many vulnerable households, particularly younger adults and lower-income Canadians, it may feel like they're constantly putting out financial fires.' 4:09 Student job seekers could face tough summer Why are younger Canadians feeling the pinch? The most recent Statistics Canada report on the labour market showed youth unemployment sitting at 14.2 per cent, up from 10.8 per cent before the pandemic in 2019. For students focused on seasonal summer work, the unemployment rate was 17.4 percent in June, compared to 15.8 per cent in 2024. Story continues below advertisement Although many young Canadians are putting off long-term financial goals to make ends meet, it still may not be enough to get by. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'The pure scale of people struggling is really an alarm bell because it's not going to get easier as the tariffs really kick in and inflation continues to rise,' says economist Armine Yalnizyan, who is also a Fellow on the Future of Workers at the Atkinson Foundation. 'The tariff uncertainty means that fewer people are hiring, more people are laying off, and unemployment rates for young people are very elevated compared to previous years.' Who's benefitting? The MNP study shows the average Canadian household is ending each month with more money left over than before, but this is not consistent with each demographic. Based on the findings in the study, households with higher incomes and less or no debt at all are better able to reduce their spending amid economic uncertainty and set aside funds in case of future financial burdens. Story continues below advertisement This as the trade war and United States President Donald Trump's tariffs has most economists predicting Canada's economy will take a hit in the form of higher prices and potential job losses. The MNP report shows one third (33 per cent) of all Canadians are increasing savings or 'building emergency funds,' and two in five (41 per cent of) respondents said they are reducing their non-essential spending. In doing so, MNP reports Canadians on average had $916 left at the end of the month, which is $49 more than the last report and the second-highest recorded amount since 2017. Although this is seemingly a good sign, it was mainly older and middle- to higher-income households which were able to do so compared to younger and lower-income Canadians. For instance, Canadians aged 55 and older were saving on average $84 more every month in the three-month period leading up to June than the previous report, and those households earning between $60,000 and $100,000 reporting an increase of $260 each month. When it comes to savings goals, one third of respondents (33 per cent) aged 18-34 said they were putting those aims on hold compared to less than a quarter (23 per cent) of all Canadians polled. This means that because of the reported day-to-day affordability struggles of so many younger and lower-income Canadians, they may not be as able to save for their long-term financial goals. Story continues below advertisement 'We are looking at 'scarring' for millions of young people who will not be able to launch their lives — forget about their careers,' says Yalnizyan. 'This is just a generalized failure to launch if you cannot get a foot in the door for self-sufficiency through the labour market.' 1:46 Charities providing essential period products as cost of living rises How could the situation improve/get worse Experts say the trade war is one of the reasons the labour market has weakened as businesses slow or pause hiring, and even lay people off to reduce costs. Story continues below advertisement 'This whole thing is unfolding because of the uncertainty unleashed by the tariff threats. We could be making every job a good job at this moment if it wasn't for those factors,' says Yalnizyan. 'We had all the fixings for one of the best economies in the world until January.' Although Prime Minister Mark Carney is still working with Trump on a new trade deal, Yalnizyan said public policy will also be crucial to help support the Canadian labour market and improve affordability — especially for young people. 'It's really time for the public sector to step up to the plate and make sure all the money that we are spending, which is our taxpayer money, is actually including a factor that brings along the next generation in not only training, but in jobs in construction, infrastructure and in healthcare,' says Yalnizyan. 'There are crises in all of these elements that could actually be incredible sources of jobs for young people, but you have to design public policy to do exactly that — not just leave it to the markets.'
Yahoo
15-07-2025
- Business
- Yahoo
Nearly two-thirds of Canadians want interest rate cuts as financial anxiety grows: Poll
Following two consecutive interest rate pauses by the Bank of Canada (BoC), Canadians continue to feel financial pressure, with many stuck delaying major life goals amid ongoing economic uncertainty, according to the latest MNP Consumer Debt Index released Monday. Nearly two-thirds of Canadians (64 per cent) say they desperately need interest rates to fall, given the financial constraints they're under. Over one-third (36 percent) report feeling anxious or stressed about their financial situation, while one-quarter say they've had to stall life plans (26 per cent) or are constantly putting out financial fires due to an endless stream of unexpected costs (24 per cent). Younger adults and lower-income households are the most likely to report financial strain and feeling stalled, the survey found. 'Canadians have not witnessed such economic uncertainty since the pandemic. We see some stability in financial perception, but many households feel like their lives are on hold, stuck in a financial holding pattern as they wait for the proverbial dust to settle,' said Grant Bazian, president of insolvency firm MNP, in a statement. 'Given the persistent economic pressures and backdrop of global volatility, many are hesitant to make major financial or life decisions, unsure of what lies ahead.' In response to mounting financial pressures, 41 per cent of Canadians have reduced discretionary spending, 33 per cent are increasing savings or building emergency funds, and 27 per cent are prioritizing debt repayment. Nearly one-quarter (23 per cent) are putting life goals on hold, such as buying a home, starting a family or changing careers. Canadians aged 18 to 34 are most likely to postpone these milestones. Over one-third of Canadians (41 per cent) fear that rising interest rates could drive them towards bankruptcy. And, even if rates were to decline, 45 per cent of Canadians remain concerned about their ability to repay debt. According to Bazian, approximately 14 million Canadians say they are close to insolvency. 'There are some persistent fears around interest rates,' he said. 'For some households, the damage has already been done. After years of rising costs, high interest rates and depleted savings, there may be some deep anxieties about what could still be to come.' Even economists are divided on what the Bank of Canada will do next, Yahoo Finance Canada previously reported. In June, economists at Royal Bank and Scotiabank forecast there will be no further rate cuts in 2025, while economists at BMO and Desjardins Group, alternatively, expect a further 75 basis points of cuts by the end of 2025 or early 2026, which would bring the BoC's overnight rate to two per cent. Amid ongoing uncertainty, more Canadians appear to be building financial buffers to safeguard against future economic disruptions. The average amount households have left at month-end has risen to $916, up from just $49 last quarter — the second-highest level since MNP began tracking this data in 2017. The largest increases were among Canadians aged 55 and older (up $84) and middle- to higher-income households. Those earning between $60,000 and $100,000 saw the biggest gains (up $260), followed by households earning over $100,000 (up $129). 'These are small but encouraging signs that some households may be regaining a bit of financial footing,' Bazian said. 'While challenges remain, any movement towards greater stability is meaningful in this environment.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
