Latest news with #Wealthsimple
CTV News
6 days ago
- Business
- CTV News
Canadian tech execs say building up ecosystem means resisting allure of U.S., acquisition
TORONTO — A trio of the biggest names in tech say they resisted the allure of the U.S. and businesses that saw them as a takeover target and hope the next generation of Canadian entrepreneurs will do the same. Shopify Inc. president Harley Finkelstein, Cohere co-founder Aidan Gomez and Wealthsimple CEO Michael Katchen feel the future of the country's tech ecosystem is dependent on entrepreneurs building in Canada. In charting their rise, they faced plenty of temptation to flee the country or give in to businesses that wanted to buy their firms. Years ago, Gomez says Cohere was facing a nine-figure acquisition offer it ultimately turned down. He now feels any exit from the Canadian market would be a failure and coaches entrepreneurs who write to him not to incorporate in the U.S. Finkelstein says Shopify felt similar pressure, when it was raising a Series A and some investors made their funding conditional on a move south of the border. He says Shopify refused and eventually found an investor group that didn't care where the company was based. Their remarks came at the inaugural Toronto Tech Week, which will span more than 300 events uniting the country's entrepreneurs this week. Tara Deschamps, The Canadian Press
Yahoo
6 days ago
- Business
- Yahoo
Tech execs say building up tech ecosystem means resisting allure of U.S., acquisition
TORONTO — A trio of the biggest names in tech say they resisted the allure of the U.S. and businesses that saw them as a takeover target — and hope the next generation of Canadian entrepreneurs will do the same. Shopify Inc. president Harley Finkelstein, Cohere co-founder Aidan Gomez and Wealthsimple CEO Michael Katchen feel the future of the country's tech ecosystem is dependent on entrepreneurs building in Canada. In charting their rise, they faced plenty of temptation to flee the country or give in to businesses that wanted to buy their firms. Years ago, Gomez says Cohere was facing a nine-figure acquisition offer it ultimately turned down. He now feels any exit from the Canadian market would be a failure and coaches entrepreneurs who write to him not to incorporate in the U.S. Finkelstein says Shopify felt similar pressure, when it was raising a Series A and some investors made their funding conditional on a move south of the border. He says Shopify refused and eventually found an investor group that didn't care where the company was based. Their remarks came at the inaugural Toronto Tech Week, which will span more than 300 events uniting the country's entrepreneurs this week. This report by The Canadian Press was first published June 24, 2025. Companies in this story: (TSX:SHOP) Tara Deschamps, The Canadian Press Sign in to access your portfolio
Yahoo
16-06-2025
- Business
- Yahoo
Wealthsimple launches credit card, lines of credit
In a significant move to diversify its financial services, Wealthsimple Inc. has unveiled its inaugural credit card and line of credit offerings. This expansion marks a bold step in the company's strategy to compete directly with Canada's established banking institutions. The fintech company is also enhancing its existing services by introducing new features to its chequing account platform, which was initially launched in 2020. These additions include mobile cheque deposits, wire transfer capabilities and bank draft services — bringing its functionality closer to that of traditional banks. Wealthsimple launched several new banking features, including a credit card offering 2% cash back rewards. The company also announced plans to introduce a line of credit by year-end, with rates starting at 4.45%, notably lower than the current prime rate of 4.95%. The fintech company is expanding its services with complimentary bank draft delivery to recipients. Additionally, customers will have the option to use their Wealthsimple account balances as security for lines of credit. Despite these new features and services, it remains uncertain whether Wealthsimple can successfully capture significant market share from Canada's Big Six banks — RBC, TD, BMO, CIBC, Scotiabank and National Bank. Wealthsimple has positioned itself to capitalize on changing consumer behaviours by introducing innovative financial products. The company's strategic focus on digital-first banking solutions comes at a time when Canadians are increasingly seeking alternatives to traditional banking services. The fintech company's expansion into retail banking services marks a significant shift in the Canadian financial landscape. By offering competitive rates and eliminating common fees, Wealthsimple is directly challenging established banks' long-standing fee structures. These new banking products represent a deliberate move to address consumer pain points, particularly around transaction costs and international banking fees. By offering free ATM withdrawals and the elimination of foreign exchange fees, Wealthsimple is specifically targeting frequent travelers and cross-border shoppers who have historically faced substantial banking charges. In addition to facing competition from other fintech companies, Wealthsimple faces significant challenges in its efforts to compete with Canada's major banks. The Canadian financial sector is highly concentrated, with the six largest banks controlling 93% of banking assets. While Wealthsimple manages approximately $70 billion in client assets — comparable to EQ Bank's $74 billion as Canada's seventh-largest bank — this figure pales in comparison to RBC's substantial $1.4 trillion in assets under management. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
16-06-2025
- Business
- Yahoo
Mackenzie Investments Announces June 2025 Quarterly Distributions for its Exchange Traded Funds
TORONTO, June 16, 2025 /CNW/ - Mackenzie Investments ("Mackenzie") today announced the June 2025 quarterly cash distributions for its equity Exchange Traded Funds ("ETFs") listed below that trade on the Toronto Stock Exchange (TSX) and Cboe Canada. Unitholders of record on June 23, 2025 will receive cash distributions payable on June 30, 2025. Details of the per-unit distribution amounts are as follows:Mackenzie ETF TickerSymbol Distributionper Unit ($) Currency CUSIP ISIN PaymentFrequency ExchangeMackenzie Canada Low Volatility ETF MCLV $ 0.13810 CAD 554555102 CA5545551023 Quarterly TSXMackenzie US Low Volatility ETF MULV $ 0.06238 CAD 554914101 CA5549141011 Quarterly TSXMackenzie Canadian Large Cap Equity Index ETF QCE $ 1.08825 CAD 55454W104 CA55454W1041 Quarterly TSXMackenzie Canadian Equity Index ETF QCN $ 1.06518 CAD 55453U109 CA55453U1093 Quarterly TSXMackenzie US Large Cap Equity Index ETF QUU $ 0.60986 CAD 55454T101 CA55454T1012 Quarterly TSXMackenzie US Large Cap Equity Index ETF (CAD-Hedged) QAH $ 0.50677 CAD 55455M105 CA55455M1059 Quarterly TSXMackenzie International Equity Index ETF QDX $ 1.47688 CAD 55455T100 CA55455T1003 Quarterly TSXMackenzie International Equity Index ETF (CAD-Hedged) QDXH $ 1.54484 CAD 55455Y109 CA55455Y1097 Quarterly TSXWealthsimple North America Socially Responsible Index ETF WSRI $ 0.11115 CAD 94701L108 CA94701L1085 Quarterly TSXWealthsimple Developed Markets ex North America Socially Responsible Index ETF WSRD $ 0.37497 CAD 94701J103 CA94701J1030 Quarterly TSXMackenzie Developed Markets Real Estate Index ETF QRET $ 0.84704 CAD 55454K100 CA55454K1003 Quarterly TSXMackenzie Global Infrastructure Index ETF QINF $ 1.11753 CAD 554547109 CA5545471099 Quarterly TSXMackenzie Balanced Allocation ETF MBAL $ 0.15185 CAD 554551101 CA5545511019 Quarterly TSXMackenzie Conservative Allocation ETF MCON $ 0.13549 CAD 554567107 CA5545671078 Quarterly TSXMackenzie Growth Allocation ETF MGRW $ 0.17155 CAD 554570101 CA5545701016 Quarterly TSXMackenzie All-Equity Allocation ETF MEQT $ 0.14463 CAD 55452A104 CA55452A1049 Quarterly TSXWealthsimple Shariah World Equity Index ETF WSHR $ 0.17731 CAD 94701W104 CA94701W1041 Quarterly Cboe CanadaMackenzie Emerging Markets Equity Index ETF QEE $ 0.56768 CAD 55455L107 CA55455L1076 Semi-Annual TSXMackenzie World Low Volatility ETF MWLV $ 0.19070 CAD 55453H108 CA55453H1082 Semi-Annual TSX Mackenzie Global Dividend ETF MGDV $ 0.11403 CAD 554542100 CA5545421003 Semi-Annual TSXFurther information about Mackenzie ETFs can be found at Commissions, management fees, brokerage fees and expenses all may be associated with Exchange Traded Funds. Please read the prospectus before investing. Exchange Traded Funds are not guaranteed, their values change frequently and past performance may not be repeated. The payment of distributions is not guaranteed and may fluctuate. The payment of distributions should not be confused with an Exchange Traded Fund's performance, rate of return or yield. If distributions paid by the Exchange Traded Fund are greater than the performance of the Exchange Traded Fund, your original investment will shrink. Distributions paid as a result of capital gains realized by an Exchange Traded Fund, and income and dividends earned by an Exchange Traded Fund are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero. About Mackenzie InvestmentsMackenzie Investments ("Mackenzie") is a Canadian investment management firm with approximately $221 billion in assets under management as of May 31, 2025. Mackenzie seeks to create a more invested world by delivering strong investment performance and offering innovative portfolio solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, it is a global asset manager with offices across Canada as well as in Beijing, Boston, Dublin, Hong Kong and London. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), part of the Power Corporation group of companies and one of Canada's leading diversified wealth and asset management organizations with approximately $278 billion in total assets under management and advisement as of May 31, 2025. For more information, visit SOURCE Mackenzie Financial Corporation View original content to download multimedia: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
13-06-2025
- Business
- Bloomberg
RBC, Scotiabank Show CEOs Have New Leverage on Return-to-Office Rules
Welcome to Bay Street Edition, our weekly newsletter devoted to what's happening in Canadian finance, covering strategy, deals, people moves and economics. I'm Christine Dobby, Bloomberg's Toronto-based banking reporter, and you'll find me in your inbox every Friday. This week, we're talking about where you work your 9-5, Wealthsimple's product launches and another potential big deal from GFL. Plus: the Canadian connections to SmartLess Mobile.
