Well that justice has come just over one year later as a Quebec judge granted victims the right to go ahead with a class-action lawsuit against the Royal Bank of Canada. Robert Mongeon, a Montreal Superior Court Judge, gave former Ponzi schemer, Earl Jones’ clients’ permission to go ahead with the $40 million lawsuit, claiming that the Montreal area Royal Bank of Canada knew of inconsistencies with Jones’ account but did not investigate or do anything to prevent it.

The victims, who have formed the Earl Jones Victims Organizing Committee, were pleased with the verdict, as they have been fighting on behalf of all 158 victims, many of them seniors. Kevin Curran, whose mother was bilked out of her savings, says, “Whatever time these things typically take, because of the particular age and circumstances around this fraud, the judge wants to move it along as quickly as possible.”

The suit made by the victims includes claims of abused privileges at the Royal Bank, resulting in questionable transactions being ignored. They also claim that their investment money was deposited directly into Jones’ personal bank account and not ‘in-trust’ as they were led to believe.

Although none of these allegations have yet to be proven in court, the Royal Bank of Canada claims that it too, was victimized by Jones’ ponzi scheme when he used bank logos and letterhead to make his ‘investments’ look legitimate. RBC spokesman Claude Lussier said, “We’re confident in our position and when the case comes to court, we’ll present a defence that’s solid.”

Like many of the other ponzi schemes that have come to light over the recent years, they usually cost unsuspecting people their life savings, and the chances of recovering the money is grim. Sadly, this particular ponzi scheme cost six of the victims their homes with an additional 11 of them relying on mortgage relief, which runs out in August. This could easily result in them being evicted.

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Insulation is one of the most important aspects to your home’s efficiency. If your house is old or has ever experienced water damage, replacing the insulation should be on the list or repairs. Damaged insulation will sink to the bottom of the walls, and no longer be effective for any season. While you’re checking the main walls of your home for insulation, why not check the basement, attic and garage as well. If you have a mobile home, insulating the lower part of your home to ensure pipes are protected from the elements is important as well.

A leaky faucet will definitely add a few dollars to your monthly water bill, as will a running toilet. Replacing washers on faucets is a very cheap fix. Adding a faucet aerator to your existing plumbing reduces the water flow from your faucet, increasing efficiency. Tending to those water leaks will not only save money, it’s also good for the environment.

Caulking is a very inexpensive fix to what could be a very expensive problem. Over time, caulking around tubs and sinks does wear away and come lose. If not fixed, water will make its way underneath the area and seep into surrounding walls and floors, potentially causing major water and mould issues. Investing a few dollars in caulking could save you a few hundred in bills.

Something very few people consider when making home repairs is to clean their duct work. If you have a cold room in your home, it’s most likely an indication of a blocked duct. If your duct work has never been cleaned, having a professional blow dirt and objects out of the ducts can open up airways and improve efficiency in your furnace. If you’ve had professionals come in the past, then maintaining the vents yourself by vacuuming out grates will do the trick. Don’t forget to change the filters in your furnace as well. Not only will this overlooked chose keep your home running efficiently, it will also help improve the quality of air.

Managing home repairs with other small-fixes like dimmer switches for your lights and installing programmable thermostats will also help make a difference. When it comes to home maintenance a little work can go a long way in improving your home.

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Staying motivated is always difficult in any venture that requires dedication and determination, no matter what your goal might be or how badly you want to get there. If you’re having trouble sticking to your debt free goal, here’s a little exercise to keep you truckin’ towards being debt free.

Add up all your debt. Add up how much you pay out to your debts by the month, then also by the year. Are you reaching five figures at the end of the year? Now think about what you would do if you were not paying that debt, but instead all that money was going towards something that you have always desired. What about a great trip? Or a new home? Or perhaps you hope to help your kids pay for school?

This is a great way to practice what it might be like when you have money to spend (and you will, honest). It’s also good practice so that when you do have some extra dough, you don’t throw it away, or get yourself back into a new debt situation. Just as you feel really broke right now because you are working so hard to become debt free, when you get there, you will have new choices to make about your money.

When you remind yourself of what you owe now, and what you will feel like when you are debt free, sticking to your debt pay down plan is a lot easier. And it also helps to imagine all the things you will soon be able to buy, invest in, or places you can travel to, once that money is no longer going towards debts, but is being stashed away for your own hopes and dreams.

Reviewing the amount of money you spend every month paying off your debts can also be a smart reminder that you do not want to be debt laden ever again. And, it will help you rededicate yourself to paying that debt down and off.

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The very first thing you need to do is clean up your credit. By getting a copy of your credit history, you can go through each item and see what is legitimate and what is not. The details of your history can also let you know if anything is outstanding that you may have been forgotten about. This is a great opportunity for you to fix any wrongs, pay off outstanding debts or correct misinformation.

Once you have corrected your credit history, making an appointment with a lender to get pre-qualified should be your next step. Being pre-qualified is not the same thing as being pre-approved. Having a lender pre-qualify you simply means that he or she will gather your information, go through your liabilities and assets and calculate approximately what you can borrow. This is an informal process and is free. There is no guarantee of a loan, only a base-line of financial information for you to work with. If nothing else, it will outline your chances of actually qualifying as well as provide a guide of how much you may qualify for so you can begin shopping within your new price range.

Getting pre-approved is generally the next step. This is a much more formal process where the lender verifies your employment, ensures your financial status and checks your credit rating. This is the process that will let you know if you qualify for a mortgage or not. The benefits to being pre-approved for a loan is the buying power you have when shopping for a house. Sellers are more likely to take your offer seriously and accept a pre-approved buyer than someone who has not been pre-approved.

Choosing a lender can be a little tricky these days with so many options. The decision to use a traditional bank, a mortgage broker or to go through your real estate agent are all common choices. This is where it is a good idea to do your homework and research which source will benefit you the most. One can even shop for online loans as well. No matter which route you chose, the first step would be getting your credit back in order.

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Unless you live under a rock, somewhere in your travels you’ve come across The Body Shop, a store full of scents, lotions and potions. The chain was originally started with $6,800. In 1977, Anital Roddick got herself a bank loan and began mixing ingredients at home, creating a story with each new product. As saving money was part of her success, she encouraged her clients to return with their bottles to get the necessary refills. This also (eventually) kept millions of bottles out of landfills around the world. After growing into a franchise model, The Body Shop was eventually purchased by L’Oreal in 2006 for more than $1 billion dollars.

Purchasing tickets for major concert and sporting events has become much more simple with the ease of the internet. However, it has become even easier due to a company called Ticketsnow. Mike Domek, who was active in the sporting events and concert ticket market, created Ticketsnow in 1992 with $100. He would sell tickets to events by using his connections and his phone. Expanding on his marketing knowledge, he became a full-time ticket broker and by 1996, he had enough business to start selling them online via a new company he created called Ticketsnow. In less than ten years, Domek had over 200 employees and $100 million in sales. Ticketsnow was purchased in 2008 by Ticketmaster for $265 million.

In 1996, Nelson Gonzales and Alex Aguila began testing their skills in the PC market. With the growing popularity of desktop computers, they saw potential for customized PCs with people like gamers. With $10,000 cash, they began taking cash-upfront orders. Barely surviving their first year, they received great reviews from gaming publications. Their company, Alienware, was doing more than $100 million in sales before it was purchased by Dell in 2006.

If you’re a sandwich lover like most, you will no doubt know of Subway. The Subway sandwich chain started as one small sandwich shop with a $1,000 loan from a friend. Fred DeLuca took his $1,000 and began making sandwiches. After several financial rough patches and a few unexpected bumps in the road, DeLuca found himself sinking quickly. He was forced to borrow another $1,000 from his friend. Originally named Pete’s Super Submarines, after the friend who loaned him the money, Deluca went on to rapidly open three more shops. From the first shop in 1965, DeLuca’s empire is now worth billions.

One has to keep in mind that these companies weren’t built over night, but rather with a lot of hard work as well as passion and a little money.

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The benefits vary a lot so be sure to check out the specifics for your own situation. That way you will know whether you are eligible and how much support you can depend on. Generally, though, most Canadian parents are eligible for 52 weeks of EI, if they can show their earnings have decreased by 40% or more and they have accumulated 600 or more insured hours in the past 52 weeks or since their last claim.

Some lucky people have “top up” plans with their employers that raise their maternity leave earnings almost back to their full working salary. Remember, though, all earnings are subject to taxes just like regular income. So now you’re ready, right?

Wrong. Your EI sounds all well and good, but the cost of a newborn is high, and often much more than new parents expect-no matter how prepared you think you are.

Here are some more things to consider before your bundle comes home so that your time is spent enjoying the crazy-great changes to your life, and not worrying about whether or not you can afford them.

Learn to spend less before Baby arrives. Fact is, babies cost big time. So learn to spend less before that love bun shows up. Having a financial plan in place before Baby comes means you will have a few extra dollars in the bank to help with the costs-and you’ll already have learned that you cannot keep spending the way you may have before baby costs came into play.

Have a return-to-work financial plan. The biggest worry for most new parents is the cost of day care-and whether it’s even worth it for a parent to go back to work given how expensive it can be to care for your infant outside the home. The credentials of the workers are always a worry, wait lists can be long for reputable places, the hours of operation of a daycare centre may or may not meet your needs, discipline measures may differ from your own-not to mention food, child/worker ratios and a whole host of other concerns. So check out daycares well in advance if you plan to return to work.

Raising a child can cost anywhere from $150,000 to $220,000 from birth to the age of 18. That’s an enormous cost, and one you want to think through carefully before your first (or second, or third) child arrives.

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The first mistake is the consumer not understanding the new ways of buying and selling real estate. Although the basics of finding financing, shopping for a home, making an offer and then closing are pretty much the same, the finer details of how the process works today is different than last year. It’s important to know the new rules and to know what has changed in order to avoid any costly mistakes.

A common problem in real estate purchases is homebuyers paying more for property than they should. Even though this is a buyers market, it’s important that you do your homework and make yourself familiar with home prices in the areas you are considering buying in. It’s also important to not allow the fear of ‘missing out’ to impact your buying decision. Property prices can go down as quickly as they go up. Don’t be pressured into a buy unless you’re ready.
Jumping at the first property seen is another mistake that’s common to new home buyers. Even if you fall in love with the first house you visit, you should still take the time to look around. You may find that although the house is nice, the next has a finished basement, or more bedrooms at a more reasonable price.

Lenders are now asking for much more documentation than they did even six months  ago, so when you apply for a mortgage, be prepared to provide ample documentation with your application as well as during the verification process. Not responding to your bank or lender’s requests for verification documents will only delay the process, which may result in declined financing, which could cause you to miss out on a great deal.

One of the most important factors to remember when investing or buying is to clean up your credit. Lenders have really tightened their credit requirements. Before, it was possible to get a loan with a lower score. However, the government-backed loans now require a minimum credit score of 600 to get a loan. It’s very important you spend time cleaning up your credit score before applying for a loan.

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Here are some challenges. Choose one or more. Challenge your family and friends. Get as many people as you can to join in. Even make it a competition with prizes, or put some of the money not spent towards a favorite charity.

Can you not charge anything to your personal credit card for 30 days? Reflect pretty seriously on every buy before you make it, for the next 30 days. If you make it through, ask yourself what you’ve been chocking up on that card that’s got you knee-deep in debt today?

Bag your lunch, use no vending machines and skip buying coffee. Every time it occurs to you to go buy lunch, pick up a chocolate bar, or down some java, put that money into a sealed jar. Even consider labeling the jar, “30-day Challenge”. You’ll get lots of people-especially at work-joining in. Make it a competition. Buy the winner a pound of coffee and a great lunch box.

No DVDs or movies out for 30 days. These entertainment costs can take a huge bite out of your pocket book-and some people suffer serious withdrawal when they stop going to the movies or buying DVDs. To make it a bit easier, remember that the library carries lots of great television series (remember “Get Smart”? It’s a great family show many libraries carry) and old movies that you can get for free. Hold a “summer movie night” and invite friends to see some of the great classics.

No take-outs. That means no pizzas, sub sandwiches, Chinese food or other late-night favorites. Instead, go to the grocery store and buy the equivalent and make it at home. That big white thing with the 4 black round things on top? It’s a stove. Make it your friend and learn how to use it. Put the difference between the take-out cost and what it cost you to make your late night treats at home into a jar, and see how much you don’t spend in 30 days.

These are just a few ways to try and save for 30 days. There are plenty more, like only buying with cash, budgeting your groceries, comparison shopping before you buy, and many more ideas you and your family can think of. So try not spending for 30 days-and good luck!

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In British Columbia, the HST will be 12 per cent as the provincial sales tax is currently 7 per cent but in Ontario, the HST combo will total 13 per cent, adding the 8 per cent provincial sales tax together with the 5 per cent GST. This will bring Canada’s HST province total to 5, as Newfoundland, Nova Scotia and New Brunswick are already members.

The HST will affect all companies doing business in these provinces as well as all residents. The new tax will be applied to almost everything with a few exceptions. Itemas such as children’s shoes and clothes, diapers, basic groceries and feminine hygiene products will all remain exempt.

The HST sting will be felt in different places. In Ontario, the cost of electricity and heat for your home will increase whereas, B.C. has implanted a consumer rebate for these fuels. Service providers such as contractors, hairstylists, landscapers, lawyers, electricians, accountants, plumbers and carpenters will now have to charge HST.

Also included in the service list are taxis. Taxis and domestic bus, air or rail travel will warrant HST fees. Oddly enough, there will now be a 7 per cent increase in the cost of bicycles in British Columbia. The pinch has not left out the pumps. Although B.C. has left their motor fuels exempt from the HST, the cost of diesel and gas will be going up in Ontario. Even though there is already a provincial tax built into the cost of gas, the HST will be adding around another $0.08 cents for every litre you pump in your tank.

Of course hotels will charge HST but condo fees will remain exempt. One can probably expect an eventual increase, however, as the cost of services and maintenance goes up. The most hard hit will be homebuyers. Even though both provinces are offering rebates on the HST portion of buying a home, the tax will still be added to the final cost of your new home. If you’re buying a used home, resales are eliminated from the tax collector. Due to the fact a real estate agent provides a service, expect to pay HST along with their fee.

Even though the government has promised consumers rebates, these increases will make a dent in many wallets. Smart spending might be the order of the day for lower income families so that they may take the time to adjust to the new tax.

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If you’re looking at doing a large overhaul such as adding an addition or another level to your home, refinancing your exiting mortgage may be the best option. While you may incur some legal and appraisal fees, refinancing your mortgage will allow you to make the payments over a long period of time at a much lower interest rate.

Home equity loans or a secured line of credit is another great option to getting the money you need. Similar to a second mortgage, this can be a great source for low-cost funding since the equity in your home is used as security or collateral.

Of course paying by credit card is also an option. If you chose to use your plastic, you will be able to pay off as little or as much as you want each month without the worry of penalties. If your credit limit is high enough, you can purchase what you need at your own convenience without having to wait for a loan approval. The downside is the high interest rates on a maxed-out credit card. Something to watch out for.

A personal unsecured line of credit can also be an option to getting that renovation money. These popular lending vehicles have fixed or variable interest rates and flexible repayment plans making them useful to pay-as-you-go or paying the minimum monthly balance, which is usually very low.

Paying by cash is first choice for most people. If you are considering taking a substantial amount of money out of a high-interest investment account or mutual fund, you may want to reconsider. Weighing your losses in compound interest plus early withdrawal penalties against the cost of the loan may conclude that getting a loan may actually be cheaper.

Getting a bank loan for your upcoming home renovations is the most straightforward way to finance any project that requires a large amount of cash. Having a fixed repayment plan automatically withdrawn from your account ensure fast and efficient payments. If traditional banks are currently not an option, you may want to consider a loan from a private lender. There are many private lending institutions that offer car title loans specifically tailored to individuals and businesses with bad credit or no credit. They use the borrower’s vehicle as collateral so that credit rating is virtually irrelevant.

There are many options out there to finance your home renovation. What is most important is that you take the time to research the best option for you.

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