KeatsConnelly Cross-Border Weekly Best of the Web 2015-6-26

web-search-greyEvery week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.

This week we begin with a an article on an important and controversial ruling by the United States Supreme Court that can have significant financial planning implications, then move to a couple articles with a view on the Canadian real estate market, and finally finish with an article containing cautionary news about phone scams impersonating tax authorities.

Supreme Court upholds nationwide health care law subsidies (www.msn.com) – The Supreme Court on Thursday upheld the nationwide tax subsidies underpinning President Barack Obama’s health care overhaul, rejecting a major challenge to the landmark law in a ruling that preserves health insurance for millions of Americans. The justices said in a 6-3 ruling that the subsidies that 8.7 million people currently receive to make insurance affordable do not depend on where they live, as opponents contended…

U.S. short sellers betting on Canadian housing crash: ‘An accident waiting to happen’ (www.nationalpost.com) – Large Wall Street investors who made billions when the U.S. housing market collapsed in 2008 are now betting real estate values in Vancouver and other Canadian cities will crash, financial insiders say. The hedge fund investors, known as short sellers, are betting against what they believe is a housing bubble in Vancouver, Toronto, Calgary and other Canadian cities. They believe Canadians hold too much mortgage debt, and that Canadian banks, mortgage insurers and “subprime” private lenders will lose money on unpaid loans when property prices fall.

Economists question foreign investment concerns in Canadian housing (www.financialpost.com) – CIBC deputy economist Benjamin Tal is lashing out at people who compare the Canadian housing market to its American counterpart and is downplaying fears of foreign investment. In a report co-authored with senior economist Andrew Grantham, the say they want no part of the cross-border comparison.  “We purposely did not compare the current situation in Canada to the U.S. market in 2006. That would be setting the bar too low. Comparing Canada to the pre-crisis U.S. market is not only wrong but also irresponsible…

CRA phone scam uses fear of tax man to swindle “not so smart” Canadians (www.cbc.ca) – Scam artists are preying on one of our biggest fears … getting into trouble with the tax man.  Canadians across the country are falling victim to a phone scam where the fraudster poses as an agent with the Canada Revenue Agency. People are told they owe tax money and must pay up. The caller threatens people that if they don’t act fast, their assets will be frozen and police will arrest them. Sgt. Matthew D’Asti with the Windsor Police Service notes that the time is ripe for this type of scam because we’re on the heels of tax season. “We’ve all supposedly filed our taxes with the government and perhaps people are thinking, ‘Oh gee, maybe I do owe money, maybe I am in trouble here,’ and that’s what these [fraudsters] are preying on…

Come back next week for more interesting news and articles. Enjoy your weekend!

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