ETA Canada News

A Canadian consumer credit company has over 44,000 loans on its books, totalling about 229 million Canadian dollars. But when the court-appointed takeover visited the company last month, they found only 256 cases, totalling less than 900,000 yuan. Meanwhile, claims held by creditors may exceed 613 million. Cash Today Inc., based in Edmonton, Alberta, reported at the end of last year that there were over 44,000 outstanding loans, totalling about CAD 229 million. Photo: David Bloom

The accounts don’t match

The company is called Cash Today and is headquartered in Edmonton, Alberta. At the end of last year, it reported more than 44,000 outstanding loans. But according to documents submitted to the Alberta King’s Court this Tuesday, the receiver MNP found only 256 records of valid loans. The receiver confirmed about 270 creditors and bondholders. MNP warned that the claim amount of 613 million may be at least 190 million overstated, and stated that the full picture of the company’s assets and debts is still unclear. Note: MNP is a Canadian accounting firm officially named MNP LLP, founded in 1958 and headquartered in Calgary. It has over 120 branches nationwide and is the fifth largest accounting firm in Canada, mainly engaged in auditing, tax, and corporate consulting. The report features its subsidiary, MNP Ltd., which specializes in bankruptcy liquidation and has the largest number of branches among licensed bankruptcy trustees in Canada. This time, the court appointed it as the receiver of Cash Today, responsible for auditing accounts, recovering assets, and giving creditors an explanation. Where did the investors’ money go?

The investigation also focused on how investors’ money was used. Some debt agreements require that the raised funds be placed in a segregated bank account until they are used to purchase the loan portfolio. However, records provided by multiple investors show that the money was transferred into the account of an affiliated company. Cash Today told the receiver that the company had no bank accounts under its name, and bank records confirmed this. MNP said it cannot confirm whether investors’ money is being used as required by the agreement. The boss suddenly passed away, and no one took care of the company anymore

Cash Today was founded in 2005 and offers high-interest consumer loans in Edmonton and Red Deer. The company is controlled by companies associated with Grant Patterson and Cameron Schiffner, who also serve on the boards of several other lending companies. The company did not immediately respond to requests for comment. The receiver learned from the company’s former lawyer that Patterson had died the week of September 21. Schiffner resigned from his board position on October 1. The receiver described the company’s operations as being ignored. The receiver also said the investigation was met with obstacles everywhere. The company’s management refused to meet or video conferences, only agreeing to a written response through the lawyer, who subsequently withdrew from the case.

On Wednesday, at a campaign rally in Bullhead City, Arizona, U.S. President Trump stated that Canada “will eventually become the 51st state,” and once again expressed several longstanding dissatisfaction with Canada. Trump claimed that Canada was “very bad for us” and said, “Now things are completely different.” He accused Canada of “blackmailing” the U.S. through milk tariffs, mentioned automakers relocating factories to the U.S., and renamed Lake Ontario to “American Lake.” He also said that relations can only work if Canada becomes the 51st state, stating, “We don’t need them, but they need us.” Trump also questioned why the U.S. would lose billions of dollars “to support a country that doesn’t belong to us,” and said Canada “would be like Greenland,” making “our plate bigger and bigger.”

According to Richmond News on October 7, the BC Supreme Court may rule next week on a case involving a former ballet school art director accused of sexually assaulting a teenage student. Defendant David Chaplin Beales denies multiple charges between 2019 and 2022, including sexual harassment, sexual exploitation, and providing explicit material to minors. Among these, sexual interference refers to sexual contact with minors under 16 years old, while sexual exploitation refers to the defendant having sexual contact with 16- or 17-year-old youths based on trust or authoritative relationships such as teachers and students. After closing arguments last week, the court is expected to continue hearing next Wednesday. The details of the incident

At the time of the incident, Beales was serving as the artistic director of the Maple Leaf School of Russian Ballet in Vic West, and the case involved a 15-year-old female student at the time. Defence attorney Jordan Watt pointed out that when Beales had sex with the student, the other party was already 16 years old, the legal age of consent, and the two were no longer teacher-student or had a power relationship. The identity of the dancer involved is protected by a ban. She testified that in December 2019, she had her first sexual encounter with Beales at age 15, who was in her thirties at the time. She also stated that on the morning of December 19, 2019, she went to a dance studio to pick up items she had dropped, and Beales actively guided her hands to touch her erect genitals, which then led to oral sex. Beales denied having any sexual activity that morning. According to Watt, Beales testified that the dancer came to express his love for him that day; the two were just talking before the woman left for school. Watt emphasized that the two only developed a sexual relationship after the woman turned 16.

In his closing statement, Watt also noted that Beales’ recollections showed that before officially becoming a couple, they had romantic experiences such as going for drives at Beacon Hill Park and watching movies at Beales’ home, until they officially started dating in April 2020 and only had sex two months later. Watt stated that the court was indeed hearing a case involving a dance teacher and a student, but he believed the teacher-student relationship ended when the two began to develop an intimate relationship. Beales denied having sex with the student at the dance studio, stating that his mother was also living in the classroom during the incident. Watt also said that at the beginning of the incident, Beales, a father of three, had just separated from his wife, and the school had already been transferred to his parents. Beales had publicly dated another dancer

Shortly after their separation, Beales publicly dated another dancer, Clare Gillesse. Gillesse is currently the Artistic Director of the Maple Leaf School of Russian Ballet. Lawyer Watt hinted that after Beales started a new relationship with Gillesse, the dancer involved developed jealousy. During cross-examination, he told the woman: “You want Mr. Beales to end his relationship with Clare, you want to be a unique partner with Mr. Beales.” ” The woman denied it and asked, “Are you asking me, as a 15-year-old student, if I want to be alone with my teacher, Mr. Beales?” ” She also said she “doesn’t have any special feelings” about Beales’ relationship with Gillesse. The dancer said that when Gillesse taught at Maple Leaf in the evenings, he would come to Beales’ house to have sex with him. Watt believes that between December 2019 and February 2020, Beales was extremely weak due to lung disease and did not participate in dance school affairs, so it was impossible for him to have sex privately with students.

He also pointed out that the woman’s claim of oral sex on December 16, 2019, was “baseless,” only because Beales praised her for a recent performance and suddenly recalled the memory. Watt said, “She just suddenly appeared and then remembered giving him oral sex.” ” He added that the correspondence between Beales and the dancer matched Beales’s statement, indicating that the woman had feelings for him and proactively expressed a desire to have a heart-to-heart talk. The woman told the court that they had exclusive nicknames and had mentioned that she had even made a list of names for their future child. She said she was pregnant at age 16 but had a miscarriage. Watt emphasized that one should not conclude that Beales has always been in a position of power simply because she was her teacher. He stated that although dancers are attracted by Beales’s professionalism, Beales does not have the power to enforce obedience or enforce consequences.

Watt said Beales stopped teaching dancers after June 2019, while Beales continued dancing and teaching assistants at school until the school clos ed due to the COVID-19 pandemic. Their relationship ended in November 2020. Watt considers claims that the two still had sex after November 2020 “completely uncredible,” as Beales was away from Victoria most of the time at the time, and even when he occasionally returned to town, he lived with his mother and cared for their three children. However, the woman said that on weekends when Beales returned to Victoria, the two would have sex in her bedroom at home, usually before the children were dropped off. Watt said that by mid-2021, when they reconciled, the dancer was 17 years old, ready to drop out and leave Victoria to live independently and attend dance school. He believed that at this point, there was no longer any power relationship between the two. At the same time, their communications at this stage also showed they were in a long-distance relationship. Inspector: Beales’s testimony contradicts itself multiple times

Prosecutor Rebecca Watmough stated that Beales’s testimony contradicted itself multiple times during direct testimony and cross-examination, and the court should deny it. She pointed out that some of Beales’ responses were evasive, some of which were unreasonable, and clearly contradicted the Signal app chat records Beales himself admitted. In his closing argument, Watmough spent about half an hour listing the inconsistent testimonies Beales gave during cross-examinations. She also questioned Beales’ claim that the conversation with the dancers on December 16, 2019, lasted only 5 to 10 minutes, calling it “illogical.” Watmough pointed out that when Beales insisted they only had sex in his bedroom and living room, and when chat records mentioned “intimate acts in hidden locations,” Beales responded that all of this happened at home.

During cross-examination, Beales also admitted that he was unsure of the exact time he had sex with the dancer. Watmough stated that the court should focus on the conversation in March 2023 where the woman confronted Beales via the Signal app. The woman wrote: “You slept with me when I was 15!” ” “Actually, you had sex with me when I was 15. You made me fall in love with you when I was 14, and I was feeling down and on the verge of breaking down…… “You know, I didn’t want to recall our relationship before because I was ashamed of letting this happen. But now I am no longer ashamed. I was really angry, and that anger actually made me feel a huge sense of relief. ” Watmough believes that Beales’ response, “Sorry, I believe you say age doesn’t matter,” and “Sorry, I thought I was everything you wanted” should be considered guilty statements.

A case involving a former student at Cornell University in the United States, accused of being sexually assaulted by seven men at a fraternity party in 2024, has drawn widespread attention, prompting several Canadian survivors to come forward and share their personal experiences. One Canadian woman interviewed in Brantford, Ontario, shared her experience at Saint Mary’s University in Nova Scotia. Melissa Stark wrote on Instagram: “The latest news about the Cornell 7 case has resurfaced some unresolved anger inside me. While attending St. Mary’s University, I was sexually assaulted. She said the incident happened when she was a junior in college. The other person was someone she met through mutual friends, later became friends, and one day visited her off-campus apartment. “That’s where the story began.” Stark said it took her several weeks to muster the courage to report to the university’s sexual violence coordinator. Although she initially received a positive response, as the situation escalated, the school refused to expel her accusers.

She said, “I hope he is expelled, not just for myself, but also to protect other students.” The school said they could only provide tutoring, arrange for him to complete some online courses, and asked if I wanted a written apology, but I refused. ” Afterwards, the accused continued his studies and achieved excellent results, graduating with honour; Stark’s grades declined, and his mental health was seriously affected. He even considered dropping out and skipping some classes because his friend was in the same class. She said, “I remember at one moment I thought, I want to drop out.” ” Candice Shaw, Executive Director of the Ending Sexual Violence Association of Canada, stated that 11% of female university students and 4% of male university students have experienced sexual assault in higher education settings, and called on Canadian universities to ensure clear community support channels for survivors. Stark eventually graduated successfully and is now pursuing a master’s degree in criminology at another university in Ontario. She said, “I want them to know they are not alone; there is someone ready to listen and offer help.” St. Mary’s University has not responded to any related inquiries at this time.

The Italian luxury brand Armani is preparing to open an Armani/Caffè in Vancouver, and this store also has a special identity—the first Armani café in Canada. Armani is not just opening a café this time. Oakridge Park will also feature an independent Armani clothing store, meaning the brand will bring both fashion and dining to Vancouver. Currently, the official sources have not released many details, only that the café is in preparation and is expected to open this fall. Although when people mention Armani, their first thought is usually high-end fashion, this Italian brand has actually been in the restaurant business for quite some time. Currently, there are 26 Armani restaurants and cafes worldwide.

However, in North America, the numbers are still not large. Currently, there are only two: one in New York, the Armani restaurant; Another is in Costa Mesa, California, between Laguna Beach and Anaheim, in Armani/Caffè. Once the Vancouver branch opens, it will become the brand’s first restaurant in Canada. As for what the store will actually sell, there is currently no complete menu. Armani has also kept a low profile. A brand spokesperson told Vancouver Is Awesome that more information will only be announced when the opening is closer. So if you want to know “what this Vancouver family really looks like,” you’ll have to wait a bit longer.

If you want to get a preview of the Armani/Caffè route, you can check out Costa Mesa. The menu over there mainly features various coffees, but there are also other drinks. The food wasn’t particularly complicated, mainly desserts and pastries. Of course, it has not yet been confirmed whether the Vancouver store will ultimately adopt the same menu. But there’s one detail that’s already quite interesting. According to Vancouver’s business license, Oakridge offers alcoholic beverage services at Armani/Caffè. Currently, the job posting also lists the bartender position, which requires experience in making cocktails.

So in the future, this shop might not just be just drinking coffee during the day. As for whether it will become a drinking spot at night, we’ll have to wait until it opens. Recruitment has already begun, and it is expected to open this fall Armani/Caffè Vancouver has now begun recruiting staff. Online job postings show that the bar is looking for supervisors, service staff, and other positions, and is also hiring bartenders with cocktail-making experience. One of the job postings mentioned that the store is expected to open in autumn 2026. The exact date has not yet been announced. For Oakridge Park, this marks another addition of a new high-end brand. Besides Armani clothing stores, Vancouver locals can also sit here in the future to enjoy a cup of Armani coffee and some dessert. As for what the first Armani/Caffè brand in Canada will ultimately look like, the brand has not revealed much yet.

Vancouver investment and hospitality group Synvest Group of Companies announced it will acquire the family businesses behind Accent Inns and Hotel Zed, with the transaction expected to be completed by the end of November 2026. The acquisition amount has not been disclosed. The transaction covers five Accent Inns located at Richmond’s Vancouver International Airport, Burnaby, the City of Victoria, Kelowna, and Kamloops; Other options include Hotel Zed, located in Victoria, Kelowna, and Tofino, as well as the ROAR restaurant inside Hotel Zed. The eight hotel assets together have about 800 rooms, with the largest being Richmond’s Accent Inns, which has over 200 rooms.

Mandy Farmer, founding family member and CEO of the hotel, said when announcing the transaction, “Today is an exciting day for me personally and our team. I am incredibly proud of the company and corporate culture we have built together and finding a new owner who truly understands what makes the company unique is crucial to me.” Farmer stated that during the transaction, both parties shared common ideas on how to treat employees and care for guests, so they believed Synvest was suitable as the next owner. New owner: Retain the original team and customer service Synvest is an investment and hospitality company that currently operates about 12 hotels in Western Canada through its management company, Roadside Hospitality, and states that its investment strategy focuses on long-term holding and development of enterprises. Azim Virani, founder and principal of Synvest, stated that the hotel industry is ultimately a “business of people.” Over the years, Farmer and his family have built a unique corporate culture at Accent Inns and Hotel Zed, truly valuing employees and guests.

Virani stated that Synvest plans to collaborate with the existing management and staff to continue the Farmer family’s established hotel management model, rather than starting from scratch. Before and after the transaction is completed, the eight hotels and ROAR will continue to operate as usual, and all existing bookings will be acknowledged, so travellers will not need to rearrange their accommodation due to the change of ownership. For British Columbia’s hotel industry, this transaction is not just about eight hotel asset transfers, but also marks a turning point for local family-owned hotel brands to shift from founding families to professional investors; Whether the new owner can expand its asset base while maintaining the corporate culture these two brands have built over the years is worth watching.

According to the Financial Post, U.S. President Trump has instructed federal agencies to stop using Canadian goods in government procurement contracts and to carry out his previous threats. The US-Canada trade dispute escalated further. In a presidential memorandum, the White House criticized Canada’s implementation of the “Buy Canadian goods” policy, which poses obstacles to U.S. companies entering the Canadian government procurement market.

This is Trump’s latest escalation in the trade war between the two countries. On Wednesday, European Commission President Ursula von der Leyen proposed making Canada an “associate member” in a speech. Trump criticized the proposal as potentially “hostile,” threatening to impose more tariffs on European goods and even halt multiple trade deals with Europe. Earlier this month, Trump stated on social media that unless Canada resumes comprehensive, fair reciprocity for American farmers and businesses, Canadian goods will be excluded from government procurement. At the time, he stated that Canadian goods and services sold through the so-called “Multiple Award Schedule” were valued at over $50 billion annually. However, a senior government official later clarified that the White House calculated the total size of the U.S. government procurement market, and Canadian companies do not always hold the full share.

The Bank of Canada decided this month to keep the overnight rate unchanged at 2.25%, marking the seventh consecutive time it held steady. The latest summary of the review shows that officials believe the economy has a more solid foundation before the latest round of tariffs, but are concerned that trade war uncertainties and inflation risks could weaken growth momentum. According to the central bank’s review summary, officials acknowledged that the annualized economic growth rate for the second quarter was 3.3%, slightly above expectations, indicating a rebound after flattening growth last year. However, the council unanimously agreed that major economic risks have increased since the release of the July monetary policy report. Recent conflicts have erupted again in the Middle East, with global energy prices remaining high, causing Canada’s inflation rate to stay above the 2% target longer than expected, increasing the risk that gasoline price increases will spread to other goods and services, potentially escalating into broad inflation.

The summary points out that the new round of Section 338 tariffs could undermine business and consumer confidence, thereby affecting consumer spending, business investment, and hiring, thereby more broadly suppressing economic growth. Broken trade negotiations, the implementation of new tariffs, and threats of further trade measures have made the growth outlook even more uncertain. However, officials say that economic weakness caused by tight trade may suppress the transmission effect of rising energy prices, thereby controlling inflationary pressures. They also believe that despite the expansion of growth, the economy remains in a state of oversupply and the labour market remains weak. The review summary states that the economic and inflation trends are basically in line with the forecasts in the July monetary policy report, so the Board has decided to keep the policy rate unchanged at 2.25%. After the announcement of this decision, August data showed inflation rates remained at 3% year-on-year, and the growth in gasoline and food prices slowed.

This summer, Canada’s inflation rate has been high for about four consecutive months, with 3.2% in May and 2.8% in June. Before this rate decision, US-Canada trade talks broke down at the end of August. Prime Minister Carney believes that the U.S. demands made at the last moment threaten Canada’s economy and sovereignty, and demanded that negotiators return to Ottawa. Central bank officials stated that, amid escalating US-Canada trade tensions, they will monitor whether the economic recovery can be sustained and whether energy inflation will be transmitted to other goods and services. Economists expect that as long as global oil prices remain high, gasoline prices will continue to push up consumer costs, and inflation will stay above the 2% target. Bank of Canada Governor Tiff Macklem has repeatedly stated in recent months that the bank remains committed to keeping inflation at the 2% target and continues to serve as a “source of stability” for Canadians.

However, he did not make any predictions about future rate cuts or increases. At a press conference following the rate announcement on September 2, McCollum said that the data received since the last decision was roughly in line with forecasts, but risks are shifting, and the central bank is prepared to adjust monetary policy as needed. The market generally expects that the next decision on October 28 will once again keep the benchmark interest rate unchanged and simultaneously release the quarterly monetary policy report.

The federal government and Alberta have committed to building at least 1,460 new affordable housing units within the province. Canadian Prime Minister Mark Carney and Premier Danielle Smith announced the above plan on July 29 in Red Deer. The federal government will provide up to CAD 220 million through the federal agency Build Canada Homes, which is responsible for accelerating housing delivery; Alberta will pay up to CAD 165 million. Officials estimate an additional 238 million Canadian dollars from other channels. The press release shows that 21 planning projects will cover supportive and transitional housing. At least 500 of these homes are planned to be constructed in different locations using modern construction methods such as factory prefabrication. Build Canada Homes will also establish a joint collaboration mechanism with Alberta to identify priority projects and coordinate investments.

The Canada-US trade war seems to be entering a vicious spiral upward spiral. On Tuesday, Trump retaliated again against the United States by issuing five executive orders at once, not only completely banning the sale of certain Canadian alcoholic beverages, motorcycles, molasses, and whey products in the U.S., but also imposing a 50% increase on other goods and blacklisted Canadian manufacturers from participating in certain government procurement projects. Both sides engaged in real combat, but U.S. Trade Representative Jamieson Greer consistently refused to admit that the U.S. fired the first shot, instead repeatedly shifting blame onto Canada.

The Office of the U.S. Trade Representative issued a press release on Wednesday, attaching an interview he gave to the Financial Times briefing blog last Saturday, stating that Canadian Prime Minister Carney first used the term ‘trade war,’ implying that the U.S. did not intend to escalate it. For us, this is business, it’s economics. According to his logic, the additional tariffs imposed by the U.S. on Canada in August accounted for only 5% of exports to the U.S. Such a small matter is something Carney has stirred up into such a big incident, calling it a trade war or an economic attack, which is somewhat irrational. “We are simply imposing extra fees on foreign goods manufactured by foreign workers abroad. The tariff is nothing more than that. ” It must be said, the American way of thinking is truly unusual. Moreover, he is not the only senior U.S. official who denies the existence of a trade war between the two countries. At the end of August, Finance Secretary Bessent also publicly stated: We did not go to war with Canada. How could we go to war with Canada? All signs indicate that the U.S. may not have anticipated such fierce resistance from Canada, and the trade war between the two sides is unlikely to end in the short term.

From the government to the people of Canada, it seems they have reached a consensus: rather than accept a bad deal, it’s better to resist to the death. Frank McKenna, Vice Chairman of TD Bank Financial Group and former Canadian Ambassador to the United States, made a representative statement. In an interview with the Financial Post, he said, Canada is capable of continuing to hold firm amid escalating trade disputes with the United States. Although the economic strength of the two countries is not equal, in the long run, time may ultimately be on Canada’s side. The trade war is bad news for investors and consumers, but this wait is just as painful for the United States. The Canadians are very determined.

Paul Beaudry, professor at UBC’s Vancouver School of Economics and former Deputy Governor of the Bank of Canada, also stated that Canada is capable of withstanding a long-term trade dispute. The tariffs imposed by the U.S. did not collapse the economy; rather, it was a difficult adjustment. Although Canada is much more dependent on U.S. trade than the U.S. depends on Canada, it is the right course of action to keep waiting for now. “If someone wants to bully you, sometimes you have to stand up and face it.” Bodry stated that industries such as automotive, steel, and aluminium have been hit hardest by tariffs, but these sectors actually account for a relatively small proportion of Canada’s overall economy. For example, according to Statistics Canada, the automotive and parts manufacturing industry, together with primary metal manufacturing, accounts for only about 1.5% of the Canadian economy.

The share of Canada’s automotive industry also seems to be exaggerated. Cars produced in Canada actually account for only about 9% of North America’s total car production, while Canadian consumers can still buy around 2 million cars annually. In addition, Canada has stronger countermeasures, including imposing export taxes on resources like oil and potash, or restricting exports. These products are crucial to the United States, and Trump has never dared to bring them up as a matter of course. Perhaps these are the true sources of Canada’s confidence.