Bank of Montreal is bringing back its controversial 2.99 per cent five-year fixed-rate mortgages.

BMO sparked a mortgage price war among the banks early last year when it first introduced the rate, one that angered Finance Minister Jim Flaherty, who has been worrying that Canadians are taking on too much mortgage debt. The bank stopped offering the rate later in 2012.

The bank is now cutting the rate on five-year fixed mortgages from 3.09 per cent to 2.99 per cent, effective immediately.

It said the rate will only be offered on mortgages with a length of 25 years or less. Mr. Flaherty tightened the mortgage rules in July and those changes included saying the government would only backstop insurance on mortgages of 25 years or less, down from 30 years. It was one of numerous changes he has made in an effort to make it slightly harder for consumers to obtain mortgages, as he’s sought to cool the growth of debt levels and house prices.

When the banks engaged in a mortgage price war early last year, Mr. Flaherty urged caution.

“You should be cautious about your lending practices, because this is the type of practice that led to a mortgage crisis in the United States several years ago,” he has said he told them. “So my expectation is that you will not compete to the bottom on interest rates, which is the direction they were going.”

In a press release Ernie Johannson, senior vice-president of personal banking in Canada for BMO, said “BMO’s efforts to encourage Canadians to pay down debt and build equity in their homes have been aligned with Minister Flaherty’s timely and prudent actions to encourage moderation in the housing market.”

By Goldy Hyder

Canadian business and political leaders are at last waking up to the importance of India. But they need to be aware that Indian attitudes toward Canada are changing too.

 The Harper government has committed itself to an important goal: to complete negotiations on a free trade agreement with India by the end of 2013. Given the scope and complexity of the proposed agreement, which could include provisions related to federal and subfederal procurements, it is an ambitious and aggressive undertaking — yet it is absolutely vital to Canada’s continued economic prosperity. By the government’s own estimates, a comprehensive economic partnership agreement with India has the potential to triple bilateral trade from $5 billion to $15 billion as soon as 2015. If the full potential of the agreement is achieved, some observers contend, Canada’s GDP could in-crease by $6 billion, creating as many as 40,000 new jobs. At a minimum, a trade deal would provide Canadian business-es with a massive competitive advantage: preferential access to more than 1.2 billion consumers.

 Curiously, despite ample evidence and intertwined national histories, Canadians have been among the last to fully acknowledge and join the West in a renewed interest in India. Western interest in India had lapsed after centuries of cultivating trading ties with the Indian subcontinent (after all, European settlement of North America was an unexpected outcome of Christopher Columbus’ expedition to find a better route to Asia). Canada’s bilateral relationship with India has languished due to a number of factors, including what some might describe as benign neglect.

Prime Minister Stephen Harper does not appear to need convincing that this trend must be reversed. In his recent speech to the World Economic Forum in New Delhi, the Prime Minister correctly noted that India is “a place where globally important decisions are increasingly being made.” But Canadian awareness of the shifting economic opportunities must also be matched with an evolution in attitudes toward India.

 Fairly or unfairly, many in India still perceive Canada’s attitude as having colonial undertones, that there is an implied sense that “we are here to help.” Although India clearly has issues with income inequality and poverty, the perception of paternalism undermines our ability to foster stronger ties with Indian business.

 I have often heard international clients and business contacts praise individual Canadian business people for being far more respectful of cultural differences than their American and European counterparts. And yet there is an overall sense among Indian businesses that Canadian companies try too hard to impose their own way of doing business when abroad. It is absolutely crucial that we bridge this gap without, of course, compromising core Canadian values.

 Equally damaging is the perception that all levels of Canadian government and many companies lack the essential­ commitment to the long haul when it comes to building business relationships in India. There is a troubling view that we are there for the weekend or, worse, that we only visit India when we are “in the neighbourhood” having real negotiations with the Chinese. (Just think how we feel when international visitors tack on a token visit to Canada after travel-ling to the United States.)

 I cannot stress enough how much India’s attitudes toward Canada and the West have changed in recent years. Indians are properly taking immense pride in the explosion of new opportunities in their country, and they are understandably demanding that they be treated as the peers and equals they clearly are. A failure to recognize and respect these changes will jeopardize our ability to seize the opportunities.

 I have had an inside perspective on the evolution of Canada’s relationship with India. My family and I frequently travel back to India, and for many years we were often asked by friends and family about opportunities in Canada. During recent visits, however, those inquiries have been replaced by questions about when we will be moving back to India. The old adage “go West, young man” has been replaced with a steady chorus of “go East.”

 There are encouraging signs that Canadian governments and business leaders are addressing our perceived shortcomings. Since 2006, there have been 24 visits by Canadian cabinet ministers to India, and the Prime Minister visited in 2009 and 2012. Moreover, we now have a High Com-missioner to India, Stewart Beck, who comes from the international trade side of the Department of Foreign Affairs, suggesting there is more of a focus on the business side of the relationship. Over 500 Canadian companies now have sustained operations and investments in India, and several hundred more are developing plans to do so. The Canada-India CEO Forum, led by Hari Bhartia and Tom Jenkins, has been established as a vehicle to promote and establish in-creased trade and investment ties between our two countries.

 These steps reflect the type of dedicated, focused and sustained effort that Canada needs to undertake if it is serious about building stronger ties with India. But there is still more we can and must do if we are to succeed. We are only one of many suitors seeking to woo (and wow) Indians. And given the relative size of our population and economy, we are one of the smaller suitors seeking to rekindle a relationship.

 The 2011 Indian census reveals there are 46 cities in India that have populations greater than 1 million people, not including urban agglomerations or “greater areas.” Canada has 3 cities of this size. More than 1 million Canadians of Indian origin live in Canada — effectively 3 percent of our population. By contrast, Canada’s total population is less than 3 percent of India’s.

 Canada is therefore in fierce competition for India’s attention with much larger countries, including most of the major European economies as well as the United States. Overcoming that size disadvantage requires finding ways to emphasize other strengths. Australia, a country of a size comparable to Canada, has a strategic advantage due to its geographic proximity to Asia. Canada has advantages too, but to date we have not been able to effectively leverage them. One group that could lead the way is Canadians of Indian origin, who have not linked back effectively to the community in India. It is a strategic advantage that Canada must leverage better.

It is often said that where you stand on a given issue will depend on where you sit — so it is perhaps not surprising that I, the president of a large public relations consultancy, see the problem in the context of brand management. As odd as it might sound, in India Canada’s “brand” is not one of the most recognized. Conceptually, therefore, we need to base our efforts in the Indian — and wider Asian — markets on a strategy to enhance and improve “Brand Canada.”

 As with any branding exercise, the key to a successful campaign is identifying and isolating your core strengths and communicating them effectively to your target audience. It is not so much an exercise in conveying how we see ourselves and want the world to see us, as it is one of highlighting those aspects of our country that are most attractive to those we want to attract. To that end, we need to better understand our target audience.

 A 2012 Ipsos Reid report on the effectiveness of efforts to increase the number of international students attending Canadian colleges and universities found that Canada was not a “top-of-mind destination” for prospective students in India or China. The report stated, in part, that Canada’s work in this area was insufficiently detailed when it came to highlighting Canada’s advantages relative to those of the United States and the United Kingdom.

 The report recommended that future marketing and advertising campaigns should more clearly articulate factors such as the quality of our educational institutions, our liberal immigration policies, our strong and distinct culture, as well as Canada’s record of innovation and research. More specifically, it recommended the development of a “clear national brand” — something that both the United States and the United Kingdom already have and exploit.

 Given the undisputable links between higher education and economic growth, the broader lesson here is that promoting Canada’s cultural distinctiveness is crucial to strengthening our global brand. Foreign Minister John Baird has spoken passionately and persuasively about the need to promote Canadian values of freedom, democracy, human rights, and the rule of law as part of our efforts to promote Canada’s economic interests.

 In contrast to some of the other large and emerging economies in Asia, India shares Canada’s strong commitment to all four of these core values. We also share similar banking and legal regimes, as well as other legacies of the former British Empire. We have a vested economic interest in highlighting the elements we share with India as well as what differentiates us from the other Western countries vying for its attention.

 Prime Minister Harper has compared the Canada-India trade relationship to the plot of a Bollywood movie, in which the hero competes for the beautiful heroine in a crowded field of suitors. It is clear who the love interest is in the relationship. The question is whether Canada can present itself as being attractive enough to win the girl, in a world full of suitors.

 Goldy Hyder is president of Hill+Knowlton Strategies Canada.

Ottawa—Over the past two weeks, Canada has been participating in the World Conference on International Telecommunications in Dubai to develop an updated set of international telecommunication regulations.

“Canada believes in a secure, stable and resilient Internet that enables rapid innovation and delivers benefits for Canadians,” said the Honourable Christian Paradis, Minister of Industry. “The current multi-stakeholder, private sector–led model promotes innovation and the development of new digital industries.”

With many like-minded countries, Canada endeavoured to reach consensus on new International Telecommunication Union regulations that recognized advances in telecommunications while maintaining an open, accessible Internet. The final treaty text tabled in Dubai included provisions that threaten these freedoms and, as a result, Canada and many other nations were unable to sign on to these new regulations.

“Our government will continue to support an open and accessible Internet that facilitates economic development and prosperity,” added Minister Paradis.

Montreal: National Bank is proud to be listed among Greater Toronto’s Best Employers for the third year in a row. This prestigious list is compiled every year by Aon Hewitt, which recognizes businesses in the Greater Toronto Area that stand out for their human resources practices that engage employees.

“Through their active participation in the One client, one bank business development strategy we have been pursuing since 2008, GTA employees are helping to roll out the red carpet for all our clients. An engaging work environment enables us not only to recruit and retain top talent, but also to offer clients a distinctive client experience,” emphasized Louis Vachon, President and Chief Executive Officer of National Bank.

National Bank has been taking part in Aon Hewitt’s survey since it was first launched. The rankings are based on the opinions of the employees, leaders and human resources professionals of participating businesses. The Bank uses the insight gained from its results to enhance its human resources practices and remain a top employer.

This latest achievement, which reflects the commitment of National Bank’s 20,000 employees, comes on the heels of several other distinctions the Bank has received in 2012, including:

• Canada’s 10 Most Admired Corporate Cultures (Waterstone Human Capital)
• 50 Best Employers in Canada (Aon Hewitt)
• Lipper Awards for its mutual funds
• Canada’s Best Diversity Employers (Mediacorp Canada)
• World’s Strongest Banks (Bloomberg Markets)
• Best Canadian Brands (Interbrand)

SOURCE: National Bank of Canada

Young people though sophisticated in their general understanding of the job search process, are often naive about the mechanics and etiquette that underlie an effective search. Some tips for young job hunters are

a. Don’t pretend you know what you want to do, if you don’t

You do need to know yourself. What are you good at? What kind of work environment do you thrive in – a fast-paced setting? A boss who provides autonomy? Be prepared with compelling examples that speak to these skills and preferences.

b. Fake it, sort of

In interviews, you must communicate that you believe in yourself and your skills, but it’s okay to express some uncertainty. Hiring managers will interpret this as a willingness to learn and the ability to be influenced. Here’s what you should fake: the impression you are really keen to do a particular job even if you aren’t. How you actually feel about the position is your personal business. To land a job, enthusiasm is key.

c. Know your audience

Be cognizant of boundaries; sometimes young people who are comfortable talking to adults forget they are not talking to someone who really cares about them when interacting with strangers. Avoid “over-sharing.”

d. Take advantage of every offer to help

Don’t be shy about asking for assistance. But don’t be obnoxious. Walk that line between being clear about your desire for help while not acting like it is your right to have endless support.

e. Don’t assume people remember you

Most people have short memories. Remind your contact about who referred you and why you are calling.

f. Avoid saying anything that smacks of entitlement

Self-confidence can be interpreted as cockiness rather than a sense of self-worth. Be prudent with the words you use. Never say, “With my degree, I expect stimulating, well-paid work.” (You can think it, just don’t say it.) Or, “How long will I have to do this before I am promoted?”

g. Show true appreciation for help

Save the cool ironic stance for your friends. There is nothing wrong with an enthusiastic message saying, “Thanks a ton for your help.” Remember that your supporters will feel good about having helped you only if you explain the role they played, such as how their introduction to a contact led to an opportunity.

h. Understand timeliness.

And don’t assume people will do what they say. They may forget, or be distracted. Follow up if someone was supposed to get back to you and doesn’t.

i. Don’t be too picky

The trick is to take what you need – experience, income, self-knowledge, exposure – and not to be crushed psychologically. Be flexible about income. Focus more on the skills you will develop and how this job will be a stepping stone, than whether you are working for slave wages.

Weigh the value of paying off student debt, or saving for grad school, with the benefits of experience and opening a door for future opportunities.

Responsibilities of Youth

Speech at Islamia College, Peshawar: April 12, 1948

Mr. President, Ladies and Gentlemen!

I am indeed very happy to be present here today and to have the privilege of meeting and addressing the students of this great Dar-ul-Ulum, who are the future builders of Pakistan.

.. I must warn you not to allow your actions to be guided by ill-digested information or slogans and catch-words. Do not take them to heart or repeat them parrot-like. Take advantage of your period of training that this institution offers you, by equipping yourself to become leaders of the future generation..

.. Our duty to the State often demands that we must be ready to submerge our individual or provincial interests into the common cause for common good. Our duty to the State comes first; our duty to our Province, to our district, to our town and to our village and ourselves comes next..

.. You must now realise that fresh fields, new channels and avenues are now being thrown open to you where you have unlimited opportunities, namely, you must now direct your attention to science, commercial banking, insurance, industry and technical education. You must be reading newspapers and knowing how Pakistan is moving fast..

Jinnah’s Statement at the Occasion of First Eid in Pakistan on August 18, 1947

This is our first Eid immediately following in the heralding of free independent, sovereign Pakistan having been established. I wish on this auspicious day a very happy Eid to all Muslims wherever they may be throughout the world – the Eid that will usher in, I hope, a new era of prosperity and will mark the onward march of renaissance of Islamic culture and ideals. No doubt we have achieved Pakistan, but that is only yet the beginning of an end. Great responsibilities have come to us, and equally great should be our determination and endeavor to discharge them, and the fulfilment thereof will demand of us efforts and sacrifices in the cause no less for construction and building of our nation than what was required for the achievement of the cherished goal of Pakistan.

Let us not, on this occasion, forget those of our brethren and sisters who have sacrificed their all so that Pakistan may be established and we may live. We fervently pray that their souls may rest in peace and we shall never forget the memory of those who are no more and those who have suffered.  

Parts of these speeches and statements have been edited.

Azfar Amin

Where it takes years to make a place in Canada KomalRizvi did it in just 8 months. We have seen her paintings exhibited at the Burr House Crafts Gallery fromApril 27-May28th 2012 and we have evenread her interviews in different news papers,let’s find out more about her.

GN: Komal, how did you come this farin such a short time, tell us about your success story?

KR: Oh! There is no success story;I haveyet to do big things. I have just been lucky to come here and be a part of this Art show.

GN: What response did you get after your first exhibition in Canada?

KR: The response was overwhelming. People have appreciated my work and have also asked me to commission some work.

GN:What plans do you have for the future?

KR:There are many things that I have planned; some big design projects are too early to be discussed right now, butI am starting off slow with a few small projects that are almost in the final stages, like I am starting different workshops from July 6^th 2012 for children, youth and adults. These will be on drawing and painting, textile and fashion illustrations and it will be all year roundfor everyone. I am making Dry Flower Arrangements which will be on sale soon. Then I have a few painting projects that are mostly in 2D and some will be more functional than just wall hangings.

GN:Tell us about your art and design background and your inspiration in life?

KR:I opened my eyes in a house full of awards that my father won as a commercial designer; my sisters, mother and brothers were all creating some form of art.But only I was eager enough to study fine arts in my High School. My passion to create and design led me to win a scholarship award when I was doing my Bachelor in textile design from Indus Valley School of Art and Architecture, Pakistan.My designs for Mohammad Farooq Textiles and VaneezaAhmed were well appreciated. After Mohammad Farooq, I taught at the Asian Institute of fashion design (AIFD). While at AIFD, I started my own label ‘Komal’ of party wear clothes and was sending to Canada from Pakistan. I received a special Letter of Appreciation for my Fashion design workshops that Iconducted at Indus Valley for several years.WhenI moved to Canada Ivolunteered at the World MasterCard Fashion Week Toronto Fall 2012 and later started to paint. Throughout this journey I have collected many awards and certificates for my performance and participation in art and design activities but I could not have perused my passion without the support of my brother and sisters.And now after my marriage my husband has been my biggest support and inspiration in life.

GN:Do you plan to take up painting as a career?

KR:I will continue commission and freelance work in paintings and Fashion design and will keepexhibiting my work but I will pursue my career in textiles as a designer when a good opportunity comes my way.

GN: Do you have any message for the up and coming artists and designers?

KR:Enjoy your work and take pride in what you do.

In her final words,Komal thanked the volunteers at the Burr house Craft Gallery, Richmond Hill and has requested us all to support them for their wonderful work of keeping Art and Crafts alive. We thank her for taking out time for us and we sincerely wish this down to earth and humble person a very good luck for future.        

To see her work follow her page KomalWorks on Facebook .

By Rubina Haq-Ahmed

Toronto

Bring up the topic of cable, internet or phone companies and you’ll inevitably have hours of conversations that range from, how someone got the best deal to how a customer feels totally ripped off by the high fees.

In my case I went from feeling totally valued by my communication provider, to completely duped in a matter of four months.

Here is My Story

On several occasions in December 2011 my Internet connection failed. Once, I was told, because of an area outage, another because of construction near by that knocked down a pole and a few more incidents that my Internet provider could not explain. After one lengthy outage, that lasted more than 24-hours, I was getting particularly frustrated because I work from home and having an Internet connection is key to my business.

I don’t believe in calling your Internet and cable provider to ask for a discount just because you want it, but I did want to be compensated for my inconvenience. I deserve to have the internet connection I’ve paid for, with no interruptions.

The Discount I Couldn’t Turn Down

At the time Customer Service at Rogers was great. As a way to say sorry, Rogers offered me a deep 70 per cent discount on my internet service with a guarantee that I would keep my internet service with them for two years. The kind representative went a step further to credit me back the days that I had no service. Really how could I say no. I was told how much my total bill would cost, including cable for the next 24 months.

I was over the moon at the rate I was getting. I tweeted about it, sent kudos to Rogers Help desk and made it known I was a happy customer.

When the Honeymoon Ended

Then in March 2012 I noticed my bill had gone up by $5. How could this be?! I had struck a 24 month deal with my provider in December. When I called to ask them why, they told me my cable package would now cost $5 dollar more every month and there was nothing I could do to change that. I then learned the deep discount I had on my internet service came with a stipulation, that I had to pay the cable TV service at the regular rate even if it went up. They added they could theoretically raise my cable TV rates and I could not negotiate or complain. I can’t leave and go to another cable provider either, if I did I would have to “pay back” the internet discount I was getting and pay an early cancellation fee. Even though I have been a Rogers’ customer for more than 10 years.

My Negotiating Skills are now Zero

I investigated what Bell was offering and found they had the same package for $35 dollars less, but Rogers told me they would not match it and I could do nothing about it. I’m still trying to leave the cable portion of my Rogers package, because it was never explained to me that the deal was so restrictive.

How can they Break a Promise with no Repercussion?!

This is the problem I have with Rogers, they made me a deal in December that I would get a certain rate on my internet for 24 months but never explained that it included me paying the full rate for cable and that they could raise that rate when they needed too. They also never explained that the two services were tied at the hip and I could not leave or negotiate the cable without affecting my internet deal.

I’ve never asked to break my internet deal, the one they were saying sorry for, I only want a fair price on my cable that other competitors are advertising or at the very least don’t raise the price if I don’t have the power to leave.

Lessons Learned

What I learned from this experience is keep your cell phone at one carrier, cable at another, Internet at a third and landline at a forth. There are enough service providers out there to make this happen.

The only service I have ever been able to negotiate effectively is my cell phone, which I have through Telus. It’s because it’s the only business I give them.

My main message is NEVER EVER bundle your Internet, cable, wireless and phone into one bill, keep the power of negotiation in your hands.

Courtesy: http://www.ratesupermarket.ca/blog/beware-of-bundle-packages/

By : Rubina Ahmed-Haq
Toronto

Summer is only a few months away and many of you might be planning on taking a holiday to get some much needed R & R. But before you press “buy” on that expensive European holiday you have to decide if you can afford it. Here are some simple ways to figure out how much you spend this year. 
The 4% rule 

If you’re carrying a mortgage, line of credit or any other low interest loan I recommend spending 4% of your after tax income on vacations. Why? Unless you have no debt anymore, than any more spent on vacations will be eroding into your long-term savings. If you’re carrying ANY high interest debt like a credit card or store card loans, you must pay this off before you hit the road (or the beach) on a holiday.

Cash in the bank

Always pay cash for your holiday. NEVER charge your holiday on credit unless you have the money already in the bank. Remember following the 4% rule, if your household income is $50,000 your holiday budget is $2,000 annually. Want to spend more? Save longer. Make one year a staycation to afford a luxury holiday the following year.

Taking a break doesn’t need to cost you a fortune

It’s important to take a break and have some time to recharge. But if your bills are piling up, this is the year to use some of your vacation money to get out of debt. You can take a break without spending to much money. Road trip, previously mentioned staycation, visiting family and friends.

Stretch your holiday dollars

Booking a holiday out of country the prices are usually best around six weeks in advance. Check rates on line and call competing agents to see if they can beat it. Traveling midweek is cheaper for flights. Look for all-inclusive roulette holidays; these are ten preselected hotels at a certain star rating offered at a discounted price. Recently I stayed at a 4 star plus for $1054 taxes in. I would have paid twice that if I booked individually. The catch is you find out your hotel name 3 days prior. You pick the general area, i.e. Mayan, Cancun or Punta Cana.

Look at costs from all angles

It’s always wise to do through research before you go. Online review sites like tripadvisor.ca have made it easier to plan and prepare. Pay attention to details like, is the airport transfer included? Is there departure tax? What’s the average cost of eating out? For example I priced out a villa in St. Barts once at a reasonable rate, but later learned, through research, that the cost of groceries, transport to the island, restaurants was much higher than anywhere else in the Caribbean. Staying there was reasonable but everything else was too expensive.

When can you not afford to take a vacation?

By taking a close look at your finances you can decide if you can afford to get away this year. Generally your after tax income should be divided as follows.

• Housing 30%
• Savings 15% (10% pay yourself- 5% short term)
• Other Living Expenses 30%
• Debt servicing 10%
• Transportation 15%

Break this down and your mortgage and taxes should not cost more than 30% of your after tax income, transportation shouldn’t exceed 15% If you’re spending more than this amount, you might want to look at tackling your household debt before you spend money on getting away. That said you should still look at ways of taking a break from work, staying at home, visiting family or a short weekend away, all of this will make you feel good and not drain your finances.

Cheap Vacations Ideas

1.   Book a night or weekend at a nearby hotel.

2.   Check out local festivals.

3.   Hit up the museums for a dose of culture.

4.   Spend some time with the great outdoors.

5.   Hit the beach with a pile of books to read.

6.   Have a proper Girls or Boys night out on the town.

7.   Live in the city? Get out of town to a local trail for an all day hike.

8.   Visit social coupon sites to stack up on great deals to use during your staycation.

9.   Take dance lessons.

10. Get a one-week pass at an ultra high-end gym.

Courtesy: http://www.alwayssavemoney.ca/

Gord Hundal, VP, Commercial Financial Services, RBC

RBC has been a pioneering financial institution when it comes to fulfilling the needs of new Canadians. The bank’s Welcome to Canada package helps customers with their personal and small business needs. However, RBC also has an extensive commercial banking offering to help entrepreneurs flourish in their business. Recently, Generation Next had the opportunity to talk to Gurinder Singh (Gord) Hundal, the Vice President Commercial Financial Services. He is responsible for RBC’s Business Clients in the industry specializations of Business Services and Retail and Franchise Markets for the Peel market.

A typical client in Gord’s portfolio “would be someone who’s got revenues of more than $2 million, more than five employees, some degree of complex ownership—they are multinational, they have some sophisticated cash management product, and they could have some credit needs or maybe they don’t have any credit needs. An example of a client in our portfolio would be a law firm with about $20 million in revenue, about 10 lawyers on staff, is complex in the sense that it’s a partnership structure, and they have lots of different needs.”

RBC helps these clients with their borrowing needs, deposit needs, as well as with everyday banking needs. “From the borrowing perspective,” says Gord, “we help them with term loans or leases for equipment, operating lines of credit, to help them manage their cash flows and commercial mortgages to help them buy real estate, which is something a lot of our clients seem to be doing these days.”

As a representative of a bank that prides itself on its outreach to the South Asian community, Gord finds South Asian clients highly sophisticated when it comes to commercial banking. He gives an example, “I am thinking about this restaurant owner—he has owned and operated businesses in India, Pakistan as well, and they have an understanding of how businesses can be supported by banks.” Gord says RBC’s commercial clients and South Asian clients rely on four key pillars—convenience, advice, service and value for money. He explains further, “My team works with business services in retail clients. So any clients that are business-services or business to business, or business to consumer on the retail side of things—law firms, accounting firms would be part of our portfolio, as would be restaurants, gas stations, small retailers, marketing companies. So we, by providing specialized advice help our clients because we’re familiar with their types of businesses, but we also have the opportunity to understand that there’s a difference between a business-services client, say a law firm and maybe a trucking company.

For Canadian companies that are based here and looking to do business internationally, RBC helps them navigate globally. The bank provides such clients with industry-specific advice and professional services, competitive foreign exchange rates and flexible credit solutions. RBC’s global network of premier financial institution helps their clients gain a wider perspective too.

With regard to enhancing the level of financial literacy among their South Asian clients, RBC takes a case-by-case approach. Says Hundal, “Someone starting off a business will have a very different conversation than someone who’s perhaps at a point where maybe they want to transition the business to maybe want to sell the business.” The bank also spends time with clients to introduce them to law firms or accounting firms that can help them get better financial literacy.  Additionally, RBC is involved with the Newcomer Centre of Peel to help new Canadians get acquainted with the finer aspects of Canadian banking and finance.

Commenting on current trends, given the economic downturn, Hundal says business clients seem to be showing cautious optimism when it comes to borrowing or investment decisions. However, he adds, “our business clients that have identified growth and are looking at new growing markets such as the Bramptons and the Mississaugas of the world are definitely still borrowing money to help fund that growth.”

One of RBC’s core values is “Diversity for Innovation and Growth.” Describing his own role in furthering diversity within his organization, Hundal says, “I am the Executive Champion for the Greater Toronto Area, newcomers to Canada, employee resource group—it’s an internal group that promotes resources and sharing of experiences within RBC so that staff who are new to the country can have the opportunity to connect, share best practices, and be introduced to various other members of the RBC family. I have also taken on several individuals to help mentor people who have demonstrated strong business and financial acumen and need to get a better understanding of how you do business in Canada, what is leadership in Canada. It’s something I am very passionate about and devote a lot of my time to—coaching, nurturing and sharing some of my experiences with some budding South Asian talents and individuals.”

RBC has also taken initiatives to promote cricket in schools. Generation Next asks Hundal about the wisdom of this investment. He explains the initiative is part of the bank’s commitment to growing healthier communities at the grassroots level. Recalling an anecdote around the game, he says, “A couple of years ago, in my previous role, we actually had an internal cricket match between two markets for our branch leaders. First of all, it was a lot of fun, and the majority of my team and the team we played had never played the game before, but having the opportunity to play a game of cricket, our sales leaders developed an understanding of the game, why our clients are so passionate about cricket.”

In a similar vein, Hundal tells Generation Next readers that “On February 20, eight locations across the GTR are going to host free skating sessions. It’s an opportunity to get out and skate, embrace the Canadian sport of hockey, and win possibly signed jerseys and just have some real fun on our family day. In our experience, a lot of our South Asian clients are excited by this opportunity because they never had the opportunity to go to a rink before. By hosting this event, we are introducing a key fabric of the Canadian community to a community that wants to learn and live and try a sport that’s popular here in Canada.”

With its twin objectives of smart banking and building healthier communities, RBC is likely to win a lot of appreciation from the South Asian community in Canada. And that may well translate to winning more clients.