Credit Institute of Canada - Providing Education for Credit and Financial Professionals since 1928. L'Institut Canadien du Crédit - Fournir une education pour les professionnels en gestion de credit depuis 1928.
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Nov 26 - The Bank of Canada and why Carney's departure matters


In a surprise move, Mark Carney — the man credited with steering Canada's monetary policy through the last recession — announced that he was leaving his post as Governor of the Bank of Canada to lead the Bank of England. With this, Canada is losing someone who has skilfully handled an economic crisis of 'unprecedented proportions,' and who has provided stability when the country was most in need of it, said Louis Gagnon, a finance professor and banking expert at Queen's University in Kingston, ON. Whatever the Bank of Canada does has a profound impact on the economy, Gagnon said. The bank is responsible for the country's monetary policy — basically, the policy put in place to control how much money circulates in the economy and how much it's worth, according to the bank's online profile.

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Nov 16 - Canadian firms have more cash but credit quality not improved


Canadian corporations have 60 per cent more cash than they did at the end of 2006, but that doesn't mean their credit quality has improved, according to a report by a major credit rating agency. Moody's Investors Service said average credit quality among Canadian non-financial corporations is about the same as it was in 2006, after deteriorating during the recession and recovering. During the last financial crisis, credit dried up and many companies found it difficult to borrow money, prompting them to hoard cash in case credit becomes scarce again. Bank of Canada governor Mark Carney and Finance Minister Jim Flaherty have lambasted Canadian companies for sitting on cash and have called on corporate Canada to either put cash stockpiles to work or give the money back to shareholders through dividends.

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Oct 17 - New Program Launch – National Collector Certificate

Comprehensive Collector Training Attractively Priced

The Credit Institute of Canada is pleased to announce our new National Collector Certificate Program, a cost effective and comprehensive approach to collector training. A useful tool for screening potential employees for jobs, benchmarking collection employees, and for independent skill assessment.

Our program offers:

  • Training on professional collection processes
  • Written assessment in 4 weeks
  • A practical assessment of telephone collection skills
  • Audio/Video Lectures
  • 24/7 online access
  • Open registration all year long

Register Today
 

Archive - Predictive Indicators

Learn how to read the signs and improve your bottom line

Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability. One wrong judgment could cost your business a lot of money.

Predictive indicators, powerful evaluation tools that analyze data to measure a company’s risk, are a key business resource to help you make more consistent and confident credit decisions...

Read the full article
 

Aug2 - CFIB’s Business Barometer®

Small business confidence dips in again in July, now at a three-year low

Optimism among Canada’s small and mid-sized businesses sank a little deeper in July. CFIB’s Business Barometer® Index fell to 60.9, down 1.2 points from June and its fourth consecutive monthly decline. The index now stands at its lowest level since its 58.6 reading in July 2009. The major difference back then was that it was trending in the opposite direction. The index’s current position against GDP puts it very close to the zero-growth mark, suggesting Canada’s economy is nearing a standstill.

Source: http://www.cfib-fcei.ca/english/focus/52-economics-business-barometer.html

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July 17 - New Program Geared to Collections Staff

An online collection module that provides training on professional collection processes, and then assessses comprehensive recap for companies or individuals that will be useful for screening potential employees for jobs, benchmarking collection employees, and for independent skill assessment. (optional)

A practical assessment of telephone collection skills through a collection call made to specially trained professional collection assessors. The duration of this program is 4 weeks.

Registration Form (pdf)
 

June 19, 2012 - Important Dates for CCP Program

  Summer 2012 Fall 2012
Enrollment Deadline May 22nd, 2012 Aug 21st, 2012 (CM1,EM1,FA1,FN1)
Aug 28th, 2012 (CL1,CR1,CR2,CR3)
Course Refund Deadline May 22nd, 2012 August 21st, 2012
Courses Begin June 4th, 2012 September 4th, 2012
50% Course Fee Refund Deadline June 11th, 2012 September 11th, 2012
Exam Dates August 27th-31st, 2012 November 26th-December 1st, 2012 - (CM1, EM1, FA1, FN1)
November 19th, 2012 - (CL1, CR1, CR2, CR3)

 

Archives - Black Holes and Old Invoices

Unfortunately, accounts receivable might not be given due credit by both high level management and in-the-trenches A/R clerks. This can lead to a “permanent” leak in cash flow, something few companies can afford – especially as we enter recessionary times.

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May 30, 2012 - New and Returning Chapter Presidents

Chapter Annual General Meetings were held in April and May. In many cases, new Boards were elected. Get to know your chapter boards. Get involved at the chapter level and build your community network of credit professionals. Here are the Chapter Presidents in each chapter:

  • Nancy Goldman, CCP - British Columbia
  • Socorro Reyes, CCP - Calgary
  • Linda Brogly, CCP - Edmonton
  • Geri Meyer, CCP - Saskatchewan
  • Al Foreman ACI - Manitoba
  • Christine Chase - Southwest Ontario
  • Katrena Tucker - Conestoga
  • Charlene Terreberry, CCP - Hamilton
  • Julie Varey, CCP - Toronto
  • Carole Boutin, CCP - Montreal/Quebec City
  • Shary Jones - Atlantic

Archives - Collecting from your large customers: Is it 'Collections' or 'Corrections'?

A few years ago I was at a major railroad company for imparting training sessions on the topic of Collection Skills and Receivable Management. On the first day of training a, I realized that the collections staff was made up of people who had a significant number of years of collections experience. The group was an enthusiastic batch; however most of the proven collections techniques were being met with “we can’t use those approaches here”. As one of the collections staff mentioned, “we don’t do collections here, we do CORRECTIONS” since 80% of their time was spent on reconciling accounts and correcting errors.

 

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April 15 – 21, 2012 - The Credit Institute of Canada celebrates National Volunteer Week

The Credit Institute of Canada would like to highlight the importance of this week to our association by honoring our volunteers -- all our National and Chapter Board and Committee Members. We began life as a volunteer association of credit professionals in 1928, and to this day, volunteers continue to be the lifeblood of our association. Together, we build and sustain a vibrant community of credit professionals.

Thank you Credit Institute of Canada volunteers! We appreciate your time and commitment.

To all Credit Institute of Canada members and students: there is no better way to acknowledge the hard work of our volunteers and learn more about your local chapter, than by attending your chapter’s Annual General Meeting. The meetings are held in April or May.

Here are the dates for this year’s meetings:

Annual General Meeting (AGM)Date
Hamilton April 17th, 2012
Montreal-Quebec April 18th, 2012
British Columbia April 19th, 2012
Calgary April 19th, 2012
Edmonton April 19th-8th, 2012
South West Ontario April 19th-8th, 2012
Toronto April 19th-8th, 2012
Conestoga April 26th-8th, 2012
Saskatchewan April 27th-8th, 2012
Manitoba May 10th-8th, 2012
Atlantic May 11th-8th, 2012

 

February 23, 2012 - Upcoming Webinar

 

My Customer is Restructuring, in Receivership or Bankrupt – What Now?

Date: Thursday March 22, 2012
Time: 11:00 am ET,
Presenters: Jerry Henechowicz, CA-CAIRP, Trustee in bankruptcy with the firm of MNP

Join us for this one hour webinar with one of Canada’s leading restructuring and insolvency firms to get updates on the best practices and latest trends in maximizing recoveries when a customer is restructuring, in receivership or bankrupt.

 

You will learn about:

  • Best practices currently in use to protect receivables and maximize recoveries
  • The impact of recent statute changes on insolvency proceedings
  • How to access the information you need and work with other creditors to lever your position

Jerry Henechowicz, CA - CIRP
Trustee in Bankruptcy
jerry.henechowicz@mnp.ca | Direct: 416.515.3924
Jerry Henechowicz is a Senior Vice President with MNP’s Insolvency & Restructuring group, working out of Toronto. Following an extensive career in North American furniture manufacturing and distribution, he returned to public practice. Jerry possesses a wide range of practical industry experience, which allows him to recognize options and opportunities for all stakeholders within the statutory insolvency and restructuring framework. He has considerable expertise providing advice to various creditor groups involved in CCAA engagements, corporate restructurings, and receivership proceedings, and in conducting asset/business sale transactions through insolvency proceedings. Jerry has led the Court-appointed Receivership and Bankruptcy proceedings of highly complex and high profile multinational "Ponzi" schemes.

Price: $25 + HST/GST for members, $45 + HST/GST for non-members

 

Register Now: members Register Now: non-members

January, 2012 - A Study of Canadian Commercial Credit Granting Practices - 2009 - 2011

Executive Summary
This study provides a bird's eye view of the pressures faced by Canadian credit managers and the steps they are taking to protect their companies' Accounts Receivables, often a company's second largest asset.

 

Canadian professional credit grantors were fully aware of the global financial crisis commencing early in the last decade and steps were made by most to protect their credit portfolios prior to the 2009 Credit Institute of Canada National Conference. Thirty eight CIC member companies responded to the 2009 Pre-Conference survey. Prior to the 2011 National Conference a second survey was conducted with...

 

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December 22, 2011 - Holiday Hours

Please note that the Credit Institute of Canada's National Office will be closed during the Holidays

From:
Friday December 23rd, 2011
To:
Monday January 2nd, 2012

Regular hours will resume on Tuesday January 3rd, 2012

The Credit Institute of Canada
Wishes everyone a Happy and safe Holiday!!
 

November 29, 2011 - 2011-2012 CCP Winter Courses Start SOON!

Today is your last chance to register for 2011-2012 CCP winter courses. Winter courses begin December 5th, 2011. Enrol now

The 2011-2012 academic year debuts the new Managing Credit with Information Technology (CR3) course. This is a highly customized course developed after years of research and at the request of credit professionals. The skills and knowledge that students will gain after completion of CR3 will give them a clear understanding of how IT can be used to help them succeed in their role of credit risk and project management specific to their department.

October 6, 2011 - Bill James Appointed to the Position of Superintendent of Bankruptcy

Mr. Richard Dicerni, Deputy Minister of Industry Canada, announced the appointment of Mr. Bill James as Superintendent of Bankruptcy. This appointment, is made on an interim basis for a term of one year, starting Tuesday, October 11, 2011.

The Office of the Superintendent of Bankruptcy (OSB) has as its mandate the supervision of all estates and matters under the Bankruptcy and Insolvency Act. The OSB is also responsible for maintaining a public registry of filings under the Companies’ Creditors Arrangement Act and for receiving, recording and where appropriate, investigating complaints concerning the conduct of monitors under the Act.

Mr. James brings many years of public sector experience and expertise to this post. He has held a number of executive positions within Industry Canada, Human Resources and Skills Development Canada, and Environment Canada

October 5, 2011 -PROPOSED AMENDMENTS TO PIPEDA

What’s important for business
On September 29, 2011, the federal government introduced several proposed amendments to the Personal Information Protection and Electronic Documents Act – PIPEDA, under Bill C-12. Most of the proposed changes fine tune the legislation and update it to reflect changes in technology and the market place. There are several key components which clarify and streamline the rules for business transactions and propose exceptions to consent otherwise required to collect, use and disclose personal information.

Key exclusions for businesses to be aware of are:

  • (a) Business Contact Information Exclusion
  • (b) Exclusions for Certain Business Transactions
  • (c) Exclusions for Private Sector Investigations and Fraud Prevention
  • (d) Exclusions for Employment Related Purposes
More details...


September 12, 2011 - Report on the Canadian Economy and Payment Trends


CRIBIS D & B (D & B partner company) recently commissioned a study of global payments practices.  The full study reports on the payments practices for more than 27 million companies world wide, and 16 countries. We are fortunate that Canada is among the countries whose payment practices were researched. D & B has allowed us to share this report with you.

Here are some highlights for Canada:
The percentage of Canadian companies studied with on time payments improved significantly from 38.5% in 2007, to 43.3% at the end of 2010.  Late payments, over 90 days, declined from 3.3% in 2007 to 1.0% at the end of 2010.  However, there are significant differences by industry sector.  In Canada, the three sectors which showed the strongest payment records were:

  • - Agricultural/Forestry
  • - Financial Services
  • - Retail Trade
Click here to find out the worst payment sectors and to read the full report...


September 7, 2011 - Bankruptcy Abuse and Fraud...


As part of its continuing efforts to improve awareness of debtor responsibilities, the Office of the Superintendent of Bankruptcy’s website now contains a new section called "Bankruptcy abuse and fraud" which looks at abuse and fraudulent activity by debtors within the insolvency system. Designed to raise awareness about debtor compliance, the content focuses on the duties of the bankrupt, provides information on what constitutes non-compliant behaviour, and includes real-life examples of criminal convictions and Court decisions on debtor discharges.

The section also provides information on the discharge process, the roles of debtors and creditors, and investigations conducted by the OSB's Special Investigation Units and the Royal Canadian Mounted Police.

You can access the new section at the following link: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02654.html.


August 12, 2011 - Improving awareness of debtor responsibilities


As part of its continuing efforts to improve awareness of debtor responsibilities, the Office of the Superintendent of Bankruptcy’s website now contains a new section called "Bankruptcy abuse and fraud" which looks at abuse and fraudulent activity by debtors within the insolvency system. Designed to raise awareness about debtor compliance, the content focuses on the duties of the bankrupt, provides information on what constitutes non-compliant behaviour, and includes real-life examples of criminal convictions and Court decisions on debtor discharges.

The section also provides information on the discharge process, the roles of debtors and creditors, and investigations conducted by the OSB's Special Investigation Units and the Royal Canadian Mounted Police.

You can access the new section at the following link: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02654.html.


August 10, 2011 - What A Great Few Days...


With this year's conference still fresh in our minds, it seemed to me like a great time to reflect on some of the great moments of those few days in Ottawa.

Justin Trudeau

The conference (aptly titled "Credit to our country"), did a good job of showcasing some of the great talent we have across Canada. Starting off the conference was a presentation by the dynamic Justin Trudeau. He spoke about the need for Canada to boost its labour pool with a focus on continual education. On that vein he congratulated the CIC for its contribution and then went on to add that an important part of this success rests in younger professionals and new Canadians. He stressed that it is not just about education, but about the desire to innovate and strive to improve one's abilities, that are needed to push the Canadian economy.

The rest of the day was spent in a variety of different sessions. Members seemed to really enjoy the session on Fraud given by Corporal Louis Robertson of the RCMP and one on personal finance given by Bill Hill of RBC. The day was capped off with a special evening hosted by Dunn & Bradstreet at the Canadian War Museum. For the die-hard hockey fans, D&B brought in a giant TV to show the playoff game.

Thursday started off with a very informative talk by Peter Hall of EDC on the state of the global economy, and its implications for Canada. From conversations held afterwards, I know that the attendees found the information and updates that he shared very helpful. This was followed up by an expert panel on the economic recovery, specifically looking at if we are out of the proverbial woods yet. The discussions were lively and animated, and the information the panelists brought out was always insightful. Overall the members in attendance were able to walk away with valuable information and a good sense of what to expect from the economy in the year ahead.

Peter Finlay

Attendees then were able to break off into groups for a workshop to share the current best practices from their various industries. I will not go into detail about that since we will be publishing those in the coming months, but the members enjoyed their time discussing industry trends as well as different strategies in dealing with clients – both good and bad.

After lunch we gathered again for the AGM. I would like to take this time to thank all the members who could not attend in person for either sending a proxy or joining in online. The members approved several by law changes which will help us move forward as an organization. After a break, everyone gathered for another great evening, this time hosted by Equifax.

Patrick Leroux started the final day of the conference with a captivating and motivating talk on what it takes to achieve personal S.U.C.C.E.S.S. By the end of this he had the audience engaged and excited for the opportunities which awaited them after the conference. Afterwards, during the closing ceremonies a few of the sponsors handed out some prizes. Congratulations to Donna Birtwistle on winning an iPad.

This year the prestigious Quaker Oats Trophy was awarded to the Hamilton & District Chapter, to recognize their achievements over the past year. The trophy is awarded based on a chapter's performance in a variety of criteria, including: student enrollment, course completion and membership engagement. The Credit Institute would like to congratulate the members of this chapter for their hard work.

From left to right: Chuck Zizzo, Brian Bull, Joyce Chuang, Heather Wilson, Linda Kurpe (back), Charlene Terreberry, Terrie Demelo (back) and Vanessa Ingraham

After the closing ceremonies we all said our goodbyes and parted ways, eager to bring back and share the knowledge we had gained at the conference. I know people learned a lot, and shared some great experiences with their peers.

I for one cannot wait until the next one in Jasper two years from now.

- Reggie Delovitch, CHRP, MBA


August 3, 2011 - New Live Webinar on Debt Recovery (Sept. 15, 2011)


Sign up for the upcoming Live Webinar: Strategies to Optimize Debt Recovery on September 15, led by Ken MacDonald, LL.B., LL.M. If optimizing recovery is your top priority, then you won't want to miss this webinar. Ken will explain in clear layman's terms some of the options available to creditors to collect from dishonest debtors.

Click here to learn more about this webinar


June 23, 2011 - CCE holders (from the NACM) eligible for Challenge Exam


Certified Credit Executive (CCE) desigation holders from the National Association of Credit Management are eligible to write the Challenge Exam to obtain the CCP designation. We accept the CCE designation as having the equivalent level of education and work experience that we require Challenge Exam takers to have.

Click here to learn more about the Challenge Exam


May 19, 2011 - Exam Information for Spring 2011 Semester Posted


Exam information for Spring 2011 Semester (including Challenge Exam) is being posted as they become available under Current Students > Exam Information. Please check back for possible changes.


 

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