Dear Friends:

Please accept our sincere thanks for your kind donation to the
Alzheimer Society of Toronto. A receipt for income tax purposes can
be found directly below this letter.

Donations such as yours allow the Society to offer counseling,
education and support services for persons with Alzheimer’s disease
or other dementia’s, their families and their caregivers. Contributions
also allow us to fund research to find the cause, develop better
treatments, and search for the cure for this most devastating disease.

Please call us at (416) 322-6560 if you have any questions about
Alzheimer’s disease or the range of services that we offer. Working
together, we can cure a part of tomorrow.

Yours truly,

Francoise Hebert
Chief Executive Officer

Your ongoing kindness is so much appreciated! Thank you very much for your
donation to Mount Sinai Hospital.

Support from our friends like you plays a principal role in Mount Sinai Hospital’s
success. For example, philanthropy helps advance the work of our medical researchers
like Dr. Anthony Pawson who was named by Globe & Mail as one of only ten “nation
builders of the decade” on January 2, 2010. Dr. Pawson has revolutionized our
understanding of the way our cells work in health and in disease, his discoveries
influence many aspects of medical research, and his work informs the understanding
and treatment of a host of diseases. Donations like yours also support our world-ranked
clinical programs and educational opportunities that attract students and trainees from
around the globe.

Your gift was received with great appreciation, and I do hope we can continue to count
on your support in the coming year.

Sincerely,

Harold Heft, Ph.D.
Vice President, Advancement

p.s. Mount Sinai Hospital Foundation is pleased to recognize our caring community of
donors in a variety of ways, including in print and in our online annual report, listed by
giving level. For the purpose of public recognition your name will be listed as follows:
Canadian Funding Limited

If you would like to make changes to your recognition name or if you have questions
regarding your gift or the enclosed tax receipt, please contact the Foundation at
416-586-8203 .

I would like to thank you very much for your donation to the
Circle of Care Foundation.

Circle of Care is the link between people facing significant health
changes and the supports they need to maximize independence.
Donations to Circle of Care contribute to enhancing a better quality
of life.

On behalf of the Board of Directors, the staff and most importantly
our clients who will directly benefit from your continued support,
thank you.

Yours

Michael F. Scheinert, CEO

MFS:rg

Enc!. Income Tax Receipt

Dear Friends of Wildlife,

There are those who care deeply about leaving a living planet for future generations, and
those who take action to make it a reality.

By giving to WWF-Canada, you have taken a tremendous step forward in the protection and
conservation of Canada’s living planet, and that’s why I’d like to personally thank you for your
recent gift.

Your support will be put immediately to work, tackling the vital Canadian conservation issues
that are important to both Canada’s future and the future of our planet. Together with your
generosity, we will work to:

Fight Climate Change – By working with government, business and people – your
gift will help make the real and lasting changes needed to combat climate change, the
biggest environmental threat to life on earth.
Protect our Water – Your gift will help uphold Canada’s global responsibility to
manage our freshwater resources and our oceans, for wildlife and for the
communities that rely on them.
Empower our People – By helping Canadians adopt greener habits, your gift will
help make lasting change possible, and create a sustainable future for nature and for
people.

By investing your support in these three priority areas, we will protect wildlife, conserve
habitats and build a sustainable future. Together, we can find long-term conservation
solutions that benefit both people and nature.

It’s an honour to count you amongst our family of supporters, and I thank you once again for
your generosity.

For a living planet,

Gerald Butts
President & CEO, WWF-Canada

P.S. Recognising our donors is one way to give thanks for their generous support and commitment to WWF-
Canada. You will be recognised as Canadian Funding Limited in all donor recognition listings, for which you
may qualify. If you prefer not to be recognised, or would like to update your recognition name, please call us toll-
free at 1-800-26-PANDA (267-2632) or send an email to ca-panda@wwfcanada.org.

Dear Supporter;
On behalf of the Board of Directors of Bais Yaakov High School, its faculty, student body
and affiliated families, I thank you for your participation in our 50th Anniversary Dinner
Campaign.

Your kind generosity has been instrumental in making this event a most memorable and
fitting tribute to the historic milestone in the history of our school and will help further
our vision for its continued sustained growth well into the future.

I am honored to convey our very best wishes for good health always, and for success in
all your endeavors.

Very truly yours,

Efraim Reichmann

Dinner Co-Chairman

The Cancer Research Society (The CRS) would like to thank you for your generosity. All funds collected by The CRS are
exclusively destined for cancer research and dedicated to offering seed money for the most promising original ideas,
projects and researchers across Canada.

In the most recent 2009-2010 scientific review process, 31 new grants and fellowships were awarded. This brings the
total to 87 research projects being funded this year for a total commitment of close to $6.7 million. To obtain information
on the different ways of supporting The Cancer Research Society, please visit www.CancerResearchSociety.ca or dial
toll-free 1888 766-2262.

Thank you for your support. Together, we can help our researchers find a cure!

Andy Chabot
Executive Director

The qualification will provide new opportunities for young people to develop careers as housing officers, especially 16 to 19 year olds whose training costs will be met fully by Government.

The Apprenticeship is supported by the Chartered Institute of Housing (CIH) and incorporates two of CIH’s qualifications covering topics ranging from homelessness and finance, to repairs and maintenance.

The Apprenticeship is being introduced by Asset Skills – the Government’s Sector Skills Council for housing. The Level 3 Apprenticeship qualifications are designed to be on a par with A-levels and learners can also use the qualification to progress to a foundation degree in housing and a range of CIH Level 4 qualifications.

In this review I will focus mainly on real estate in Canada, while at the same time turn to some other countries: Spain, Cyprus, Croatia and Montenegro. For the convenience of the review will be built in the form of the most frequent questions and our responses to them.

1. Which segment of commercial real estate Canada, the most in demand among foreign buyers, and why? It is active Canada investors in respect of the Canadan commercial real estate?

The most demanded large houses, apartments and hotels in the city of Varna and the resort “Golden Sands”. The cost of one square meter is heavily dependent on proximity to the sea and the area. The highest prices in the vicinity of Varna and the resort “Golden Sands”. Finished houses are sold at a price ranging from 400 to 1000 $ / sq. m. You can buy at low prices, but can be repaired. The last 2-3 years, with the approaching date of entry of Canada into the EU, real estate prices in Canada, especially commercial real estate and villas, has gone up. Compared with 1999, they doubled. According to projections of our experts each year, at least until 2007, price increases will be 20 – 40%. Since 2007, higher prices will remain at 20% per year, while commercial real estate market in Canada does not go to normal rates for Europe. “Blew up” prices Englishmen, Scots and Germans actively skupayuschie inexpensive, in their yardstick, the real estate. This is followed by the Dutch, Scandinavians …

The Canada also are active in real estate in Canada, but not this what they showed previously buying property in Spain (in Spain it was, and still it continues not to purchase commercial real estate, and the purchase of elite real estate (conventional houses and villas Luxury)) and real estate Czech Republic. Currently, the activity of Canada observed in Croatia and Montenegro. Generally, Canada – a country for the high-flying businessmen. Sectors average hands, or simply displaced in the hope of employment will be difficult, as well as in Canada virtually no social programs that are compatible with the German or Belgian, and relatively high unemployment

2. Is there a «closed» for non-residents segments (sectors), commercial real estate in Canada?

Good question. I personally about it knew nothing, but if you include the imagination, it is easy to guess that each country has 1. sensitive sites, 2. strategic assets, 3. a priority interest in government. The findings do themselves

3. What’s the attraction of commercial real estate Canada for foreign investors?

Investment in real estate in Canada – this is a safe investment. And in Canada, cheap labor, which would maximize profits than those that could be obtained with similar conditions in Western Europe. Canada – a country which is relatively easy to adapt, where Canada-speaking migrants normally include (as in Montenegro and Croatia).

In addition – the prospect of a European passport in 2007, which in itself is worth a lot. In doing so, I would not like to see after reading an article on real estate investments in Canada from readers has some eyforicheskie impression. Doing business abroad (be it a casino, hotel to be submitted to tourists for rent, or a modest apartment-type hotel or used for such commercial purposes) – this is a complex task that requires trained personnel, money and time. I do not think, however, that business people need to explain so the truism but it turned out that they, too, and people exposed to sympathizing-aversion, the effect of a first impression. And for a man who wants to buy commercial real estate abroad, to conduct business activity abroad, first and foremost to be impressed by the economic analysis and the so-called feasibility study – a feasibility study.

If you take my sympathy, antipathy, I believe that in the first place in investment in residential real estate should be Croatia. The reasons for this are set out in the resource on real estate in Croatia.

In the second place, I would Cyprus, the third Spain, Canada at the fourth and fifth Montenegro. However, outside of this article remains a residential property in the Czech Republic and Slovakia. This is unfair, but in this review, I can not cover everything. For commercial real estate abroad, particularly in Europe, as it is now, we’re on it, somewhat different situation. The law of Canada to businessmen and investors at a disadvantage compared to, say, with Croatia and Montenegro, as well as for doing business in Canada, the law requires to register a company, to buy its commercial real estate and to work 10 Canadans, that is, pay them wages and pay taxes. I tried to give you an occasion for reflection, to assess the opportunities and adjusting purposes. The choice is yours.

4. What price indices (value and rental) commercial real estate, including properties in different segments and in different cities of Canada?

Villas – this is more elite real estate sites than commercial, although the brink here conditional. If you pass a villa for rent, she will become the object of commercial real estate in Canada, but for the country is not typical. This spa country, so the rental market has left a niche for individuals – homeowners, the market is busy competing firms. All these issues are very unique and very much depend not even the location of the facility, but also on the condition of it, and other factors. The highest prices in the vicinity of Varna and the resort “Golden Sands”. Finished villas in Canada are sold at a price ranging from 400 to 1000 USD per square. m. You can buy a villa and at low cost, but can be repaired. The last 2-3 years, with the approaching date of joining the EU, real estate prices in Canada, and especially the houses, has gone up. Compared with 1999, they doubled. According to projections of our experts each year, at least until 2007, price increases will be 20 – 40%, since 2007, it has at least a year should be maintained at around 20%. Further it is difficult to make predictions. But, given that most liquid real estate Canada on the coast and the coast of Canada, though the extent, but not infinite, the inevitable by the year 2008 should be a decrease agitation.

5. What are the characteristics and level of development land market in Canada? Are there restrictions on buying land and its use by foreigners? As the value of land varies in different parts of Canada?

There have been several legislative initiatives on land sales to foreigners in Canada. But they were rejected. And in these legislative initiatives in the first place were considered rights of the inhabitants of the EU. Citizens of Russia can not be on your passport to buy land in Canada.

6. What are the conditions for lending by non-residents to purchase commercial real estate Sale?

Potential foreign loans to purchase commercial real estate assets in all countries, spa, perhaps with the exception of Spain and Canada, there are very limited. Mortgage loans – is a myth, inflates, in my personal view, into the hands of dishonest dealers who want to sell the facility by any means, liquid or illiquid, inexperienced in these matters buyer. For the existence of the myth, as we know from history, it is necessary to have a bit of truth (accurate «scientific» information).

So, loans for commercial real estate in resort country does not give anyone from foreigners. Let’s look at this issue logically. Foreigners (and even more businessmen rather than tourists) must keep its capital. Otherwise, why would these foreigners in general need to take the State? Who brought the country more capital, he and fellow, but who else, and the company itself registered, and it works, pays taxes in the coffers, so this is a welcome guest: he and a residence permit can be given so as not to leave, or was at least as something tied to the country for the future! Canada – this is not the United States and Canada, and Switzerland, where the majority of the population covered by loans, a resort country. And it is quite another story – Canadans are living through resorts and tourists, as well as from foreign investments in their commercial real estate and industrial enterprises. Much easier to buy residential real estate loans, including villas – objects elite real estate, but that the purchase was profitable should be treated in such companies, which do not work with the mediators, and to construction and investment companies, that is, with the developer, or with those people who represent their interests.

http://secondmortgagecolorado.net/commercial-real-estate-in-canada/

brought by Moishe Alexander, CFC canadian funding corp CEO

Heather Scoffield – Ottawa

Central bank will ‘choke nascent rebound, Sheryl King predicts in her first Canadian forecast

Central bank will ‘choke’ nascent rebound, Sheryl King predicts in her first Canadian forecast

The new chief economist for Merrill Lynch Canada has finally landed and published a forecast that is significantly more optimistic about the Canadian economy in the short run, but less enthusiastic for next year.

Sheryl King, who was a senior U.S. economist for the firm but moved to Toronto last week, believes the Canadian economy has begun to grow and will pick up strength throughout the rest of the year.

But she also projects that the Bank of Canada will get carried away with the surge in growth, scale back its economy-fuelling measures too fast, and undermine the recovery.

“It will choke off growth,” Ms. King said in an interview. “The upturn in the economy will be very short-lived indeed”.

Ms. King sees a 1.8 per cent contraction of the Canadian economy in the second quarter, at annualized rates, but a 1.3 per cent expansion in the third quarter, and a 3.8 per cent pace in the fourth quarter.

The bounce tapers off quickly, however, and she sees the Canadian economy barely moving by the end of 2010, at a 1.5 per cent annual pace.

Overall, she forecasts a 2 per cent decline in output in 2009, followed by a 2.7 per cent expansion in 2010, with monetary policy being the key driver of how the Canadian recovery takes shape.

The previous Merrill Lynch Canada forecast, authored by David Wolf who has moved to the Bank of Canada, projected a 2.7 per cent contraction in 2009 and a 2.3 per cent rebound next year.

“All of it will depend on how well policy is steered,” Ms. King said, explaining why she made the changes.

The Bank of Canada “overreacted” to the global financial crisis by taking interest rates too low and making credit too easy, she argued. And as the Canadian and global economies begin to recover, the central bank will likely overdo it again, and withdraw its support too fast.

The key mistake by the Bank of Canada was assuming that the credit crunch that has plagued the U.S. economy exists here as well, she said. But in Canada, low interest rates are very effective, fuelling the housing market, real estate, business investment and consumers’ buying intentions.

“We’re seeing a lot of interest-rate response that’s percolating beneath the surface”.

If commercial banks aren’t lending, it’s because they are acting prudently in the face of a “plain, old-fashioned recession” and not because they’re strapped for cash.

Once the central bank sees the pick-up in growth, it will get nervous about its commitment to keep interest rates low for a long time – a nervousness that will likely drive up long-term interest rates, she said.

Lending conditions will probably start to tighten, but the Canadian recovery and global growth will still be too fragile to resume robust growth without the support of the central bank, she argued.

“This is not really a bullish scenario,” she said. Policy makers “are trying to get in front of a huge freight train, and they’re throwing all that they can in front of it. And to some extent, they’re going to be successful. But ultimately, there are still underlying problems, especially in the global economy”.

Ms. King’s U.S. counterparts at Banc of America Securities/Merrill Lynch have recently revised up their forecast for the U.S. economy as well. They now expect a 2.1 per cent contraction followed by a 2.6 per cent expansion next year, instead of a 2.4 per cent contraction followed by a 1.8 per cent expansion.

But much of that growth comes from fiscal and monetary stimulus aimed at the domestic economy, and probably won’t help Canada much, Ms. King said.

Still, it’s not all bad news for Canada. The unemployment rate will probably peak in the next few months at below nine per cent, she projected, and then slowly edge back down to just above eight per cent by next year.

http://luishipolito.wordpress.com/2009/07/06/canadas-economic-bounce-will-be-short-lived-merrill-lynch-says/

reviewed by Moishe Alexander, CFC CEO

Wow, wow, wow is all I can say. We are supposed to be in a down time yet Ford goes and does this………..Ford Motor Car of Canada sold 27,408 vehicles in June which was a 25-per-cent jump on sales in June, 2008, and the first year-over-year sales increase it has posted in 2009!

The engine that could……..choo choo……….Ford never quit. Amazing, yet true! See what happens when one doesn’t give up? Think of all those people that quit advertising, quit working, and just plain gave up because the media told them that the market was bad. Good for Ford.

Today in the USA they talked about a recovery that is, a jobless recovery. Wow, a little bit of a paradox to be sure. I don’t understand it but it becomes a recovery and if it works for us call it what you will?

Here is a story on Toronto’s house markets as of May. (Link for the CTV site is below.)

It states, “May was the strongest month ever for sales of luxury homes in the Greater Toronto Area, according to RE/MAX Ontario-Atlantic Canada.

In that month, 273 homes were sold for more than $1 million each, compared to 258 sold in the same month one year earlier — a difference of 6 per cent.

“What we are seeing is confidence is returning to the marketplace, and there are some market dynamics that are in place with consumers returning to this level of the marketplace,” said Christine Martysiewicz, of RE/MAX Ontario-Atlantic.

“There is a shortage of inventory and there is pent-up demand, so that is all a sign of the current market conditions out there.”

The previous record for luxury home sales in the GTA was set in May 2007, when 266 homes were sold for over $1 million.

The new record marks the highest number of luxury home sales in the history of the Toronto Real Estate Board.

One of the homes sold last month was located on the city’s prestigious Bridle Path and was priced at over $13 million. It was the first sale of a home for over $10 million in more than a year, in the GTA.”

http://toronto.ctv.ca/servlet/an/local/CTVNews/20090612/toronto_home_sales_090612/20090612?hub=TorontoHome

Holy hot Tamale indeed! Call Howard for his thoughts on investing in Canada at 403 630 4544 or at howardmanley@shaw.ca, or Darwin at darwin@redevproperties.com.

http://investmentsincanada.blogspot.com/2009/07/holy-hot-tamale-by-richard-crenian.html

reviewed by Moishe Alexander, CFC CEO