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On Dec. 18, 2017, Transport Canada announced that commercial trucks and buses will soon be required to adopt two new technologies. The government hopes these technologies—electronic stability controls and electronic logging devices (ELDs)—will improve road safety and create a more level playing field in terms of compliance.
The following are some things to note about these devices and the new requirements:
Upcoming regulations will require fleets to install electronic stability controls on new trucks and heavy buses sold in Canada. Electronic stability control systems are a crash-avoidance technology that reduces collisions and prevents rollovers by helping drivers maintain control of their vehicles. Per the new mandate, electronic stability controls will be required by June 2018.
ELDs help drivers remain compliant with the federal Commercial Vehicle Drivers Hours of Service Regulations, which, in turn, help limit the potential for driver fatigue. ELDs also reduce the administrative burden of paper logbooks. Per the new mandate, ELDs that meet a new National Safety Code technical standard will become mandatory by 2020. Devices now in use will be permitted until 2022.
These new regulations are closely aligned with similar legislation in the United States, which should help promote trade and economic growth.
Industry groups, like the Canadian Trucking Alliance (CTA), have expressed support of the ELD mandate and similar regulations. Specifically, the CTA believes ELDs will ensure compliance with hours-of-service regulations and reduce commercial vehicle collisions related to fatigue and cognitive driver distraction.
To read the official news release from Transport Canada, click here.
Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.
Financial planning is crucial for several reasons:
Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.
Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.
Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.
Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.
Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.
The specific responsibilities of a financial advisor can vary, but generally, they:
The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.
Common fee structures include:
Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.