Rotary Club of Edmonton Strathcona   

 

 

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Club Meeting Information
Thanks for visiting our site! The first ClubRunner site in District 5370
Edmonton Strathcona

"The Friendly Club"

We meet In Person
Tuesdays at 12:15 PM
Woodvale Facility and Golf Clubhouse
4540 - 50 Street NW
Edmonton, AB T6L 6B6
Canada
Our Club meets every second Tuesday. Please email to confirm date.
Upcoming Events & Volunteer Opportunities
Stories -- click on story title or 'Read More...' to get the rest of the story.
Freida Richard with Rotary Past President Jim Peddie
 
This Tuesday we were pleased to welcome Freida Richard, a partner at Grant Thornton, to talk to us about the options available to us regarding financial insolvency. She has worked in the financial industry for twenty-nine years and has written a financial column for the Globe and Mail for the past eight years. She and her team at Grant Thornton work with clients to help them understand their options and choose the best one for their personal situation.
Freida began by saying the age group most affected by insolvency has shifted to a younger age group, Millennials aged 27 to 42, since the COVID pandemic. She said this is most likely the result of multiple factors. This age group grew up with using credit over cash and generally do not have enough financial smarts to navigate the much more complicated financial world we have today. They have also been affected by several big downturns in the economy that affected their ability to find and keep well paid steady work, find accommodations that are affordable and deal with the ever more complicated and expensive world around us.
She said that our relationship with debt is a major factor in the increase in the number of insolvencies since 2008. Our comfort level for more debt has increased, partially due to lower interest rates and has resulted in a buffet of credit card options. Some common myths about debt are that it only happens to low-income people, higher income people have higher financial skills, debt results from poor choices, or that having debt means you are lazy. In reality, the top reasons for debt are living beyond your means, relationship breakdowns, gambling or addiction, business failure, medical issues, non-compliance with tax filings and loss of income. Some warning signs to watch for are reliance on pay day loans, being in overdraft every month, and going from one financial crisis to another.
Freida  told us that the first things to do when you become overwhelmed are to consider budget revisions, selling non-essential assets ( this does not include pensions or RRSPs), negotiating with your creditors (only practical if there are three or less), consolidating or transferring your debt to a lower interest loan ( although this can cause issues) and consulting with a not for profit agency such as the Credit Counselling Society to help you negotiate with your creditors.
When these options are not practical there a several federally legislated programs involving the courts available that an insolvency specialist can help with. An Orderly Payment of Debt, a Consumer Proposal and Bankruptcy (the least preferred option). An Orderly Payment of Debt can be obtained through Money Mentors in Alberta. A Consumer Proposal should be prepared by an insolvency specialist and involves a court ordered stay of proceedings to freeze interest and stop collection action. You retain control of your property, it is budget friendly and involves joint proposals from you and your creditors. It presents your creditors with a comparison of what they will get if they agree to this as opposed to what they will get if you declare bankruptcy. The amount you agree to pay on dollars owing in debt must be agreed to by your creditors and the amount owing must be paid within five years Once agreed upon the conditions are legally binding.
The last and most onerous option is Bankruptcy. It is also the most highly regulated option with many specific rules that must be followed. It involves a sale of assets to cover your debts with a list of stipulated assets and amounts that you are allowed to keep. The time frame for payments varies depending on your past history with insolvency and the amount paid depends on your net income and number of people in your household. It also affects your ability to obtain credit for many years to come.
We would like to thank Freida for this very interesting and knowledgeable introduction to insolvency.
Some members of our Rotary Interact club from W.P. Wagner High School took part in organizing an Anti Racism Summit that took place at the Stanley Milner Library on 15 Feb 2023. It involved one hundred fifty junior high students from the W.P. Wagner catchment area. They gathered with students from several other schools to discuss how to deal with various issues, how to challenge stereotypes and deal with stigma. This summit was reported on for the Edmonton Journal by Madeline Smith and the article is publicly available on their website.
 
Hans Granholm being presented with the medal by Rotary District Assistant Governor Jeanette Bancarz
 
This past Sunday our club held a Dinner to present the Queen Elizabeth II Platinum Jubilee Medal to Hans Granholm in honor of his service and commitment to Rotary over the years. Hans is a founding member of our club (since 1974) and has made many, many contributions of time and talent over the years. He is well known in Rotary circles for his kindness and willingness to share his broad knowledge of how Rotary works to get things done. One of his major contributions was introducing our Rotary club to using the ClubRunner website to help streamline administration and give our club an internet presence in 2004. ClubRunner makes keeping track of members, communicating with members, and advertising meetings and social occasions both to our members and the general public quick and relatively easy. It also streamlines many other formerly time consuming and paper intensive administrative jobs and gives our members one central place to find all kinds of information on our club. He also encouraged many other Rotary groups to do the same and has served as a mentor and troubleshooter in this regard for Rotarians from all over Canada and parts of the US for almost twenty years now.  This one thing alone has probably streamlined many thousands of hours of paperwork for Rotary over the years.
 
 
Club President Graham Gilchrist with medal recipients, Tamara Larson, Hans Granholm and Norman Leach
 
Our club also honored two other Rotarians, Norman Leach, who received a QE II Platinum Jubilee Medal for his longstanding contributions to Canadian Military History and Tamara Larson who received a QE II Platinum Jubilee Medal for her work over many years with District Rotary youth programs.
 
 
 
 
On 07 Feb some members of our club volunteered with the Edmonton Food Bank to help sort and pack items for distribution. Many thanks to Loida Lumanlan for organizing this and to Donna Hutton, Richard Karlsson and Dennis Hutton for giving generously of their time.
 
We would like to encourage our members to register for and attend our annual district conference which will be held from Thursday to Sunday, 20 to 23 April at Jasper Park Lodge. The conference theme is Respect. There will be special programs for all ages for those wishing to bring children or other family members with them. One of the special programs is a quilting display and sale. Registration and details regarding programs and speakers can be found at respect5370.com.

>>> PLEASE LOOK AT THIS ADVERTISING OPPORTUNITY <<<

With the number of members in this club either owning or operating a business, we are getting a very poor interest in this nice little generator of funds for the club.
Are the rates too steep? I don't think so, but if you do, please let us know.
If you have any bright ideas on how to promote this little initiative, please speak up.

 
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Canada Flag Program
 
 
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Executives, Directors & Committees
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Interact Club Liaison: J Percy Page
Interact Club Liaison: WP Wagner
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Upcoming Speakers
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Michael Hrycun - Development office for YESS
Apr 11, 2023
YESS - Youth Empowerment and Support Services
Mike Ryan
Apr 25, 2023
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