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Alberta, Saskatchewan finances in best shape among provinces, says Conference Board

Alberta, Saskatchewan finances in best shape among provinces, says Conference Board

Calgary Herald2 days ago
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Pressures from the trade war are expected to push every Canadian province into fiscal deficit this year, but their fortunes going forward could be radically different, according to a new report released by the Conference Board of Canada on Tuesday.
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While all provinces currently face budget shortfalls brought on by pandemic debt and increased spending due to trade war uncertainty, Alberta and Saskatchewan are currently in the best fiscal position thanks to prudent debt management and revenue from the natural resources sector.
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'Alberta has a younger population and has a really strong foundation in the oil and gas sector, which helps to boost their royalty revenues,' said Richard Forbes, principal economist at the board.
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The report forecasts Alberta's fiscal position will improve from a $4.3 billion expected deficit in 2025-2026, to a surplus of $3.9 billion by the end of the decade.
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Saskatchewan's shortfall is expected to improve as well, with the deficit shrinking from $373 million in 2025 to $172 million in 2026, with small budget surpluses for the remainder of the decade.
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Forbes noted Saskatchewan and Alberta remain heavily reliant on resources and could face volatility.
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On the flip side, the Atlantic provinces face tougher headwinds on the fiscal front, including declining population, lower investment and lower revenues.
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None of the Atlantic provinces' deficits are expected to return to balance by the end of the decade, with Newfoundland and Labrador and New Brunswick in particular contending with aging populations.
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'Demographics is a really big driver of government finances,' said Forbes. 'In eastern provinces and Quebec, their populations are bit more senior, and their median ages are higher.'
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Forbes said as people get older, they contribute less to tax revenues and generally spend less in the economy. In addition, as the population ages, the demand for healthcare services increases, a key area of spending for provinces.
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British Columbia also currently faces a record-breaking deficit of $9.1 billion, which is 70 per cent higher than the record deficit it posted during the pandemic. In April, S&P Global Ratings downgraded the province's credit rating from AA to A+. The province's deficit is expected to remain elevated at $9.3 billion in 2029-30.
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Forbes said there is no indication the province will come back to balance by the end of this decade, but cited potential revenue from the resources sector as a reason to remain optimistic.
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This was partly offset by the increase in fee revenue driven by higher average AUA 1,2 of $39.1 billion, up $2.1 billion compared to prior year Q2. The AUA increase was attributable mainly to strong equity markets and advisor team recruitment. For more detail on our results, please refer to our MD&A for the three and six months ending June 30, 2025. Subsequent to the end of the fiscal second quarter, on July 28, 2025, the Company and iA Financial Corporation Inc. ("iA"), a Canadian insurance and wealth management company, announced that they have entered into a definitive agreement ("Arrangement Agreement") for iA to acquire (the "Transaction") all issued and outstanding common shares of the Company, its revolving debt and preferred shares. 1. Considered to be non-GAAP or supplementary financial measures (SFMs), which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. Dave Kelly, President and Chief Executive Officer, commented,"While we remain in a complex economic environment with ongoing market volatility, we continue to focus on controlling our expenditures and opportunities that drive growth. Those opportunities are centered on the diligent execution of our three-pillar strategy. My overarching goal is ensuring our advisory teams feel valued and respected and they have the products, services, and tools needed to do their best work. With all our teams aligned and working together as partners, we are, and will continue to be, the best independent choice in Canada. As announced on Monday July 28, the Transaction marks an exciting new chapter for RF Capital. By joining forces with iA, we unlock powerful opportunities across technology, product innovation, and operational scale—enhancing the advisor value proposition through expanded capabilities and support. Our advisors will continue to operate independently under the Richardson Wealth brand 1, backed by the financial strength and stability of iA Financial Group, and remain fully dedicated to delivering trusted, personalized advice to their clients." Dave Kelly will continue to serve as President and CEO of RF Capital through completion of the transaction and remains committed to executing the company's strategic plan and ensuring a smooth transition of the business following the closing. Further information about the Transaction, including the announcement press release dated July 28, 2025, can be found on our website, and full details will be mailed to shareholders in our upcoming Transaction circular, expected in late August 2025. Outlook and Key Performance Drivers Our current view on the drivers of our financial performance and profitability for 2025 is as follows: AUA 2,3 is highly correlated with equity and bond market movements which are inherently difficult to predict and can be impacted by broader economic conditions. We expect to see increased volatility in these markets as a result of the new U.S. trade and tariff policies and their global ramifications. However, AUA will also be impacted by growth in our existing advisors' client assets and by recruitment and attrition. Interest revenue is impacted by prime rate trends, which economists expect to decline throughout the rest of the year, as well as client cash balances and margin loans. Transaction activity underlying our corporate finance revenue could rebound but is more likely to remain subdued. We expect inflation to remain in the Bank of Canada's target range for 2025, although there is uncertainty due to the new U.S. trade and tariff policies. We remain committed to finding operating cost savings and efficiencies in our business. Operating expenses are expected to be impacted by share price fluctuations, as mark-to-market adjustments on share-based compensation can create volatility in our results. Free cash flow available for growth 2 is expected to be deployed towards strengthening our support for our advisory teams and recruitment. Preferred Share Dividend On July 31, 2025, the Board of Directors approved a cash dividend of $0.233313 per Series B Preferred Share for a total of $1,073,000, payable on September 29, 2025 4 to preferred shareholders of record on September 15, 2025. 1. Richardson Wealth is a trade-mark of James Richardson & Sons, Limited and Richardson Wealth Limited is a licensed user of the mark. 2. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 3. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 4. In the event that the payment date is not a business day, such dividend shall be paid on the next succeeding day that is a business day. Second Quarter 2025 Earnings Conference Call and Webcast An earnings conference call and audio webcast will be held on Friday, August 1 at 10:00 a.m. (EST). The call will be hosted by Francis Baillargeon, Chief Financial Officer. Interested parties are invited to access the second quarter earnings conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll free) and entering participant passcode: 3903524 #. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company's website at A recording of the conference call will be available until Sunday, August 31, 2025, by dialing 905-694-9451 or 1-800-408-3053 (toll free) and entering access code 2356231#. The webcast will be archived at The following table presents the Company's financial results for Q2 2025, Q1 2025 and Q2 2024. As at or for the three months ended As at or for the six months ended June 30, March 31, Increase/ June 30, Increase/ June 30, June 30, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) 2025 2024 (decrease) Key performance drivers 1: AUA - ending 2 ($ millions) 40,373 39,152 3 % 37,125 9 % 40,373 37,125 9 % AUA - average 2 ($ millions) 39,117 39,746 (2 %) 36,976 6 % 39,432 36,518 8 % Fee revenue 71,329 77,496 (8 %) 67,514 6 % 148,826 133,660 11 % Operating expense ratio 3 (%) 78.4 82.9 (450) bps 71.9 +650 bps 80.7 73.1 +760 bps EBITDA margin 4 (%) 12.0 9.5 +250 bps 16.5 (450) bps 10.8 15.8 (500) bps Asset yield 5 (%) 0.80 0.89 (9) bps 0.86 (6) bps 0.84 0.87 (3) bps Advisory teams 6 (#) 143 147 (3 %) 150 (5 %) 143 150 (5 %) Operating Performance Reported results: Revenue 89,261 99,393 (10 %) 91,216 (2 %) 188,654 180,577 4 % Gross margin 7 49,339 55,417 (11 %) 53,566 (8 %) 104,756 106,334 (1 %) Operating expenses 1,8 38,660 45,951 (16 %) 38,496 0 % 84,612 77,725 9 % EBITDA 1 10,679 9,466 13 % 15,070 (29 %) 20,144 28,609 (30 %) Income/(loss) before income taxes (1,930) (3,301) (42 %) 2,462 n/m (5,231) 2,525 n/m Net income/(loss) (2,109) (4,112) (49 %) 2,714 n/m (6,221) 1,587 n/m Net income/(loss) per common share (0.21) (0.33) (36 %) 0.11 n/m (0.54) (0.04) n/m Net income/(loss) per common share - diluted (0.21) (0.33) (36 %) 0.10 n/m (0.54) (0.04) n/m Adjusted results 1: Income/(loss) before income taxes 1,333 (38) n/m 5,725 (77 %) 1,295 9,051 (86 %) Net income/(loss) 289 (1,714) n/m 5,112 (94 %) (1,425) 6,383 n/m Net income/(loss) per common share - diluted (0.05) (0.18) (72 %) 0.26 n/m (0.23) 0.27 n/m Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 2 % 5,162 7 % 10,918 (6,664) n/m Free cash flow available for growth 1 1,825 1,981 (8 %) 8,019 (77 %) 3,806 (5,316) n/m Free cash flow 1 (228) (1,808) (87 %) 1,859 n/m (2,036) (13,807) (85 %) As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Select balance sheet information: Total assets 1,375,213 1,400,887 (2 %) 1,458,681 (6 %) Debt 110,922 110,922 - 110,922 - Shareholders' equity 318,626 321,803 (1 %) 326,982 (3 %) Net working capital 1, 9 89,919 86,665 4 % 88,729 1 % Common share information: Book value per common share ($) 13.13 13.32 (1 %) 13.65 (4 %) Closing share price ($) 10.39 10.01 4 % 7.51 38 % Weighted-average number of common shares outstanding - diluted (millions) 15.72 15.73 (0 %) 15.73 (0 %) Common share market capitalization ($ millions) 163 157 4 % 118 38 % 1. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025 and two amalgamations in Q1 2025. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 10. Calculated as current assets less current liabilities. For further information, please see the "Liquidity and Share Capital" section of the Second Quarter 2025 MD&A. Quarterly Results The following table presents selected quarterly financial information for our eight most recently completed financial quarters. 1. Considered to be non-GAAP or SFMs, which do not have any standardized meaning prescribed by GAAP under IFRS and are, therefore, unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. 2. AUA is a measure of client assets and is common in the wealth management industry. It represents the market value of client assets that we administer. 3. Calculated as operating expenses divided by gross margin. 4. Calculated as EBITDA divided by revenue. 5. Calculated as fee revenue, trading commissions, and interest on cash, divided by average AUA. 6. Prior periods have been revised to reflect the internal consolidation of certain teams, including two amalgamations in Q2 2025, two in Q1 2025, one in Q2 2024, two in Q1 2024, and one team separation in Q1 2024. 7. Calculated as revenue less variable advisor compensation. We use gross margin to measure operating profitability on the revenue that accrues to the Company after making advisor payments that are directly linked to revenue. 8. Operating expenses include employee compensation and benefits; selling, general, and administrative expenses; and any transformation costs and other provisions (none since Q2 2023). 9. Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations. Prior period amounts have been revised to conform with the change. For further information, please see the "Non-GAAP and Supplementary Financial Measures" section of this release. Non-GAAP and Supplementary Financial Measures In addition to GAAP prescribed measures, we use a variety of non-GAAP financial measures, non-GAAP ratios and SFMs to assess our performance. We use these non-GAAP financial measures and SFMs because we believe that they provide useful information to investors regarding our performance and results of operations. Readers are cautioned that non-GAAP financial measures, including non-GAAP ratios, and SFMs often do not have any standardized meaning and, therefore, may not be comparable to similar measures presented by other issuers. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS. Adjusted Results Some of our non-GAAP financial measures (including non-GAAP ratios) reflect adjusted results. In periods that we determine adjusting items have a significant impact on a user's assessment of ongoing business performance, we may present adjusted results in addition to reported results by removing these items from the reported results. Management considers the adjusting items to be outside of our core operating performance. We believe that adjusted results can enhance comparability across reporting periods and provide the reader with a better understanding of how management views core performance. Adjusted results are also intended to provide the user with results that have greater consistency and comparability to those of other issuers. All adjusting items affect reported expenses. Adjusting items in this release include the following: Transformation costs and other provisions: charges in connection with the transformation of our business and other matters. These charges encompass a range of transformation initiatives, including refining our ongoing operating model, outsourcing our carrying broker operations, realigning parts of our real estate footprint, and rolling out new strategy across the Company. There have been no transformation costs recorded since Q2 2023. Amortization of acquired intangibles: amortization of intangible assets created on the acquisition of Richardson Wealth. The following items are not included as adjusting items in this release: Balance sheet revaluation adjustments such as mark-to-market adjustments on our share-based compensation (RSUs and DSUs) and FX translation Costs related to our 2024 leadership transition Other one-time expenses or recoveries that we consider to be normal course of business, unless otherwise specified Non-GAAP Financial Measures A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in our 2024 Annual Financial Statements. A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage, or similar representation and that has a non-GAAP financial measure as one or more of its components. The primary non-GAAP financial measures (including non-GAAP ratios) used in this document are: EBITDA EBITDA is commonly used in the wealth management industry. We believe it provides a more accurate measure of our core operating results and is a commonly used basis for enterprise valuation. EBITDA is used to evaluate core operating performance by adjusting net income/(loss) to exclude: Interest expense, which we record primarily in connection with debt Income tax expense/(recovery) Amortization and depreciation which we record in connection with leases, equipment, and leasehold improvements Amortization related to intangible assets Amortization in connection with investment advisor transition and loan programs. We view these loans as an effective recruiting and retention tool for advisors, the cost of which is assessed by management upfront when the loan is provided rather than over its term. Adjusted EBITDA is defined as EBITDA excluding adjusting items. Adjusted EBITDA margin is a non-GAAP ratio defined as adjusted EBITDA as a percentage of revenue. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to EBITDA and adjusted EBITDA. Operating Expenses Operating expenses are defined as total reported expenses less interest, advisor award and loan amortization, amortization and depreciation of premises and equipment, and amortization of intangibles. These are the expenses that factor into the EBITDA calculation discussed above. Operating expense ratio is a non-GAAP ratio defined as operating expenses divided by gross margin. Adjusted operating expenses are defined as operating expenses less adjusting items. Adjusted operating expense ratio is a non-GAAP ratio defined as adjusted operating expenses divided by gross margin. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported total expenses to operating expenses and adjusted operating expenses. Adjusted Net Income Adjusted net income is defined as net income/(loss) from continuing operations less adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported net income/(loss) to adjusted net income/(loss). Commissionable Revenue Commissionable revenue includes fee revenue, trading commissions, commission revenue earned in connection with the placement of new issues, and revenue earned on the sale of insurance products. We use commissionable revenue to evaluate advisor compensation paid on that revenue. Net Working Capital Net working capital represents the excess capital available to deploy in operations or growth and is comprised of current assets less current liabilities. We use net working capital to manage our liquidity as well as evaluate the efficiency of our operations. Net working capital is widely used across the wealth management industry and beyond to assess the financial health of entities and associated risks. Current assets include the non-client portion of cash and cash equivalents, securities owned by the Company, the non-client portion of net receivable from brokers, the current portion of employee loans and other receivables, and other assets. Current liabilities include accounts payable and accrued liabilities, the current portion of provisions, and the current portion of lease liabilities. The table in the "Quarterly Non-GAAP Information" section below provides our net working capital calculation. Free Cash Flow Commencing Q1 2025, we updated our free cash flow available for growth and free cash flow calculations to consider cash impacts of non-cash operating items and RF Capital preferred share dividends. Comparative periods have been revised to conform with the current period presentation. Free cash flow available for growth is the cash flow the Company generates from its continuing operations before any investments in growth or transformation initiatives. We use this metric to evaluate the efficiency of our operations and assess the capital available to reinvest in growth activities. It is calculated as cash provided by/(used in) operating activities per the Consolidated Statement of Cash Flows plus adjusting items and net outlays to attract new advisors to the firm, less lease payments, RF Capital preferred share dividends, and maintenance capital expenditures. Free cash flow is the net cash flow that the Company generates from its continuing operations after investments in growth and transformation initiatives. We use free cash flow to evaluate the efficiency of our growth initiatives and assess the capital available after investments in growth. It is calculated as free cash flow available for growth less net outlays to attract new advisors to the firm, capital expenditures on growth initiatives, and adjusting items. The table in the "Quarterly Non-GAAP Information" section below reconciles our reported cash provided by/(used in) operating activities to free cash flow for growth and free cash flow. Supplementary Financial Measures An SFM is a financial measure that is not reported in our financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows. The Company's key SFMs disclosed in this release include AUA, average AUA per team, recruited assets, and asset yield. Management uses these measures to assess the operational performance of the Company. These measures do not have any definition prescribed under IFRS and do not meet the definition of a non-GAAP measure or non-GAAP ratio and may differ from the methods used by other companies and, therefore, these measures may not be comparable to other companies. The composition and explanation of an SFM is provided in this release where the measure is first disclosed if the SFM's labeling is not sufficiently descriptive. The following table presents select quarterly non-GAAP financial information for our eight most recently completed financial quarters. 2025 2024 2023 ($ thousands, except as otherwise indicated) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 EBITDA: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) Income tax expense/(recovery) 179 811 1,804 1,751 (252) 1,190 713 2,281 Income/(loss) before income taxes - reported (1,930) (3,301) 3,094 (558) 2,462 63 (2,169) 2,092 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 EBITDA 10,679 9,466 16,238 12,493 15,070 13,539 14,518 16,932 Operating expenses: Total expenses - reported 51,269 58,718 51,979 52,246 51,104 52,705 53,055 49,732 Interest 3,191 3,322 3,649 3,725 3,413 3,750 3,994 3,527 Advisor award and loan amortization 3,022 3,125 3,211 3,103 2,909 3,161 5,844 4,457 Amortization and depreciation of premises and equipment 2,770 2,694 2,677 2,660 2,749 3,049 3,385 3,414 Amortization of intangibles 3,626 3,626 3,607 3,563 3,537 3,516 3,464 3,442 Operating expenses 38,660 45,951 38,835 39,195 38,496 39,229 36,368 34,892 Adjusted net income: Net income/(loss) from continuing operations - reported (2,109) (4,112) 1,290 (2,309) 2,714 (1,127) (2,882) (189) After-tax adjusting items: Transformation costs and other provisions - - - - - - - - Amortization of acquired intangibles 2,398 2,398 2,398 2,398 2,398 2,398 2,399 2,398 Adjusted net income/(loss) 289 (1,714) 3,688 89 5,112 1,271 (483) 2,209 Net income/(loss) per common share from continuing operations: Basic (0.21) (0.33) 0.01 (0.22) 0.11 (0.14) (0.26) (0.10) Diluted (0.21) (0.33) 0.01 (0.22) 0.10 (0.14) (0.26) (0.10) Adjusted net income/(loss) per common share: Basic (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.09 Diluted (0.05) (0.18) 0.17 (0.06) 0.26 0.01 (0.10) 0.07 Cash flow: Cash provided by/(used in) operating activities 5,517 5,401 14,442 15,977 5,162 (11,826) 2,836 16,624 Add/(less): Advisor loans net of repayments 199 1,820 1,270 6,290 7,088 2,249 13,224 557 Capital expenditures - maintenance (644) (1,995) (1,004) (790) (901) (419) (797) (348) Lease payments (2,174) (2,172) (2,169) (2,196) (2,257) (2,266) (2,041) (2,044) Preferred share dividends (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) (1,073) Free cash flow available for growth 1,825 1,981 11,466 18,208 8,019 (13,335) 12,149 13,716 Advisor loans net of repayments (199) (1,820) (1,270) (6,290) (7,088) (2,249) (13,224) (557) Capital expenditures - growth (net of lease inducements) (1,854) (1,969) (465) (115) 928 (82) 936 225 Free cash flow (228) (1,808) 9,731 11,803 1,859 (15,666) (139) 13,384 As at As at June 30, March 31, Increase/ December 31, Increase/ ($ thousands, except as otherwise indicated) 2025 2025 (decrease) 2024 (decrease) Net working capital: Current assets: Cash and cash equivalents (non-client portion) 86,520 86,748 (0 %) 88,556 (2 %) Securities owned 854 820 4 % 1,593 (46 %) Net receivable from brokers (non-client portion) 59,209 60,034 (1 %) 61,125 (3 %) Employee and other loans receivable (current portion) 1,035 1,113 (7 %) 1,244 (17 %) Other assets 17,840 15,156 18 % 14,758 21 % Current liabilities: Accounts payable and accrued liabilities 58,154 60,500 (4 %) 60,261 (3 %) Provisions (current portion) 12,364 12,030 3 % 13,587 (9 %) Lease liabilities (current portion) 5,021 4,676 7 % 4,699 7 % Net working capital 89,919 86,665 4 % 88,729 1 % YTD Non-GAAP Information The following table presents select year-to-date non-GAAP financial information for the current and prior fiscal years. For the six months ended June 30, June 30, ($ thousands, except as otherwise indicated) 2025 $ 2024 EBITDA: Net income/(loss) from continuing operations - reported (6,221) 1,587 Income tax expense/(recovery) 990 938 Income/(loss) before income taxes - reported (5,231) 2,525 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 EBITDA 20,144 28,609 Operating expenses: Total expenses - reported 109,987 103,809 Interest 6,512 7,163 Advisor award and loan amortization 6,147 6,070 Amortization and depreciation of premises and equipment 5,464 5,798 Amortization of intangibles 7,252 7,053 Operating expenses 84,612 77,725 Adjusted net income: Net income/(loss) from continuing operations - reported (6,221) 1,587 After-tax adjusting items: Transformation costs and other provisions - - Amortization of acquired intangibles 4,796 4,796 Adjusted net income/(loss) (1,425) 6,383 Net income/(loss) per common share from continuing operations: Basic (0.54) (0.04) Diluted (0.54) (0.04) Adjusted net income/(loss) per common share: Basic (0.23) 0.27 Diluted (0.23) 0.27 Cash flow: Cash provided by/(used in) operating activities 10,918 (6,664) Add/(less): Advisor loans net of repayments 2,019 9,337 Capital expenditures - maintenance (2,640) (1,320) Lease payments (4,345) (4,523) Preferred share dividends (2,146) (2,146) Free cash flow available for growth 3,806 (5,316) Advisor loans net of repayments (2,019) (9,337) Capital expenditures - growth (net of lease inducements) (3,823) 846 Free cash flow (2,036) (13,807) About RF Capital Group Inc. RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $40.4 billion in assets under administration (as of June 30, 2025) and 23 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Centre for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. For the seventh year in a row, Richardson Wealth has been certified as a "great place to work" by Great Place to Work®, a global authority on workplace culture. To learn more about the Company, please visit and to view our 2024 annual report and our latest recruiting brochure. SOURCE RF Capital Group Inc.

Canada, NATO allies warn of 'growing number' of state threats from Iran
Canada, NATO allies warn of 'growing number' of state threats from Iran

Toronto Sun

time5 minutes ago

  • Toronto Sun

Canada, NATO allies warn of 'growing number' of state threats from Iran

Published Jul 31, 2025 • 1 minute read A woman walks past a residential building that was hit in an Israeli strike covered with a big Iranian flag, in Tehran on June 25, 2025. Photo by ATTA KENARE / AFP via Getty Images OTTAWA — Canada and many of its NATO allies released a joint statement Thursday condemning a 'growing number' of state threats from Iranian intelligence services. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The joint statement said the countries are united in their opposition to attempts to 'kill, kidnap and harass' people in North America and Europe. The statement was also signed by the governments of Albania, Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, the Netherlands, Spain, Sweden, the United Kingdom and the United States. It said Iranian intelligence services are increasingly collaborating with international criminal organizations to target journalists, dissidents, Jewish citizens and current and former government officials. The statement did not cite any specific incidents but said the attacks violate the countries' sovereignty and calls on Iranian authorities to 'immediately' put an end to illegal activities. This advertisement has not loaded yet, but your article continues below. The Canadian Press has reached out to Global Affairs Canada for comment but has not yet received a response. In 2022, Ottawa declared Iran's leaders — including senior government and security agency officials — inadmissible to Canada due to involvement in terrorism and human rights violations. The Canada Border Services Agency said last month that three people were found ineligible to remain in Canada in recent years because they were senior officials of the Iranian regime. Deportation orders were issued for all three and one has been removed from Canada. Hostilities in the Middle East have drawn more attention to the possible activities of Iranian regime representatives in Canada. The border agency has said it works very closely with domestic and international partners by sharing relevant information on border and national security issues. Canada has not had a diplomatic presence in Iran since 2012. — With files from Jim Bronskill, David Baxter and Dylan Robertson Canada World Canada Columnists Toronto & GTA

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