The Cup of Salvation: Psalm 116

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Oneof my favorite Psalms is Psalm 116. It is a Psalm that is applied tothe Holy Communion.
TheCup of Salvation mentioned in the Psalm is the cup we bless, asharing in the Blood of Christ; and the Bread we break, is a sharingin the Body of Christ (1 Corinthians 10.16).
Jesuswas sacrificed once only, his unique sacrifice can never be repeated(Hebrews 10.10,14). But by participation in the Holy Communion, theHoly Eucharist, we can come into contact with the Risen Christ andshare in his one time sacrifice.
TheCross provides not only for deliverance from sin and death, but alsohealing. The prophet Isaiah says: “andwith his stripes we are healed,” - Isaiah53.5, Matthewsays in the Gospel, referring to Isaiah, "Hetook our infirmities and bore our diseases."
Petersays in his epistle, “He himself bore our sins in his body onthe tree, that we might die to sin and live to righteousness. By hiswounds you have been healed.”- 1 Peter 2.24.
Wecome into contact Christ's healing power, power to heal sin, butalso, to heal the body. Eastern Orthodox Christians, before they takethe Holy Communion, say, “May these holy mysteries be not for myjudgment condemnation, but for the healing of soul and body.”
TheHoly Communion is also called Holy Eucharist, because, as thepsalmist says, it is “the sacrifice of thanksgiving.” Theword Eucharist is from theGreek word for giving thanks. We receive Christ's healing andsalvation and give thanks to him in the same act of receiving HolyCommunion.
Finally,we share in this great gift of healing and salvation in community ofbelievers. The Lord's Supper is called Holy Communion because notonly do we have communion with the Body and Blood of Christ, but witheach other. We are the Body of Christ. The psalmist says, “Iwill pay my vows in the presence of all his people.”
Inthe Holy Communion, we have fellowship with Christ and each other,and we are one body. “we who are many are one body, for we allpartake of the one bread,” Paul says (1 Corinthians 10.17).
ReceiveHoly Communion frequently; receive Holy Communion mindfully,recognizing the Body of Christ in the Bread and Wine and in thecommunity of believers gathered together. Receive the salvation andhealing Christ offers, and give him thanks for it!

“Thebody of our Lord Jesus Christ, which was given for you, preserve yourbody and soul to eternal life. Take and eat this in remembrance thatChrist died for you, and feed on him in your heart by faith withthanksgiving.
Theblood of our Lord Jesus Christ, which was shed for you, preserve yourbody and soul to eternal life. Drink this in remembrance thatChrist's blood was shed for you, and be thankful.”
-from theBook of Common Prayer
Ps.116Revised Standard Version
[1]I love the LORD, because he has heardmyvoice and my supplications.[2]Because he inclined his ear to me,thereforeI will call on him as long as I live.[3]The snares of death encompassed me;thepangs of Sheol laid hold on me;Isuffered distress and anguish.[4]Then I called on the name of the LORD:"OLORD, I beseech thee, save my life!"[5]Gracious is the LORD, and righteous;ourGod is merciful.[6]The LORD preserves the simple;whenI was brought low, he saved me.[7]Return, O my soul, to your rest;forthe LORD has dealt bountifully with you.[8]For thou hast delivered my soul from death,myeyes from tears,myfeet from stumbling;[9]I walk before the LORDinthe land of the living.[10]I kept my faith, even when I said,"Iam greatly afflicted";[11]I said in my consternation,"Menare all a vain hope."[12]What shall I render to the LORDforall his bounty to me?[13]I will lift up the cup of salvationandcall on the name of the LORD,[14]I will pay my vows to the LORDinthe presence of all his people.[15]Precious in the sight of the LORDisthe death of his saints.[16]O LORD, I am thy servant;Iam thy servant, the son of thy handmaid.Thouhast loosed my bonds.[17]I will offer to thee the sacrifice of thanksgivingandcall on the name of the LORD.[18]I will pay my vows to the LORDinthe presence of all his people,[19]in the courts of the house of the LORD,inyour midst, O Jerusalem.Praisethe LORD!

Let's Throw Our Demons Off the Cliff by Rev. Winnie Varghese in the Huffington Post

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via Huffington Post Let's Throw Our Demons Off the Cliff by Rev. Winnie Varghese

Priests get asked to do strange things. A few weeks ago I was asked to give the invocation, an opening prayer, at an annual event to celebrate the accomplishments of the Interfaith Center for Corporate Social Responsibility.  They believe being a good citizen is good business. I got up to do my three minutes and realized I was looking out at a room filled with nuns -- incognito, but they were nuns. You can tell.
If I prayed five times a day for the rest of my life, I will not have prayed as often as the women who sat waiting for my opening prayer.

That kind of thing happens to me all the time.

I was there because Sister Simon Campbell of NETWORK was scheduled to be a speaker. Sr. Simone is now a celebrity because of her speech at the Democratic National Convention. She was invited to speak at the convention because of the popularity and effectiveness of the Nuns on the Bus, taking on the moral failings of the Ryan budget.

Like many religious people I found myself in tears during Sr. Simone's DNC speech. She embodied and beautifully articulated what I believe most people of faith believe: our political actions have moral dimensions, primarily in how we care for and empower the poor, the marginalized and the immigrant. As a Christian, I can't help but notice that the diverse books of the Bible seem to beat us over the head from all angles with a simple message -- a primary sin in the eyes of God is social inequity and injustice. The Bible says, over and over, God just hates that and expects us to do something about it at the level of governance, not just the personal level, and even more, God hates those who attempt to approach God in worship but despise the poor. Says so in the Bible in any translation you like.

God through the prophets, poets, scholars and priests who composed the Bible never says we hope those who suffer find a nice guy to help them out. The Bible says the sign of God's sovereignty in our lives is how we organize our public life.

Much of contemporary Christianity has somehow made morality about personal, private matters. There is that component in the Bible, but we should be really clear about proportion. That personal stuff is not a dominant theme, at times those moral proscriptions only apply to priests offering sacrifices at the Temple, which no longer exists, except for the Wailing Wall and these great steps, or is found in the letters of Paul to the first Christian communities, marginalized and without influence to do anything but govern their relationships with one another while waiting to be martyred. In general God seems to be about much bigger things, which is something I look for in a God.

I am proud to see a movement among young evangelicals, mainline Protestants and Roman Catholics speaking out as Christians engaging the political process on issues like climate change (stewardship of creation) and poverty (we're against it, and we don't think the poor are to blame).

I believe followers of Jesus don't have much choice on these issues. We might disagree on what the most effective ways are to provide universal health care, nutrition, education, work, reasonable shelter and retirement for all, but I don't think we can argue that it is an option to let people suffer and die when we have the resources we have in this country to prevent it. Jesus wasn't tough, and he wasn't a banker or businessman. The Son of God didn't come to us as a prince, politician or wealthy landowner. He comes to us the child of poor wanderers, Palestinian Jews, who cross a border into Egypt to keep him safe at a time of political repression. He travelled with humble people, and the desperate and needy followed him in hordes, and he fed and healed them.

Nations reveal their values in how they tax and then spend that revenue. Our current national budget reflects a high priority in defense or attack on behalf of the business and political interests of Americans or however you understand the use of our military, and then a paltry sum allocated for the development of our infrastructure as a nation and the development of our people increasingly gifted to corporations whose profit we seem to believe will cause justice to magically flow. Hasn't been working. It might be worth remembering that a free market and corporate subsidies are not enshrined anywhere in the Christian tradition, and definitely not in the Bible. It says in Acts that the earliest Christians held their property in common and took and gave to one another as was needed. It is the mark of our faith. And because we inherit the entire text, we have in the Hebrew Scripture/Old Testament a remembrance of God's instruction on how to govern a nation, a nation that would have within it foreigners, workers, the desperately poor, widows and helpless orphans. God who is made incarnate in Jesus says, the test of your devotion to me is to make your nation a place of justice for them.

It might sound a little over simplified, but that's because it's really quite simple in the Bible.

Sister Simone Campbell spoke to those convictions at the heart of our shared tradition in one of our largest political forums. I cried through her talk. What has happened to us as a nation that it is so rare and courageous for a Christian to speak the truth of the Christian tradition in public life and challenge us to do better for the poor? That's kind of the area that nuns (and all the rest of us) are supposed to cover. All that praying takes you to the heart of God they say.

It is rare because Christianity is more commonly cynically used in our political life and has been since the rise of the religious right who would have us believe that followers of Jesus are marked by their homophobia, sexism, assorted other bigotries and slavish commitment to a government subsidized "free" market for the wealthy. I just checked, and that last part is totally not in the Bible.

Remember that time when Jesus went to Gerasene and the man possessed by demons came right up to the boat and cried out to Jesus to let him be, afraid that the demons were inherent to who he was. It says Jesus looked at the man, saw him, seemed to really see him and love him and cried out to the demons to leave him.  The demons who were about to be homeless asked that they be sent into an, unfortunately nearby, herd of swine. Jesus did as asked. The poor, possessed swine go nuts and run off of a cliff to their death.

So, how about we take our demons -- those bigoted, fearful, destructive ones that rage in our nation, causing us to tear at our own common body and yet feel like an essential part of us -- and send them over a cliff.

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The Rev. Winnie Varghese is the 13th Rector of St. Mark’s-Church-in-the-Bowery in New York City. She is a native Texan with family roots in the ancient Mar Thoma church of southwest India (State of Kerala). She serves on the Executive Council of The Episcopal Church and the Board of Directors of the Episcopal Service Corps. She has been active in peace and justice work as a board member of the Episcopal Peace Fellowship and a writer for The Witness magazine and Episcopal Life. She is featured in the Via Media and Living the Questions teaching series. She has served as Episcopal Chaplain at Columbia University and UCLA.

Rest in Peace, Ravi Shankar 7 April 1920 – 11 December 2012

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One of the greatest and most influential musicians in the world passed away yesterday, Ravi Shankar.

His long time friendship and collaboration with Beatle George Harrison is one of the enduring legacies of the world of music. George called Ravi the "Godfather of World Music,” having brought the musical and spiritual treasures of the East to a whole generation of Westerners. He was a virtuoso on his instrument, the sitar. It is through the Beatles and George Harrison that most of us heard of Ravi Shankar, but once we became acquainted with him, we loved his music. He is not only a pioneer of world music but of multiculturalism in the best possible sense.

Rest in peace, Ravi, you will be missed, but your spirit and music remain!


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Two good friends of mine expressed some very beautiful thoughts about Ravi and George this morning, and since I cannot best them, I want to share them with you here.

"R.I.P. Pandit Ravi Shankar - you were one of the century's finest Indian classical musicians, and you did more than any other single individual to bring the beauty and genius of Indian classical music, largely due to your close association with the Beatles, to the ears of the West - I was fortunate enough to meet you and hear you play on many occasions, and you were the single biggest inspiration in life to my mother, who was an accomplished sitar player in her youth - your body of musical work will remain with us and inspire us for a long time to come."



"Ravi Shankar loved George like a son and vice versa. I thank him for his contribution to George's music and therefore, the Beatles' music. It wouldn't be the same without the enrichment he provided by teaching George the sitar. Also, he was just a good man. RIP Ravi Shankar."


Below is a link to a documentary on Ravi Shankar:

Jesus called the children to him

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Christ with children by Carl Heinrich Bloch

Today, we are saddened by the violent tragedy in Connecticut today that took the life of 26 people, including 18 children. We cannot understand this kind of wanton violence, even given that the shooter may be mentally deranged. All we can do is offer profound sympathy to the family and friends of the victims, and to pray for all involved.

Scripture

See to it that you do not treat one of these little ones with contempt; I tell you, they have angels of their own in heaven, that behold the face of my heavenly Father continually. - Matthew 18.10 Knox

Let the children come to me, [Jesus] said, do not keep them back; the kingdom of God belongs to such as these. - Mark 10.14 Knox

Jesus called the children to him, and said, Let them be, do not keep them back from me; the kingdom of God belongs to such as these. - Luke 18.16 Knox


Prayers offered from the Episcopal Church: 


Almighty Father, receive we pray into the arms of your mercy all innocent victims, and by your great power, frustrate the designs of evil and establish your rule of justice, love, and peace; through Jesus Christ our Lord, who lives and reigns with you in the unity of the Holy Spirit, one God, for ever and ever. Amen.

Deal mercifully, dear Lord, with those who are so broken that violence is the only answer they see. We who wait for the Prince of Peace offer our prayers for the victims of violence everywhere.



Prayers offered by Metropolitan Savas Zembillas, of the Greek Orthodox Diocese of Pittsburgh:


O God, our Heavenly Father, Who loves mankind, and are most merciful and compassionate, have mercy upon our children, Your servants, (their names), for whom I humbly thank you and pray to You, and commend them to Your gracious protection. Be their their guide and guardian in all their endeavors. Lead them in the path of Your truth, and draw them near to You, that they may lead a godly and righteous life in Your love and fear, doing Your will in all matters. Give them grace that they may be temperate, industrious, diligent, devout and charitable. Defend them against the assaults of the enemy, and grant them wisdom and strength to resist all temptation and corruption of this life; and direct them in the way of salvation, through the grace of Your Son, our Savior Jesus Christ, the intercessions of His Holy Mother, and all Your saints. Amen.

Another prayer for the children

O Merciful Lord Jesus Christ! To You I entrust our children, which You gave to us... I ask You, Lord, save them in the ways which only You know. Keep them from vices, evil, pride and may nothing touch their souls that is repugnant to You. But faith, hope of salvation, love give to them, that they be chosen vessels of the Holy Spirit unto You, and may their life’s path be holy and pure before God.

Bless them, Lord, that they may strive to execute Your Holy Will, so that You could always be with them in Your Holy Spirit!

Lord! Teach them to pray to You, so that their prayer be a support, a joy, in grief and comfort in their lives. May Your Angels protect them always! May our children be sensitive to the grief of their close ones and may they fulfill Your commandment of love. And, if they sin, permit them, Lord, to bring You repentance, and You in Your (immeasurable) mercy forgive them. When their earthly life ends, take them to Your Heavenly Residences, to which they may also lead others with them.

By the prayers of Your Ever-Pure Lady Mother of God and Ever-Virgin Mary and Your Saints ... Lord, have mercy and save us.

Glory to You with Your Father Who Is without beginning and with Your All-Holy, Good and Lifegiving Spirit, now and ever, unto ages of ages. Amen.

Joe Scarborough's Special Comments on Gun Violence in America

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I was very moved Monday morning, as Joe Scarborough, a conservative Republican and former member of congress, presented his special comment on gun violence in America. His comments come in the wake of the tragedy at the Sandy Hook School in Connecticut.

 I applaud Joe for having the courage and good sense to revise some of his previous beliefs publicly. My respect for him has grown immensely, even though I am sure I will continue to have some disagreement with Joe.

 Here is some of what Joe said:

“Politicians can no longer defend the status quo, they must protect our children… This is no longer a mystery to people with common sense…[Sandy Hook] changed everything…the Bill of rights does not guarantee gun manufacturers the absolute right to sell military type, high-caliber, semi-automatic, combat assault weapons, with high capacity magazines… It is time our politicians put our children a head of deadly dogmas.” – Joe Scarborough

 I have embedded video of Joe's special comments:
Visit NBCNews.com for breaking news, world news, and news about the economy

The Storm Has Passed; All is Consolation

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Angry with me, Lord? thou wilt say, when that day comes; ay, thou wast angry with me, but now, praised be thy name, the storm has passed; all is consolation. 2 God is here to deliver me; I will go forward confidently, and not be afraid; source of my strength, theme of my praise, the Lord has made himself my protector. 3 So, rejoicing, you shall drink deep from the fountain of deliverance; 4 singing, when that day comes, Praise the Lord, and call upon his name, tell the story of his doings among all the nations, keep the majesty of his name in grateful remembrance. 5 Sing in honour of the great deeds the Lord has done, make them known for all the world to hear. 6 Cry aloud in praise, people of Sion; great is the Holy One of Israel, that dwells among you.

- Isaiah 12.1-6, Knox Bible.

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One of the most beautiful readings in Advent, the Canticle from Isaiah 12.2-6. I present it here in the incomparably graceful language of Monsignor Knox's translation.  I also include verse 1, because I like the idea that after our troubles are over, consolation comes. We often do indeed walk through pain and sadness and darkness, only to come out on the other side, finding out that not only God is there for us, but has been there with us all the time. During Advent, the consolation we feel in anticipating the Messias is a foretaste of the Messias' Eternal Reign. - Lance

The Confraternity New Testament & the New English Translation of the New Latin Version of the Psalms

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A great resource for prayer andmeditation, the Confraternity Version of the New Testament, and theNew English Translation of the New Latin Version of the Psalms. TheConfraternity New Testament was originally published in 1941, and itis a translation from the Latin, with reference to the Greek. It is arevision of the Challoner-Douay-Rheims New Testament. The New LatinVersion of the Psalms was promulgated by Pope Pius XII, the NewEnglish Translation of the New Latin Version was published in 1947.
The Confraternity of the Precious Bloodin Brooklyn New York published these two books together in the 1940'sas a two-volume set. They were designed to be compact volumes forprayer on the go, for priests, seminarians, nuns, and as a simplerversion of the Divine Office for lay people. Today, these two volumesare published separately, the New Testament by Scepter, but thePsalms are still published by the Confraternity of Precious Blood.
The New English Translation of thePsalms is arranged for all the hours of prayers- Matins, Lauds,Prime, Terce, Sext, None, Vespers, and Compline. Besides the Psalms,it includes Canticles from elsewhere in Scripture that are used inthe Divine Office, including canticles from Tobias, Judith, Isaias,Jeremias, Ecclesiasticus, Mary's Magnificat, Zachary's Benedictus(Luke ch. 1) and Simeon's Nunc Dimittis (Luke ch. 2).
The New Testament is a revision of theChalloner-Douay-Rheims translated from the Latin. It is called theConfraternity version because it was commissioned by the U.S. BishopsConfraternity of Christian Doctrine. The New Testament pages aremarked for each day of the year; one can read the entire NewTestament through twice a year by following the simple, built inreading plan. It also has introductions to all the books of the New Testament and lots of study & footnotes. 
The current publications are well made,very inexpensive ($10 each), and have beautiful printing in black andred. Both volumes are laid out in single column format, and althoughthe print is some what small, it is very easy to read.
As a Catholic Anglican, I enjoy theselovely, Latin-based translations for their dignified, traditionalEnglish and religious language. Readers of the Douay-Rheims version,King James Version, and Revised Standard Version will find thephraseology and terms very familiar. I often use them in conjunctionwith the 1549 Book of Common Prayer.

Joe Scarborough's Special Comments on Gun Violence in America

To contact us Click HERE
I was very moved Monday morning, as Joe Scarborough, a conservative Republican and former member of congress, presented his special comment on gun violence in America. His comments come in the wake of the tragedy at the Sandy Hook School in Connecticut.

 I applaud Joe for having the courage and good sense to revise some of his previous beliefs publicly. My respect for him has grown immensely, even though I am sure I will continue to have some disagreement with Joe.

 Here is some of what Joe said:

“Politicians can no longer defend the status quo, they must protect our children… This is no longer a mystery to people with common sense…[Sandy Hook] changed everything…the Bill of rights does not guarantee gun manufacturers the absolute right to sell military type, high-caliber, semi-automatic, combat assault weapons, with high capacity magazines… It is time our politicians put our children a head of deadly dogmas.” – Joe Scarborough

 I have embedded video of Joe's special comments:
Visit NBCNews.com for breaking news, world news, and news about the economy

The Vindictive False God of James Dobson

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I was very heartened to watch Joe Scarborough's commentary on gun violence in America (see post below).
But I was absolutely disgusted and outraged by James Dobson's insensitive, cruel comments delivered Monday about the Sandy Hook tragedy, calling it “the judgment of God.” I read about them in the Huffington Post:
Focus on the Family founder James Dobson said Monday that the massacre at Sandy Hook Elementary resulted from America turning its back on God, joining other conservative Christian leaders in assigning blame for Friday's Connecticut shootings. Speaking to listeners of his "Dr. James Dobson's Family Talk" program, Dobson said God "has allowed judgment to fall upon us."
source: Huffington Post, James Dobson:Connecticut Shooting Linked To Gay Marriage
James Dobson says the tragedy in Connecticut is God’s judgment on the nation for abortion and gay marriage. Dobson is revealed as a fringe figure, a heartless man, clothed in self-righteousness and narrow moralism. He is not preaching the Gospel.
The god he proclaims, like John Piper's, is a monster. These men seem to glory in a cruel, vindictive god, who serves and shares their narrow views. This false god brutally punishes innocent children, killing them for what Dobson believes are other people's sin. Dobson is projecting his own hate.
Greg Boyd had a great comment about the sinfulness of these horrible comments:
"Explaining a tragedy as God's wrath against the sins of others is the most petty and malevolent version of taking the Lord's name in vain." - Greg Boyd
Dobson exploits this tragedy to promulgate his hateful views. What kind of small-minded person makes such vitriolic, cavalier statements about the murder of children, at the same time that their funerals, memorials, and burials are being carried out by their families?
I might add that Dobson and people of his ilk have taught a FALSE gospel for decades, based not on justification by grace through faith, but based rather on a very narrowly-construed moralism, focusing only on his views of sexual issues, and rigid, oppressive gender-roles. This is the problem historically with the religious right, it has reduced Christianity to moralism. Moralism is a false gospel. It is not the gospel of grace and transformation in Jesus Christ.
One of my friends calls Dobson the “Apostle of Child Abuse.” I concur. I also found the story of his abuse of his family dog very disturbing. You can read about it here: James Dobson's Dog Beating Story.

For decades some right-wing and conservative Christians have admired this man. It is time for those naming the name of Christ to shun such miserable and hateful people once and for all.

The Confraternity Version of the Bible

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The Confraternity Version of the NewTestament is one of my favorite versions of the New Testament. TheConfraternity New Testament was originally published in 1941. It is atranslation from the Latin, with reference to the Greek, and is arevision of the Challoner-Rheims New Testament. It is called theConfraternity version because it was commissioned by the U.S. RomanCatholic Bishop's Confraternity of Christian Doctrine. The NewTestament pages are marked for each day of the year; one can read theentire New Testament through twice a year by following theConfraternity New Testament's simple, built in reading plan. It alsohas introductions to all the books of the New Testament and lots ofstudy & footnotes.
The current publication is well made byScepter Publishers, and is very inexpensive at $10. It featuresbeautiful printing in black and red. It is laid out in single columnformat, and although the print is somewhat small, it is very easy toread.
As a Catholic Anglican, I enjoy thislovely, Latin-based translation of the New Testament for its dignified, traditional English and religious language. Readers of theDouay-Rheims version and King James Version will find the phraseologyand terms used very familiar. It is a reliable, traditionaltranslation. I like that it uses “Amen, Amen,” a transliterationof both the Greek and Latin, rather than “verily, verily,”“truly, truly,” “I solemnly assure you,” “I assure you,”“I tell you the truth,” or other renderings for Jesus' famousphrase.
At first, the Confraternity NewTestament was published in 1941 as a stand-alone volume. In 1950, theConfraternity New Testament was published along with the Douay OldTestament. This complete edition of the Bible was entitled, “TheNew Catholic Version.” It has also been called theDouay-Confraternity Bible, Douay being mentioned first, because theOld Testament, most of the rest of the Bible, was the Douay Bible.Although as the years went on, portions of the Old Testament weretranslated for the Confraternity version, the New CatholicVersion/Douay-Confraternity Bible was available from Kennedy and SonsPublishers as late as 1962.
There was a very brief period, between1950-1952, where some editions of the New Catholic Version/DouayConfraternity Bible were published incorporating the New EnglishTranslation of the Psalms. This version of the Psalms is atranslation of the New Latin Version of the Psalms promulgated byPope Pius XII. The New English Translation of the New Latin Versionof the Psalms was published in 1947 in a separate volume before beingincorporated into the New Catholic Edition of the Bible. However, theConfraternity of Christian Doctrine began another translation of thePsalms, from the Hebrew, and quickly replaced the New EnglishTranslation of the New Latin Psalms. The New English Translation ofthe New Latin Version of the Psalms is happily still in print andeasily obtainable. The Confraternity of the Precious Blood inBrooklyn, New York, you to publish the Confraternity New Testamentand New English Translation of the Psalms as a 2 volume companionset. See my post: The Confraternity New Testament & the NewEnglish Translation of the New Latin Version of the Psalms
In 1952, the first books were publishedof the Confraternity Old Testament, but these books version was nottranslated from the Latin. It is essentially a different translation.The Confraternity translators had begun to revised the Douay OldTestament from the Latin, but in 1943, Pope Piux XII, in hisencyclical Divino Afflante Spiritu allowed Roman Catholics totranslate directly from the original languages. So the translatorsabandon their Douay revision, and the text of the Confraternity OldTestament was translated from the oldest form of the Hebrew orAramaic text extant. For the Deuterocanonical books, the translatorsresorted to the Greek and Latin versions where Hebrew versions arelacking.
The Old Testament was completed instages over many years, and so the Bible was often called the“Confraternity-Douay Bible,” to indicate portions of the Biblewere the Confraternity version, with Douay version used foruntranslated portions. The Confraternity Old Testament essentiallybecame the Old Testament of the New American Bible in 1970, with someemendation, and with the Book of Genesis redone, and the Psalmsslightly revised. The 1941 Confraternity New Testament was droppedfor the publication of the complete Bible, in favor of the verymediocre New American Bible New Testament. I consider theConfraternity Old Testament to be a different translation from theNew Testament. The New Testament is from the Latin, and uses muchmore dignified language, and retains the use of the “thees” and“thou” pronouns, whereas the Confraternity Old Testament doesnot.
As a Catholic Anglican, I prefer theCatholic canon, developed in African synods at Hippo in 393 C.E. andat Carthage 397 C.E. The writers of the New Testament and the ancientChristian communities used the Greek Septuagint which included thedeuterocanonical books. When the New Testament writers quote the OldTestament they mostly do so from the Greek renderings, not theHebrew. These ancient synods listed the deuterocanonical booksinterspersed with the other books of the Hebrew Bible, not in aseparate section between the Testaments or at the back of the Bible,as in ecumenical editions of the Bible. I also prefer Latin andGreek- based translations of the Old Testament, at least fordevotional and liturgical purposes, as certain Christologicalpassages are obscured in the Masoretic textual tradition. The LatinVulgate and the Greek Septuagint represent older editions of theBible than the Masoretic text, and they agree with each other.
How does one obtain a ConfraternityBible?
The Douay-Confraternity Bible, with theDouay Old Testament and the Confraternity New Testament is theedition most to be prized in my estimation, and unfortunately, is notin print any more. It is also much more difficult to find than theConfraternity-Douay Bibles.
Fortunately, the Confraternity versionof the New Testament is still in print and easily attainable,produced by Scepter Publishers. Sinagtala Publishers in thePhilippines continue to publish the entire Confraternity-Douay Bible,as it last was printed before the publication of the New AmericanBible. It is very reasonable at $24 per copy, but the shipping isexpensive. Even though it has been out of print since 1969 in thiscountry, one can occasionally find a good used copy of the entireConfraternity Bible on eBay, Amazon, or used book stores. All mycopies are used and in good to excellent shape. I did not pay over$10 for any of them.
Purchasing Links:
Confraternity New Testament
Confraternity- Douay Bible

Preface to the Confraternity New Testament  

THENEW
TESTAMENTof Our Lord and Savior Jesus Christ Translated from the Latin Vulgate

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A Revision of the Challoner-Rheims Version
Edited by Catholic Scholars
Under the Patronage of
THE EPISCOPAL COMMITTEE
of the
CONFRATERNITY OF CHRISTIAN DOCTRINEST. ANTHONY GUILD PRESS
PATERSON, NEW JERSEY
1941PREFACE"The word of the Lord endures forever," is the saying of a great prophet (Isa. 40, 8) and of the Prince of the Apostles (1 Pet. 1, 25).In her belief in the divine authority and the perfect truth of the Bible, as being the inspired Word of God, the Catholic Church has never hesitated. Nor has the Church forgotten that this sacred Book was destined by its Author to convey His message to all His faithful servants of every place and time. Neither has she overlooked the fact that this message must lie sealed and silent to many of her children unless given them in their own language, at least by the voice of their pastors, if not by means of the written page.Further, the Church has always realized that Holy Scripture was committed to her charge by virtue of its very origin and object. Like the Apostolic Tradition of Christ's teaching, the Bible, too, is a treasury of divine revelation. As such, it can have no rightful guardian and dispenser except that Church which Christ formed and commissioned to teach to all the world the truths revealed for man's salvation. There can be no graver crime than the least corruption of that eternal truth which Christ has brought us. The Church is, therefore, watchful over Holy Scripture; and not only over its message, but likewise over its written transmission.In exercising this guardianship, the Church has given special sanction to that Latin version which, because of its common use for centuries, won the name of "Vulgate." Her intention in this is primarily to declare which of many Latin versions is to be regarded as substantially accurate and safe in all matters of faith and morals. It was from this Latin text that most of the vernacular versions of Europe were made. It was also from this text that our first printed Catholic Bible in English was taken.In 1560 the Catholic Church had been outlawed in England. The Catholics who remained in the country faced a particular danger to their faith from English versions of the Bible which altered the true meaning of the Scriptures. To meet this danger there was urgent need of a more faithful, a Catholic, version. This need was met by the "Rheims and Douay Version." It was so called because the New Testament was printed at Rheims in 1582, and the Old Testament at Douay in 1609-10. It was the work of exiled English priests and educators, the chief of whom was Dr. Gregory Martin.The Rheims-Douay remained the standard English version for Catholic use until near the time of the American Revolution. By this time the language had passed through many of those changes which are natural to all living tongues. It was Bishop Challoner, Vicar Apostolic of the London District, who saw the pressing need of an English version of the Bible more in keeping with the time. In spite of his heavy pastoral labors, he produced a new version ofthe entire Bible in English in 1750. Challoner regarded his work as merely a revision of the Rheims-Douay, as its title page shows. The Catholic version in English which is best known to us all, both in England and in America, is still practically that of Challoner. Other Catholic scholars sought to improve on his work, and some of our current editions are indebted to them as well; but Challoner's Bible has been the framework and the substance of our own down to the present time.But, in its turn, Challoner's version has suffered loss of value because of progressive changes in our language. The consequent need of revision in which it stands has been recognized for a long time. Challoner's text was made the approved English version for Catholics in America by the Archbishop of Baltimore and the Bishops of the United States in 1810. The approbation was confirmed by the Hierarchy at the First Provincial Council of Baltimore (1829), but at the same time the emendation of the "Douay" text, as Challoner's was still described, was earnestly recommended. This matter of the improvement of Challoner's version came up again at the Ninth Provincial Council of Baltimore (1858). The Sacred Congregation de Propaganda fide sanctioned in a particular way this desire for a better vernacular version, suggesting that it be entrusted to a group of theologians experienced in biblical studies.Notwithstanding this encouragement to undertake a revision of the approved version, the closing decades of the last century, and the first of the present century, found the Church in America too much occupied with other concerns and not sufficiently equipped to attempt this work. Archbishop Kenrick undertook the great task of revising the entire Bible, but his work never met with general acceptance. The result was that we have continued to use editions of the English Bible which are, in language and substance, the text that Bishop Challoner gave us a hundred and ninety years ago.The passage of time has neither lessened the weaknesses of this version nor done away with the demand for its improvement. In the meantime, however, the number of priests in America trained in the theological sciences, and notably in the specialized discipline of biblical studies, has greatly increased. Parallel to this growth there has been a marked increase of popular interest in the study of Holy Scripture. This progress has brought to light again the unsatisfactory condition of our vernacular version, it has reawakened the desire for a version accommodated to the needs of our time, and it has called attention to the fact that we now possess the adequate means to produce a worthy English text.The English version which is presented in this volume is the answer of the Church in America to this need. Its preparation was requested and supervised by the Episcopal Committee of the Confraternity of Christian Doctrine. The principles upon which it rests were submitted to the Secretary and to other members of the Biblical Commission at Rome, and received complete approval. It is the accomplishment of some twenty-seven Catholic biblical scholars, all men of training and experience in their particular fields, who have devoted more than five years to the work. Many other scholars have had part in it, whether as special editors or as critics. It enjoys, therefore, in the first place the authority necessary in any serious attempt to meet the requirements of an improved Catholic version in English. And it claims a scholarship commensurate with that authority.While new in many of its aspects, this text is not a new version, but a revision of the work done by Bishop Challoner. While that venerable text has lost a great deal of its value with the lapse of time, it retains much that is commendable. To produce the type of, version required in our day, it was necessary to eliminate many of the characteristics of the older version, and even to change many of its familiar passages; but there was no reason for setting it aside entirely. In fact, this revised text can claim the advantage of preserving in an improved form the version to which English-speaking Catholics have become accustomed.The English text now being presented retains as much as possible of the version it seeks to replace. And yet, in striving for expression that is modern, much of the general style of Challoner's work has been improved upon. Many terms found in his version are no longer current in the sense in which he used them. The close adherence to Latin sentence structure, so evident in his text, is not the usage of our time. Such modifications are inevitable. It may be stated, however, that only such alterations in the Challoner text have been made in the revised edition as were necessary to give a simple and clear modern version.However, this present text is much more than an effort to bring the language of Challoner's version into conformity with modern English idiom. It is a revision in the sense that it goes back to the source upon which Challoner drew, and reconsiders in a thorough way the accurate rendering of the divine message in the language of our day.Like both the Rheims and the Challoner versions, the revised text rests upon the Latin Vulgate. This has been made necessary by a desire to have the version available for liturgical use. The excellence of the Vulgate as an ancient interpretation of the New Testament is an added advantage. The Clementine edition of the Vulgate is the main source of this revision. The readings of the Clementine, however, have been improved in not a few instances by recourse to the witnesses for a more ancient text of the Vulgate. This tends to bring the text basic to the present version very close to the modern critical editions of the original Greek. Where the Latin text differs from the Greek in such a way as to affect the meaning, attention is called to the fact in the footnotes.One immediate influence of the Vulgate will be observed in the spelling of proper names. The Latin form has been retained as more familiar to Catholics, and in some instances closer to the original pronunciation.In addition to improving on Challoner's use of the Latin text, the revised version will show the results of a more thorough method of interpretation. The Latin text often reflects the peculiarities and idiom of its Semitic and Greek origin. In accordance with the rules of sound biblical interpretation, the present version takes this into account; and when the Latin text clearly supposes such elements, it renders them in the sense that is native to them. In no case, however, has the Latin text been set aside in favor of the Greek. It can, therefore, be said that the present version is in every sense a translation of the Vulgate.As a further aid to the reading and understanding of the divine message, this new text abandons the old verse form of Challoner for the still older paragraphing of the Rheims-Douay Bible. Another improvement is offered in the addition of headings that show the main divisions of the books, and marginal titles describing the contents of their subdivisions. Citations from the Old Testament are, for the most part, set off in the center of the page. Those that are poetic in form are set in such a way as to manifest the parallelism of Hebrew poetry. Some other important citations, though not poetry in the original, are for emphasis written in verse form.This revised version is presented with the confidence that it will advance the reading and appreciation of the New Testament. It is offered with the hope that it may awaken new interest in the Word of God, and that it may bring to God's children the manifold blessings of His Letter to them. At the same time, it is presented with the humble prayer that, as it has been prepared with all diligence and care, it may not interpret the divine message in any way except in the full sense intended by the Holy Spirit. It is He who has given it to us for our learning, and that we might have hope. (Rom. 15, 4.)

Children's art amount

To contact us Click HERE
Happy spring.  At the office we are busy meeting personal clients, completing corporate year ends and excited for yet another personal tax season. It's nice to see everyone this time of year and do a little catching up.

With the 2011 personal tax season here, there are some additional credits available in 2011.  Probably the most common credit will be the children's art amount. 

All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html

For clarification or just to arrange a personal tax meeting please get in touch with us.

Have a great week

CANADA'S ECONOMY OUTPACING THE US

To contact us Click HERE
IMF says Canada will likely outperform this year, sees slower growth in 2011
Thu Jul 8, 9:57 AM
Joe Mcdonald, The Associated Press
Email StoryIM StoryPrintable View.By Joe Mcdonald, The Associated Press

BEIJING, China - Canada's economy is on track to grow more quickly this year than previously expected, putting it ahead of the United States and most other advanced economies, according to new estimates from International Monetary Fund.

The IMF said Thursday it's raising the 2010 growth forecast for Canada to 3.6 per cent from its previous estimate of 3.1 per cent, issued in April.

The IMF's July report also raised its U.S. growth estimate to 3.3 per cent, up from 3.1 per cent and its world estimate to 4.6 per cent from 4.2 per cent.

Asian countries with rapidly maturing economies will grow more quickly than the United States, Japan and European countries that have historically been more advanced.

China's growth for this year, for instance, is now projected at 10.5 per cent, up five percentage points, while the IMF expects India's economy will advance 9.4 per cent this year (up six percentage points from the April projection.)

Next year isn't looking so rosey for Canada, however.

The IMF has lowered its projection for 2011 growth by four percentage points to 2.8 per cent. Also notable was a reduction in the IMF's 2011 projection for China, which has been reduced by three percentage points from April's.

In contrast, the U.S. growth projection for next year was raised by three percentage points to 2.9 per cent, slightly ahead of Canada, while the world outlook for 2011 was raised by eight percentage points to 4.3 per cent.

The IMF, a Washington-based multnational organization affiliated with the United Nations and the World Bank, said Europe's debt crisis might stall the global rebound and governments need to shore up shaky public confidence.

Its quarterly World Economic Outlook warned that "risks have risen sharply" and Europe has to quickly resolve debt problems and restore confidence in its banks.

Europe's problems "could spill over to other regions and stall the global recovery," said Jose Vinals, director of the fund's monetary and capital markets department, at a news conference in Hong Kong.

"Further credible and decisive policy action is needed to resume progress on financial stability and keep the economic recovery on track," Vinals said.

Risks so far are limited to financial markets and activity in other fields stabilized at a high level in May, the IMF said. It said industrial output and trade grew by double digits and there was a modest but steady recovery in developed economies and strong growth in emerging nations.

"The numbers for economic activity have come in strong — in fact, stronger than we have forecast," said Olivier Blanchard, director of the IMF's research department.

The fund raised this year's U.S. growth forecast from 2.7 per cent to 3.3 per cent. The outlook for Germany and other European nations that use the euro common currency was unchanged at 1 per cent.

A global "double dip," or relapse into recession, is "very unlikely," Blanchard said.

Asian economies recovered strongly this year, driven by buoyant exports and stronger domestic demand, the IMF said.

The fund raised its 2010 growth forecast for Japan to 2.4 per cent from 1.9 per cent and for India to 9.4 per cent from 8.8 per cent. The estimate of the Asia region's growth rose to 7.5 per cent from seven per cent.

However, it warned that weakness in Europe "would affect Asia through both trade and financial channels."

Weak data from major economies in recent weeks have diminished confidence in a strong rebound from last year's recession.

The fund's forecast for 2011 growth was unchanged at 4.3 per cent, a decline from this year's rate.

In a move that might fuel concern the recovery is fading, the fund lowered its 2011 growth forecast for Japan from two per cent to 1.8 per cent and for Britain to 2.1 per centfrom 2.5 per cent.

In Europe, the IMF said governments must resolve uncertainty about banks' exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.

It said many advanced economies urgently need to push ahead financial reforms including recapitalizing banks, restructuring and consolidating banking industries and overhauling regulation.

"In the absence of complete banking sector recapitalization and restructuring, the flow of credit to the economy will continue to be impaired," the IMF said.

BMO's 5 year 2.99% Mortgage Offering

To contact us Click HERE
On first glance this looks like a great deal. 2.99% for a 5 year mortgage- the lowest 5 year rate ever.
However a closer analysis offers some of the points to be aware of.

Consider:

This is a two-week promo (at the moment) valid until JANUARY 25TH.

There are conditions to their offer. The main terms of BMO's special are as follows:

Maximum Amortization: 25 years
Rate Hold: Up to 90 days
Pre-Approvals: Allowed
Lump-sum Pre-payments: 10% maximum per year (1/2 of the 20% that BMO normally allows)
Optional Payment increase: 10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
Term: Fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage.
BMO Mortgage Cash Account: Not available with the Low-Rate
BMO Skip-a-Payment: Not available with the Low-Rate
BMO ReadiLine: Not available with the Low-Rate
Other Details: Not applicable to non-owner occupied rental properties

Most importantly, the client is tied to BMO for the entire 5 year term of their mortgage, even if they want to break it and pay a penalty, they are forced to stay with BMO at whatever rate BMO offers. Client loses negotiating power.

This rate and mortgage is great if you plan to live in the house for many years and will not need to refinace during the term.

CAAMP'S VIEW ON TODAY's MORTGAGE ISSUES

To contact us Click HERE
BASED ON OUR RESEARCH AND KNOWLEDGE OF THE SECTOR, WE SEE NO REASON TO TIGHTEN OR RESTRICT ACCESS TO RESIDENTIAL MORTGAGES AT THIS TIME1. CURRENT ENVIRONMENT Canada has a well-earned reputation for exercising economic prudence. As a result, we have managed to avoid a mortgage or housing market meltdown. Our banks are stable and our economy, while impacted by the general global economic slowdown, remains healthier than most. CAAMP’s extensive industry research indicates that the Canadian mortgage industry is healthy. We must continue to “stress test” our own financial sector to determine how it would withstand potential weakening of the economy. The more educated we are about the debt we incur (mortgages, credit cards, lines of credit), the better off we will be2. FEDERAL GOVERNMENT ACTIONS TAKEN The federal government responded promptly when it was determined changes were needed in the mortgage market. There have been three significant sets of changes in the past 36 months: - Amortization periods shortened to 30 years from 35 and 40 years - Minimum down payment increased to 5 per cent of purchase price. No 100% LTV mortgages - Homeowners refinancing their mortgage may borrow up to 85 per cent of the equity in their home; down from 90% and 95% - These changes have impacted the mortgage market; re-financings have decreased dramatically and mortgage credit growth has slowed Based on our extensive research and knowledge of the sector, we see no reason to further tighten or restrict access to mortgages at this time3. REASONS FOR CURRENT CONCERN1) Housing Market Prolonged low interest rates are making it more attractive to purchase a home Research shows that the vast majority of homeowners can accommodate rate increases (84 per cent surveyed in CAAMP’s fall 2011 research said they could handle a $200/month increase) CAAMP’s fall 2011 survey indicates mortgage borrowers are prudent, increasing their lump sum payments and paying down their mortgage faster than required Supply and demand drive housing prices – provinces and municipalities should be more aware of their land-use policies and how they impact housing supply2) Media Focus on Insurance Ceiling - Changes in Some Banks’ Lending Practices It is a fact that CMHC is approaching its $600 billion government-imposed limit on mortgage default insurance. Private insurers have a $300 billion limit. This has nothing to do with mortgage insurers being responsible for an increasing number of higher risk mortgages Lenders are buying portfolio insurance against defaults on low risk mortgages - cases where homeowners have more than 20 per cent equity in their homes. These are not high risk mortgages. CMHC is approaching its limit because the number of mortgage holders has grown, the population and housing units have increased and lenders have been insuring low risk mortgages, leveraging the government’s triple A credit rating for other bank business Residential mortgage credit in Canada continues to expand. During the past five years, outstanding residential mortgage credit has expanded by 53%, or an average rate of 8.9% per year. The growth rate is slowing The volume of outstanding residential mortgage credit passed the $1 trillion threshold in July 2010, and as of August 2011, it reached $1.079 trillion Increased homeownership results in an increase in mortgage default insurance However, mortgage defaults are rare. CMHC reported it paid out $454 million in the first nine months of 2011 which represents a 0.42 per cent default rate Overall mortgage arrears rates in Canada are declining and never approached the level of the early 1990s. The housing market in Canada is growing organically and safely There is no parallel in Canada to the subprime default problems that plagued the US market3. FURTHER RESTRICTIONS ON ACCESS TO MORTGAGESWho will be affected? Self-employed borrowers who represent a growing portion of our labour force (currently 2.67 million people, or 15% of employment in Canada) New Canadians who can afford a down payment but have yet to build credit and employment history First time homebuyers who want to enter the homeownership market and build equity These are not the people who fall in to a sub-prime loan category like we saw in the US; yet these changes will impact them The housing industry is an engine of growth in Canada. If we impede its growth, we will add to unemployment and depress the economy If fewer mortgage lenders are able to insure their loans simply because the insurance program has not kept pace with the growth in the mortgage market, then consumers will have less choice when it comes to negotiating a mortgage. Less choice, or less competition, will inevitably lead to higher borrowing costs for the Canadian consumer Likewise, if mortgage brokers are restricted in the mortgage products they can offer, consumer choice will be diminished and costs will increase This reduced access to capital will make it more difficult for people who can legitimately afford to buy a home4)What are the Risks of Further Restricting Access to Mortgages?CAAMP has one of the most comprehensive collections of research on the mortgage industry. It includes original data on borrowers and the characteristics of mortgage loans. This research has revealed repeatedly that borrowers and lenders in Canada have been prudent, and only a very small share of borrowers would have trouble affording future rises in mortgage rates.There are risks, but most are related to the broader economy through two channels:UnemploymentThe broader economic data suggests that the Canadian economy is slowing. If that results in job losses, the housing market would be negatively affected, and there would be impacts on mortgages held by people who lose jobs and then struggle to make payments.Declining Housing PricesHousing prices could decline in a weaker market. In a recession, there is the threat of a downward spiral: a weak economy harming the housing market which negatively affects the broader economy. We believe and trust that the federal government will act to mitigate such a negative scenario.These risks have nothing to do with mortgage products themselves.Risks to the Canadian mortgage market are dependent on the performance of the broader economy. In that light, the best means to control mortgage market risk is through strong economic management. In particular, care must be taken not to take any measures in the mortgage market that unnecessarily reduce housing activity that would be damaging to the economy.

VIEWS ON BANK of MONTREAL'S 5 YEAR RATE

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A good explainatory article by Robert McLister of Canadian Mortgage Trends explaining the pros and cons of Bank of Montreal's just announced 5 year 2.99% rate:BMO Cranks Up the Heat AgainBMO is dead-set on winning mind share among consumers.It's coming back to the market with two new deep-discount rate promos: A 5-year fixed at 2.99% (which starts Thursday, March 8, 2012) A 10-year fixed at 3.99% (which starts Sunday, March 11, 2012) Both of these specials are low-frills, meaning: A Lower Maximum Amortization: 25 years versus 30-40 years elsewhere Less Lump-sum Pre-payment Ability: 10% maximum per year (i.e., 1/2 of the 20% that BMO normally allows) A Smaller Payment Increase Option: Up to 10%, once per year (again, 1/2 of the 20% that BMO normally allows) A Locked Term: The Low-rate Mortgage is fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage. In other words, unless you sell, you're not leaving BMO for 5 years, like it or not. Both the 5-year and 10-year promos run for 3 weeks, until March 28, 2012.We've heard talk that TD and RBC will not match BMO's pricing on the 5-year term. We'll see. The last time BMO ran this special, its competitors quickly responded with 4-year rates of 2.99%. Despite the one less year, those competing offers came with all the normal bells and whistles.Unfortunately for competitors, a 2.99% five-year rate makes more headlines than a four-year promo at the same price, and BMO knows it. This deal has garnered almost a dozen major media stories already, and the press release only came out four hours ago.As for BMO's 10-year deal, it is 146 basis points below the nearest Big 6 bank competitors' advertised rates. It is BMO's lowest 10-year rate ever, and it matches ING's current 3.99% offer. (ING was the first bank in Canada to advertise 10-year rates below 4.00%.)With these rates, BMO is starting to make other big banks look increasingly silly. CIBC, National Bank, RBC, and TD are currently promoting 5-year "special offer" rates of 4.04%. That's 105 basis points above BMO (albeit with more flexibility). Those rates border on ridiculous, and they insult the intelligence of increasingly savvy consumers who know that well-qualified borrowers rarely pay anything close to those rates.Yes, we say that knowing that BMO's Low-rate mortgage is highly restrictive and not suitable for most.It is, however, suitable for some. The target market includes many: First-time buyers Rental property owners Owners of 2nd homes The customer should have no foreseeable need to break, increase or aggressively prepay his/her mortgage for five years.In posting more transparent rates than its peers, BMO is taking a page from brokers and smaller rivals. In doing so, it's building credibility with consumers at its competitors' expense.Frank Techar, BMO's Canadian banking head, tells Bloomberg: "The reaction to our January offer was fantastic." With a mortgage market that BMO CEO William Downe admits is "slowing," 2.99% is a big fat worm on a hook. It is bait that gets BMO's phones ringing.It also gives BMO's sales force a chance to upsell people into higher margin mortgages without all the restrictions of BMO's Low-rate product. (There's a lot of that going on, according to the BMO mortgage specialists we've talked to.)With this rate sale, BMO is certain to take flak for fuelling consumer borrowing at a time when high debt levels are worrying policymakers.To that end, Techar maintains that BMO is not fuelling the fire. He tells the Financial Post that these rates "are consistent with the debate around the need to reduce consumer debt levels."In an interview with Reuters, he said: "People are not going to stretch to get the largest mortgage they can with a 25-year amortization product. Because the monthly payments are higher, they...will go to a 30-year amortization product." (He's right.)Downe recently said this to analysts about BMO's Low-rate Mortgage:"We think that's a product that is good for Canadians; it's good for Canada; it's good for our customers, and we intend to continue to promote it in this environment.It's a product that we believe addresses all of the risks that are currently being debated, whether or not the consumer debt levels that are too high in Canada and a possible fallout from economic slowdown and rising interest rates. It helps our customers pay less interest. It mitigates their interest rate risk for five years. It helps them retire debt free by paying off their balance faster, and it works against market price appreciation. In fact, it helps with...house price appreciation, because the shorter amortization reduces the maximum purchase price people can afford."Being a 5-year fixed, this product does mitigate some risk. A 200 basis point rate increase by 2017 would only lift payments $133/month on the average Canadian mortgage of $151,000.As for rumours that policymakers are ticked off by BMO's pricing, the last time anyone looked, it's still a free market. BMO can price as it sees fit within regulations. As long as underwriting standards remain high, God bless it for bringing down rates industry-wide.Even if rates like 2.99% do spur more interest in mortgages, it doesn't mean lenders will approve high-risk borrowers. BMO's average loan-to-value (LTV) is just 60%. More notably, BMO's residential mortgage portfolio has a long-run loss rate of less than 2 basis points (i.e., exceptionally low).Barring a run-up in bond yields, we could now start seeing competitors (like mortgage brokers) respond with full-frills 5-year offers that are just a pittance above BMO's rate. Some might even match or beat it.We'd strongly encourage most folks to consider paying a bit more to avoid the low-rate mortgage restrictions—especially if the premium is small (0.05%-0.10%) and especially if you can benefit from the service and extras that come with a standard mortgage.Side Note: Here are a few more details about BMO's Low-rate Mortgage: Rate Hold: Up to 90 days Pre-Approvals?: Yes BMO Mortgage Cash Account: Not available with the Low-Rate mortgage BMO Skip-a-Payment: Not available with the Low-Rate mortgage BMO ReadiLine: Not available with the Low-Rate mortgage Rentals Allowed? Yes 2nd Homes Allowed? Yes

Children's art amount

To contact us Click HERE
Happy spring.  At the office we are busy meeting personal clients, completing corporate year ends and excited for yet another personal tax season. It's nice to see everyone this time of year and do a little catching up.

With the 2011 personal tax season here, there are some additional credits available in 2011.  Probably the most common credit will be the children's art amount. 

All the details can be found by following this link: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/370/menu-eng.html

For clarification or just to arrange a personal tax meeting please get in touch with us.

Have a great week

CANADA'S ECONOMY OUTPACING THE US

To contact us Click HERE
IMF says Canada will likely outperform this year, sees slower growth in 2011
Thu Jul 8, 9:57 AM
Joe Mcdonald, The Associated Press
Email StoryIM StoryPrintable View.By Joe Mcdonald, The Associated Press

BEIJING, China - Canada's economy is on track to grow more quickly this year than previously expected, putting it ahead of the United States and most other advanced economies, according to new estimates from International Monetary Fund.

The IMF said Thursday it's raising the 2010 growth forecast for Canada to 3.6 per cent from its previous estimate of 3.1 per cent, issued in April.

The IMF's July report also raised its U.S. growth estimate to 3.3 per cent, up from 3.1 per cent and its world estimate to 4.6 per cent from 4.2 per cent.

Asian countries with rapidly maturing economies will grow more quickly than the United States, Japan and European countries that have historically been more advanced.

China's growth for this year, for instance, is now projected at 10.5 per cent, up five percentage points, while the IMF expects India's economy will advance 9.4 per cent this year (up six percentage points from the April projection.)

Next year isn't looking so rosey for Canada, however.

The IMF has lowered its projection for 2011 growth by four percentage points to 2.8 per cent. Also notable was a reduction in the IMF's 2011 projection for China, which has been reduced by three percentage points from April's.

In contrast, the U.S. growth projection for next year was raised by three percentage points to 2.9 per cent, slightly ahead of Canada, while the world outlook for 2011 was raised by eight percentage points to 4.3 per cent.

The IMF, a Washington-based multnational organization affiliated with the United Nations and the World Bank, said Europe's debt crisis might stall the global rebound and governments need to shore up shaky public confidence.

Its quarterly World Economic Outlook warned that "risks have risen sharply" and Europe has to quickly resolve debt problems and restore confidence in its banks.

Europe's problems "could spill over to other regions and stall the global recovery," said Jose Vinals, director of the fund's monetary and capital markets department, at a news conference in Hong Kong.

"Further credible and decisive policy action is needed to resume progress on financial stability and keep the economic recovery on track," Vinals said.

Risks so far are limited to financial markets and activity in other fields stabilized at a high level in May, the IMF said. It said industrial output and trade grew by double digits and there was a modest but steady recovery in developed economies and strong growth in emerging nations.

"The numbers for economic activity have come in strong — in fact, stronger than we have forecast," said Olivier Blanchard, director of the IMF's research department.

The fund raised this year's U.S. growth forecast from 2.7 per cent to 3.3 per cent. The outlook for Germany and other European nations that use the euro common currency was unchanged at 1 per cent.

A global "double dip," or relapse into recession, is "very unlikely," Blanchard said.

Asian economies recovered strongly this year, driven by buoyant exports and stronger domestic demand, the IMF said.

The fund raised its 2010 growth forecast for Japan to 2.4 per cent from 1.9 per cent and for India to 9.4 per cent from 8.8 per cent. The estimate of the Asia region's growth rose to 7.5 per cent from seven per cent.

However, it warned that weakness in Europe "would affect Asia through both trade and financial channels."

Weak data from major economies in recent weeks have diminished confidence in a strong rebound from last year's recession.

The fund's forecast for 2011 growth was unchanged at 4.3 per cent, a decline from this year's rate.

In a move that might fuel concern the recovery is fading, the fund lowered its 2011 growth forecast for Japan from two per cent to 1.8 per cent and for Britain to 2.1 per centfrom 2.5 per cent.

In Europe, the IMF said governments must resolve uncertainty about banks' exposure to sovereign debt and other risks and make sure lenders have enough capital and markets have adequate liquidity.

It said many advanced economies urgently need to push ahead financial reforms including recapitalizing banks, restructuring and consolidating banking industries and overhauling regulation.

"In the absence of complete banking sector recapitalization and restructuring, the flow of credit to the economy will continue to be impaired," the IMF said.

BMO's 5 year 2.99% Mortgage Offering

To contact us Click HERE
On first glance this looks like a great deal. 2.99% for a 5 year mortgage- the lowest 5 year rate ever.
However a closer analysis offers some of the points to be aware of.

Consider:

This is a two-week promo (at the moment) valid until JANUARY 25TH.

There are conditions to their offer. The main terms of BMO's special are as follows:

Maximum Amortization: 25 years
Rate Hold: Up to 90 days
Pre-Approvals: Allowed
Lump-sum Pre-payments: 10% maximum per year (1/2 of the 20% that BMO normally allows)
Optional Payment increase: 10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
Term: Fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage.
BMO Mortgage Cash Account: Not available with the Low-Rate
BMO Skip-a-Payment: Not available with the Low-Rate
BMO ReadiLine: Not available with the Low-Rate
Other Details: Not applicable to non-owner occupied rental properties

Most importantly, the client is tied to BMO for the entire 5 year term of their mortgage, even if they want to break it and pay a penalty, they are forced to stay with BMO at whatever rate BMO offers. Client loses negotiating power.

This rate and mortgage is great if you plan to live in the house for many years and will not need to refinace during the term.

CAAMP'S VIEW ON TODAY's MORTGAGE ISSUES

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BASED ON OUR RESEARCH AND KNOWLEDGE OF THE SECTOR, WE SEE NO REASON TO TIGHTEN OR RESTRICT ACCESS TO RESIDENTIAL MORTGAGES AT THIS TIME1. CURRENT ENVIRONMENT Canada has a well-earned reputation for exercising economic prudence. As a result, we have managed to avoid a mortgage or housing market meltdown. Our banks are stable and our economy, while impacted by the general global economic slowdown, remains healthier than most. CAAMP’s extensive industry research indicates that the Canadian mortgage industry is healthy. We must continue to “stress test” our own financial sector to determine how it would withstand potential weakening of the economy. The more educated we are about the debt we incur (mortgages, credit cards, lines of credit), the better off we will be2. FEDERAL GOVERNMENT ACTIONS TAKEN The federal government responded promptly when it was determined changes were needed in the mortgage market. There have been three significant sets of changes in the past 36 months: - Amortization periods shortened to 30 years from 35 and 40 years - Minimum down payment increased to 5 per cent of purchase price. No 100% LTV mortgages - Homeowners refinancing their mortgage may borrow up to 85 per cent of the equity in their home; down from 90% and 95% - These changes have impacted the mortgage market; re-financings have decreased dramatically and mortgage credit growth has slowed Based on our extensive research and knowledge of the sector, we see no reason to further tighten or restrict access to mortgages at this time3. REASONS FOR CURRENT CONCERN1) Housing Market Prolonged low interest rates are making it more attractive to purchase a home Research shows that the vast majority of homeowners can accommodate rate increases (84 per cent surveyed in CAAMP’s fall 2011 research said they could handle a $200/month increase) CAAMP’s fall 2011 survey indicates mortgage borrowers are prudent, increasing their lump sum payments and paying down their mortgage faster than required Supply and demand drive housing prices – provinces and municipalities should be more aware of their land-use policies and how they impact housing supply2) Media Focus on Insurance Ceiling - Changes in Some Banks’ Lending Practices It is a fact that CMHC is approaching its $600 billion government-imposed limit on mortgage default insurance. Private insurers have a $300 billion limit. This has nothing to do with mortgage insurers being responsible for an increasing number of higher risk mortgages Lenders are buying portfolio insurance against defaults on low risk mortgages - cases where homeowners have more than 20 per cent equity in their homes. These are not high risk mortgages. CMHC is approaching its limit because the number of mortgage holders has grown, the population and housing units have increased and lenders have been insuring low risk mortgages, leveraging the government’s triple A credit rating for other bank business Residential mortgage credit in Canada continues to expand. During the past five years, outstanding residential mortgage credit has expanded by 53%, or an average rate of 8.9% per year. The growth rate is slowing The volume of outstanding residential mortgage credit passed the $1 trillion threshold in July 2010, and as of August 2011, it reached $1.079 trillion Increased homeownership results in an increase in mortgage default insurance However, mortgage defaults are rare. CMHC reported it paid out $454 million in the first nine months of 2011 which represents a 0.42 per cent default rate Overall mortgage arrears rates in Canada are declining and never approached the level of the early 1990s. The housing market in Canada is growing organically and safely There is no parallel in Canada to the subprime default problems that plagued the US market3. FURTHER RESTRICTIONS ON ACCESS TO MORTGAGESWho will be affected? Self-employed borrowers who represent a growing portion of our labour force (currently 2.67 million people, or 15% of employment in Canada) New Canadians who can afford a down payment but have yet to build credit and employment history First time homebuyers who want to enter the homeownership market and build equity These are not the people who fall in to a sub-prime loan category like we saw in the US; yet these changes will impact them The housing industry is an engine of growth in Canada. If we impede its growth, we will add to unemployment and depress the economy If fewer mortgage lenders are able to insure their loans simply because the insurance program has not kept pace with the growth in the mortgage market, then consumers will have less choice when it comes to negotiating a mortgage. Less choice, or less competition, will inevitably lead to higher borrowing costs for the Canadian consumer Likewise, if mortgage brokers are restricted in the mortgage products they can offer, consumer choice will be diminished and costs will increase This reduced access to capital will make it more difficult for people who can legitimately afford to buy a home4)What are the Risks of Further Restricting Access to Mortgages?CAAMP has one of the most comprehensive collections of research on the mortgage industry. It includes original data on borrowers and the characteristics of mortgage loans. This research has revealed repeatedly that borrowers and lenders in Canada have been prudent, and only a very small share of borrowers would have trouble affording future rises in mortgage rates.There are risks, but most are related to the broader economy through two channels:UnemploymentThe broader economic data suggests that the Canadian economy is slowing. If that results in job losses, the housing market would be negatively affected, and there would be impacts on mortgages held by people who lose jobs and then struggle to make payments.Declining Housing PricesHousing prices could decline in a weaker market. In a recession, there is the threat of a downward spiral: a weak economy harming the housing market which negatively affects the broader economy. We believe and trust that the federal government will act to mitigate such a negative scenario.These risks have nothing to do with mortgage products themselves.Risks to the Canadian mortgage market are dependent on the performance of the broader economy. In that light, the best means to control mortgage market risk is through strong economic management. In particular, care must be taken not to take any measures in the mortgage market that unnecessarily reduce housing activity that would be damaging to the economy.