PWL Capital Inc.

Toronto Team  

  • T416.203.0067
  • 1.866.242.0203
  • F416.203.0544
  • 3 Church Street,
  • Suite 601
  • Toronto, Ontario M5E 1M2

The PWL Tax Loss Selling Report

By Justin Bender · October 3, 2014 - 0 comments

It’s finally here! While many Canadians were gearing up for the much anticipated iPhone 6 launch, I was patiently awaiting an upcoming portfolio management software release: the PWL Tax Loss Selling Report. PWL advisors can now generate a report that shows all non-registered client accounts that have unrealized capital losses. Any capital losses realized must first be used to offset ...

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How to Calculate the After-Tax Return of an ETF

By Justin Bender · September 26, 2014 - 0 comments

In our latest white paper, After-Tax Returns, Dan Bortolotti and I explain our methodology for calculating the after-tax returns of Canadian-domiciled ETFs. We were surprised to learn that funds with higher before-tax returns and similar investment strategies could have their fortunes reversed when their after-tax returns were compared instead. For example, if we compare the before-tax ret...

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Why has XIC’s tracking error been so low?

By Justin Bender · September 23, 2014 - 0 comments

Tracking error, when referring to an ETF, is the difference between the ETF’s return and the return of the underlying index it is tracking. The ETF is usually expected to lag its benchmark index by at least its management expense ratio (MER), and sometimes more. If we compare the 10-year annualized return of the iShares Core S&P/TSX Capped Composite Index ETF (XIC) to the returns...

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Money-Weighted vs. Time-Weighted Rates of Return

By Justin Bender · September 19, 2014 - 4 comments

Investment performance has always been a touchy subject for the financial industry. Portfolio rates of return are rarely disclosed, and investors are often left in the dark on how they are actually doing. Phase II of the Client Relationship Model (CRM II) is about to change all of that. Starting in July 2016, dealers and portfolio advisors will be required to provide performance reports to t...

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ETF Price Disadvantage?

By Justin Bender · November 18, 2013 - 1 comment

I appreciate a good debate, and Tom Bradley of Steadyhand Investment Funds sparked one on his blog last week when he asked advisors who use ETFs to justify their fees if they offer no chance of market-beating performance. “The combination of ETFs and advice generally costs more than a low-cost mutual fund, which also comes with advice,” he argued. “If I’m guaranteed t...

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