Toronto Team  

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PWL 2014 Tax Slip Checklist

By Justin Bender · March 5, 2015 - 2 comments

By now, many of our clients’ mailboxes are overflowing with tax slips from various companies. The 2014 tax year is an especially daunting one for our clients: PWL’s transition from TD Waterhouse Institutional Services to National Bank Correspondent Network means clients may receive two T3 or T5 slips (one from each brokerage) for a number of securities, which is sure to add to th...

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BXF no longer a strip tease

By Justin Bender · February 25, 2015 - 0 comments

When First Asset created Canada’s first strip bond ETF in 2013, they claimed that the ETF was expected to be more tax-efficient than other short term bond products currently available in the marketplace.   With a full tax year behind us, and armed with a new methodology for calculating the after-tax returns of ETFs, we can put First Asset’s claim to the test. Spoiler ...

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HBB vs. GICs

By Justin Bender · January 30, 2015 - 3 comments

The recent rate cut by the Bank of Canada has continued to push bond yields lower. The yield-to-maturity on the iShares Canadian Universe Bond Index ETF (XBB) has dropped from 2.22% to 1.70% since the beginning of 2015 (this figure is as of January 28, 2015, and before fees and taxes). Due to the tax-inefficient nature of most bond ETFs, the after-tax returns for these products are expected ...

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Active Funds Exposed

By Justin Bender · January 15, 2015 - 0 comments

Rob Carrick wrote an article late last year that suggested four actively managed mutual funds which may be worth a look by open-minded DIY investors. All four funds had beaten the S&P/TSX Composite Index’s 8% return over the last 10 years (as of October 31, 2014).  Three out of four of the funds had even crushed the index return since their inception.   Without more inf...

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After-Tax Returns of Strip Bond ETFs

By Justin Bender · December 22, 2014 - 2 comments

On June 11, 2013, First Asset released a new short-term bond ETF comprised entirely of strip bonds. It seemed like an odd choice at the time, seeing as there were already many short-term bond ETFs available to Canadian investors. Relative to the existing products, the First Asset 1-5 Year Laddered Strip Bond Index ETF (BXF) was expected to give investors a leg up when they held the ETF in th...

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