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Research Department

Reducing Taxes on Your Portfolio Income

By Raymond Kerzérho · May 14, 2018 - 0 comments

Income tax is the largest expense in the budget of many Canadians, with shelter coming in a close second. For Ontario residents, the effective tax rate on a $100,000 working income is roughly 25%. For Quebec residents, it is 30%. (Please note, however, that these rates are not directly comparable since tax credits and deductions aren’t the same in both provinces.)

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Ten reasons to love the new Vanguard asset allocation ETFs

By Raymond Kerzérho · April 13, 2018 - 0 comments

The February launch of Vanguard’s asset allocation ETFs made a big splash among market observers in the passive fund world. In his March column, my colleague from Les Affaires Yves Bourget expressed serious reservations about them. I encourage you to read his excellent paper – it’s full of useful information. That will give you the chance to weigh two different views on these products that, in my opinion, deserve your attention. 

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Are equity markets really as expensive as people say?

By Raymond Kerzérho · April 2, 2018 - 0 comments

I often read texts by commentators who are worried about stock markets breaking one record after another over the past few years. They think that share prices have become too high and are therefore vulnerable to an eventual correction. But is that really true? And if so, is it a good idea to sell your equities and fall back on cash?

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2017 Review

By Raymond Kerzérho · January 17, 2018 - 0 comments

2017 was a standout year, with accelerating global growth and positive returns in the equities and fixed-income markets. Global GDP picked up speed, advancing from average growth of 2.5% in recent years to 3.0%. The unemployment rate continued its downward trend in most developed countries. 

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Seven observations about General Electric

By Raymond Kerzérho · November 29, 2017 - 0 comments

General Electric — a New York Stock Exchange icon — fell off its pedestal in 2017, with a drop in share price wiping out over $100 billion in market value. Management even decided recently to reduce the per-share dividend by half. What do we know about GE’s history and what can we learn from it? Here are my observations.

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Bank of Canada rate: Does your portfolio force you to predict the unpredictable?

By Raymond Kerzérho · September 29, 2017 - 0 comments

This summer, the first increase in the Bank of Canada’s policy interest rate in seven years has triggered an avalanche of advice in the media. How should you react to the new context? Which investments should you sell? What should you buy? Experts are lining up to tell you what to do. And I’m sure you can’t wait to hear my opinion. What’s the best approach? The first step is understanding what it’s all about.

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