Les amateurs de films d’horreur font preuve d'une plus grande résilience face à la pandémie.
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Planifier la retraite avec un REEE?
Avez-vous déjà pensé financer la retraite de vos clients avec le régime enregistré d’épargne-études (REEE) au lieu du traditionnel régime enregistré d’épargne-retraite (REER)?
« Rien n’est plus important et donc plus précieux que de savoir prendre des décisions ». – Napoléon Bonaparte
Nombreux sont les épargnants qui ne connaissent pas tous les bienfaits du REEE pour leur patrimoine familial. J’ai rencontré peu de parents qui avaient pleinement tiré profit de tous ses avantages. Vos clients qui ont des enfants devraient lire ce qui suit attentivement.
Lorsque votre client désire préparer sa retraite et détient des liquidités, plusieurs choix s’offrent à lui. Et tout le monde y met son grain de sel.
- Dépenser immédiatement l’argent pour faire ce fameux voyage en Tanzanie;
- Laisser l’argent au compte et penser que le Bon Dieu fera le travail;
- Rembourser ses prêts;
- Investir dans un REER, un compte d’épargne libre d’impôt (CELI) ou dans le REEE de ses enfants.
Son ami lui dit : « Rembourse tes dettes en premier et tu seras riche… »
Son garagiste lui conseille : « Mon homme, investis dans tes REER et prend ton remboursement d’impôt pour payer tes dettes. »
Sa belle-mère lui assure : « Jeune homme, n’investis jamais dans les REER parce que tu vas finir par payer de l’impôt à ta retraite de toute façon. »
« Non, non et non! » répond son conseiller. Chaque situation doit être analysée au cas par cas. Vous devez vous assurer de mettre en place la stratégie qui donnera le plus d’argent à votre client pour chaque dollar investi. Point final.
REER c. REEE : ÉTUDE DE CAS
C’est en analysant les situations particulières qu’on se rend compte que la solution parfois proposée d’emblée pour épargner n’est pas la plus avantageuse.
Jacques et Marie sont dans la trentaine et ont deux jeunes enfants. Malgré les importantes obligations financières qui viennent avec, ils prévoient investir près de 10 000 $ dans leur REER cette année.
Par un beau mardi ennuagé d’octobre, ils décident d’appeler un planificateur financier qu’on leur a référé il y a plusieurs mois. Jacques trouve que le planificateur financier pose beaucoup de questions. Pourtant, toutes ces questions lui permettent d’établir un plan de match et de proposer la meilleure stratégie au vu de leur situation.
Après plusieurs minutes de discussion et une rencontre en personne, le planificateur financier leur conseille d’opter pour la stratégie REEE. Le couple est stupéfait : le rendement supplémentaire est de 95,5 %*.
Actuellement, avec leur investissement de 10 000 $ dans leur REER, la valeur de leur patrimoine serait de 18 705 $ après 15 ans, net d’impôt.
Si ce même montant de 10 000 $ est investi dans le REEE au lieu du REER, la valeur de leur patrimoine serait de 27 026 $ après 15 ans, net d’impôt. Une fois les études des enfants payées, il reste donc davantage de fonds pour financer la retraite.
Le bénéfice s’élève à 8 321 $, soit 95,5 % de plus (rendement de 8 705 $ sur le 10 000 $ initial c. 17 026 $ avec la stratégie REEE).
Maintenant, amusons-nous et projetons cette différence sur 25 ans : Jacques et Marie auraient un montant supplémentaire de 28 177 $ pour leur retraite. Enfin, ils pourraient faire leur voyage en Tanzanie!
Morale de l’histoire : le REEE individuel ou familial ne sert pas seulement à accumuler des sommes pour les études des enfants, il sert aussi à optimiser le patrimoine familial, épargner pour la retraite et bénéficier des incitatifs gouvernementaux de 20 % au fédéral et 10 % au provincial, au minimum. C’est ça, la planification financière.
* Hypothèses : Rendement de 5 %, taux marginal d’imposition de 40 %, subventions liées au REEE de 30 % et 0 % d’impôt sur les paiements d’aide aux études (PAE).
La rédaction vous recommande :
Best mutual funds 2016: Honour Roll
In the Canadian equity category, the poor results of commodity-based stocks translated into weakness in other sectors, such as financials. Still, one person’s problem is often another’s opportunity: Lower oil prices and lower interest rates leave more spending money in consumer’s pockets, while the low Canadian dollar encourages exports. As a result, portfolio managers who concentrate on the consumer, technology or industrial (non-oil related) sectors have fared better and will continue to do so, at least for a good part of this year.
Such is the case with Fidelity Canadian Large Cap, a consistent top performer that regularly appears in my fund selections. The actively managed fund has responded to weakness in the energy and materials sectors by emphasizing investments in technology and industrials.
Likewise, Steadyhand Equity has gained from light exposure to resources and from a healthy allocation to U.S. equities, which continue to benefit from the U.S. dollar appreciation. The fund is fairly diversified and operates with a low cost structure and moderate portfolio turnover.
Canadian Equity Funds
Benchmark index: S&P/TSX Composite Index TR, Five-year return: 3.77%
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Fund Name Fund Name Five-Year Annualized Return Tax Efficiency(1) Current Value of $10,000 Invested Five Years Ago(2) Performance Rating Performance Rating Risk-Adjusted Return (RAR)(3) Consistency Bear Market Performance(4) Risk Rating MER Cost Rating Cost Rating Minimum Investment Fidelity Canadian Large Cap Fund Series B Fidelity Canadian Large Cap Fund Series B 14.20% 67% $19,421 5 Stars 5 Stars 19.25% 67% A 4.5 2.30% 3 Stars 3 Stars $500 Steadyhand Equity Fund Series A Steadyhand Equity Fund Series A 13.21% 91% $18,597 5 Stars 5 Stars 15.71% 70% B 3.5 1.42% 4 Stars 4 Stars $10,000 Mawer Canadian Equity Fund Series A Mawer Canadian Equity Fund Series A 12.43% 90% $17,967 5 Stars 5 Stars 14.97% 75% B 3.5 1.21% 5 Stars 5 Stars $5,000 Beutel Goodman Canadian Dividend Fund Class D Beutel Goodman Canadian Dividend Fund Class D 10.86% NA $16,745 5 Stars 5 Stars 13.96% 63% B 4 1.47% 4 Stars 4 Stars $5,000 Beutel Goodman North American Focused Eq Fd D Beutel Goodman North American Focused Eq Fd D 9.74% 49% $15,917 4 Stars 4 Stars 10.76% 70% B 3.5 1.50% 4 Stars 4 Stars $5,000 Beutel Goodman Total World Equity Fund Class D Beutel Goodman Total World Equity Fund Class D 9.44% NA $15,697 4 Stars 4 Stars 10.70% 62% C 3 1.49% 4 Stars 4 Stars $5,000 Dynamic Dividend Fund Series A Dynamic Dividend Fund Series A 9.01% 66% $15,395 4 Stars 4 Stars 13.14% 65% B 4.5 1.59% 4 Stars 4 Stars $500 FDP Canadian Dividend Equity Portfolio Series A5 FDP Canadian Dividend Equity Portfolio Series A5 8.66% NA $15,151 4 Stars 4 Stars 9.81% 67% C 3 1.23% 5 Stars 5 Stars $1,000 RBC North American Growth Fund Series D RBC North American Growth Fund Series D 8.24% 74% $14,860 4 Stars 4 Stars 9.47% 67% C 3 1.21% 5 Stars 5 Stars $500 BMO Dividend Fund Series A BMO Dividend Fund Series A 7.86% 69% $14,600 4 Stars 4 Stars 10.13% 60% B 4 1.80% 4 Stars 4 Stars $500 Scotia Canadian Dividend Fund Series A Scotia Canadian Dividend Fund Series A 7.81% 73% $14,564 4 Stars 4 Stars 9.86% 67% B 4 1.72% 4 Stars 4 Stars $500 RBC Canadian Dividend Fund Series D RBC Canadian Dividend Fund Series D 7.68% NA $14,474 4 Stars 4 Stars 9.62% 65% C 3.5 1.21% 5 Stars 5 Stars $500 Fidelity True North Fund Series B Fidelity True North Fund Series B 7.47% 26% $14,338 4 Stars 4 Stars 9.41% 60% B 4 2.28% 3 Stars 3 Stars $500 Jarislowsky Fraser Select Canadian Equity Fund Jarislowsky Fraser Select Canadian Equity Fund 7.37% NA $14,268 3 Stars 3 Stars 9.09% 60% C 3.5 2.11% 3 Stars 3 Stars $500 TD Dividend Growth Class - Investor Series TD Dividend Growth Class - Investor Series 6.69% NA $13,824 3 Stars 3 Stars 7.73% 60% C 3 2.04% 3 Stars 3 Stars $100 PH&N Canadian Equity Value Fund Series D PH&N Canadian Equity Value Fund Series D 6.45% NA $13,666 3 Stars 3 Stars 7.24% 60% C 3 1.19% 5 Stars 5 Stars $500 HSBC Dividend Fund Premium Series HSBC Dividend Fund Premium Series 6.20% NA $13,510 3 Stars 3 Stars 7.33% 62% C 3 1.40% 4 Stars 4 Stars $100,000
In the U.S. equity category, do not be fooled by the very strong results achieved by some funds over the past year. The results can be attributed to the U.S. dollar appreciation, as the S&P 500 ended 2015 almost flat on a currency-neutral basis. This proves a point I made last year: that diversifying into U.S. equities is important for Canadian investors. For a number of years now, heavy equity market losses have been accompanied by depreciation of the Canadian dollar. I expect the Canadian dollar will remain weak until we see concrete signs of recovery in commodity prices.
As the name suggests, TD U.S. Quantitative Equity uses a data-driven methodology for fund selection, although its behaviour suggests a high degree of similarity with the S&P 500. Still, the combination of low cost and low turnover has helped the fund deliver superior returns for three consecutive years. There is also evidence of some added value from active management.
Both Mawer U.S. Equity and Brandes U.S. Equity operate with the same favourable combination of low cost and low turnover. However, the funds exhibit a high degree of similarity with the S&P 500, thus limiting their ability to beat the index.
U.S. Equity Funds
Benchmark index: S&P 500 TR Index (C$), Five-year return: 20.57%
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Fund Name Fund Name Five-Year Annualized Return Tax Efficiency(1) Current Value of $10,000 Invested Five Years Ago(2) Performance Rating Performance Rating Risk-Adjusted Return (RAR)(3) Consistency Bear Market Performance(4) Risk Rating MER Cost Rating Cost Rating Minimum Investment TD U.S. Quantitative Equity Fund Investor Series TD U.S. Quantitative Equity Fund Investor Series 20.10% 99% $24,987 5 Stars 5 Stars 18.13% 61% A 4 1.59% 4 Stars 4 Stars $100 Mawer U.S. Equity Fund Series A Mawer U.S. Equity Fund Series A 19.43% 96% $24,301 5 Stars 5 Stars 18.07% 66% C 3 1.22% 5 Stars 5 Stars $5,000 Brandes U.S. Equity Fund Class L Brandes U.S. Equity Fund Class L 19.12% NA $23,980 5 Stars 5 Stars 17.66% 63% C 3 1.70% 4 Stars 4 Stars $100,000 Beutel Goodman American Equity Fund Class D Beutel Goodman American Equity Fund Class D 19.00% 84% $23,868 5 Stars 5 Stars 19.52% 57% A 4.5 1.48% 4 Stars 4 Stars $5,000 Renaissance U.S. Equity Fund Class A Renaissance U.S. Equity Fund Class A 18.66% 100% $23,521 4 Stars 4 Stars 18.06% 63% B 4 1.96% 4 Stars 4 Stars $500 BMO U.S. Equity Class Classic Series BMO U.S. Equity Class Classic Series 18.29% 90% $23,159 4 Stars 4 Stars 17.29% 60% B 3.5 2.24% 3 Stars 3 Stars $500 Standard Life U.S. Equity Value Fund E-Series Standard Life U.S. Equity Value Fund E-Series 17.85% 90% $22,730 4 Stars 4 Stars 17.75% 57% B 4 1.96% 4 Stars 4 Stars $100,000
The global equity category is always a mixed bag. American equities typically constitute about half of a fund’s portfolio, so U.S. influence is inevitable. Meanwhile, European equities remain undervalued by historical standards and pay high dividends. That the euro is now cheap adds to the category’s attraction. As for emerging markets, further turbulence is expected, but a careful fund manager should identify bright spots within countries and sectors that benefit from cheap commodity prices. For those reasons, I think global equities currently represent a viable option for adding diversification to your portfolio.
Mawer Global Equity continues to post superior returns with relentless consistency. That the fund experiences less volatility than its peers or the index reflects value added from active management. It also has a low cost structure and low portfolio turnover: The average holding period of a security can be as long as seven years.
Manulife Global Equity Class Advisor Series has posted superior results in each of the past four years. The portfolio’s recent focus has been on financials, technology and health-care stocks. Although the portfolio is similar to the index, there is evidence of value added from active management. The fund’s very low portfolio turnover represents a structural advantage.
Global Equity Funds
Benchmark index: Dow Jones Global TR Index (C$), Five-year return: 14.11%
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Fund Name Fund Name Five-Year Annualized Return Tax Efficiency(1) Current Value of $10,000 Invested Five Years Ago(2) Performance Rating Performance Rating Risk-Adjusted Return (RAR)(3) Consistency Bear Market Performance(4) Risk Rating MER Cost Rating Cost Rating Minimum Investment Mawer Global Equity Fund Series A Mawer Global Equity Fund Series A 17.84% 99% $22,722 5 Stars 5 Stars 19.98% 73% B 4 1.41% 5 Stars 5 Stars $5,000 Manulife Global Equity Class Advisor Series Manulife Global Equity Class Advisor Series 15.87% 99% $20,884 5 Stars 5 Stars 17.18% 63% B 4 2.47% 3 Stars 3 Stars $500 Sun Life MFS Global Value Fund Series A Sun Life MFS Global Value Fund Series A 15.85% NA $20,865 5 Stars 5 Stars 17.29% 62% B 4 2.46% 3 Stars 3 Stars $500 Trimark Fund Series SC Trimark Fund Series SC 15.18% 99% $20,269 4 Stars 4 Stars 16.04% 60% B 3.5 1.71% 5 Stars 5 Stars $500 RBC Jantzi Global Equity Fund Series D RBC Jantzi Global Equity Fund Series D 14.88% 86% $20,011 4 Stars 4 Stars 14.81% 63% C 3 1.28% 5 Stars 5 Stars $500 Capital Group Global Equity Fund (Canada) Ser A Capital Group Global Equity Fund (Canada) Ser A 14.56% 100% $19,731 4 Stars 4 Stars 14.81% 62% C 3 2.03% 4 Stars 4 Stars $500 Fidelity Global Dividend Fund Series B Fidelity Global Dividend Fund Series B 14.05% 97% $19,295 4 Stars 4 Stars 16.47% 57% B 4 2.42% 3 Stars 3 Stars $500 AGF Global Dividend Fund Mutual Fund Series AGF Global Dividend Fund Mutual Fund Series 13.08% 98% $18,486 3 Stars 3 Stars 15.07% 53% B 4 2.41% 3 Stars 3 Stars $500 Mackenzie Ivy Foreign Equity Fund Series A Mackenzie Ivy Foreign Equity Fund Series A 12.76% 93% $18,231 3 Stars 3 Stars 15.66% 53% A 5 2.51% 3 Stars 3 Stars $500 Trimark Global Dividend Class Series T4 Trimark Global Dividend Class Series T4 12.43% NA $17,966 3 Stars 3 Stars 15.15% 53% B 4.5 2.50% 3 Stars 3 Stars $500
In the balanced category, the Manulife Monthly High Income tops the list for the second year in a row with consistent above-average returns. The fund maintains a well-diversified portfolio which contributes to an acceptable down market performance. However, as I mentioned last year, do not misinterpret the generous cash distributions as investment income, given that a large part of that is made of capital gains or return of capital. Actual net income distributions (from interest and/or dividends) remain in the vicinity of 2%.
Another consistent performer from last year’s Honour Roll is Fidelity Monthly Income. Its superior recent results have come on the back of a strong showing by the bond component of its portfolio and exposure to dividend-paying equities. Net investment income distributions have recently averaged 2.5%.
Incidentally, I have personal reservations about balanced funds. On average, most balanced funds retain at least 30% to 40% (and sometimes more) of their portfolio in bonds. I feel that you are paying unnecessarily high fees on this component of your portfolio, and could achieve better results by sticking to a diversified portfolio of stocks and bonds. That said, finding an optimal allocation can be a daunting task for many investors who prefer to outsource the chore to their fund manager. If you do invest in a balanced fund, ensure that it that charges low fees and delivers at least some added value from active management. Fortunately, the Honour Roll’s methodology shortlists funds with those very characteristics.
Canadian Balanced Funds
Benchmark index: Fundata Canadian Balanced Index, Five-year return: 4.33%
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Fund Name Fund Name Five-Year Annualized Return Tax Efficiency(1) Current Value of $10,000 Invested Five Years Ago(2) Performance Rating Performance Rating Risk-Adjusted Return (RAR)(3) Consistency Bear Market Performance(4) Risk Rating MER Cost Rating Cost Rating Minimum Investment Manulife Monthly High Income Fund Advisor Series Manulife Monthly High Income Fund Advisor Series 8.51% NA $15,042 5 Stars 5 Stars 10.03% 65% B 3.5 2.04% 3 Stars 3 Stars $500 Fidelity Monthly Income Fund Series B Fidelity Monthly Income Fund Series B 7.38% 53% $14,276 4 Stars 4 Stars 9.82% 57% C 3 2.09% 3 Stars 3 Stars $500 Compass Conservative Balanced Portfolio Series A Compass Conservative Balanced Portfolio Series A 7.37% 69% $14,267 4 Stars 4 Stars 10.27% 72% B 3.5 1.69% 4 Stars 4 Stars $1,000 Fidelity Income Allocation Fund Series A Fidelity Income Allocation Fund Series A 6.96% 67% $13,996 4 Stars 4 Stars 9.66% 57% A 4 1.99% 3 Stars 3 Stars $500 FDP Balanced Portfolio Series A5 FDP Balanced Portfolio Series A5 6.40% 56% $13,634 4 Stars 4 Stars 7.23% 67% C 3 1.26% 4 Stars 4 Stars $1,000 Dynamic Dividend Income Fund Series T Dynamic Dividend Income Fund Series T 6.38% 100% $13,625 4 Stars 4 Stars 7.82% 65% C 3 2.16% 3 Stars 3 Stars $500 Steadyhand Income Fund Steadyhand Income Fund 6.12% NA $13,457 3 Stars 3 Stars 9.53% 53% A 4.5 1.04% 5 Stars 5 Stars $10,000 Jarislowsky Fraser Select Income Fund Series E Jarislowsky Fraser Select Income Fund Series E 6.10% NA $13,448 3 Stars 3 Stars 10.29% 55% A 4.5 0.92% 5 Stars 5 Stars $10,000 BMO Monthly Income Fund Series A BMO Monthly Income Fund Series A 5.95% NA $13,351 3 Stars 3 Stars 7.06% 53% C 3 1.57% 4 Stars 4 Stars $500 Compass Conservative Portfolio Series A Compass Conservative Portfolio Series A 5.83% 47% $13,273 3 Stars 3 Stars 10.43% 57% A 4.5 1.38% 4 Stars 4 Stars $1,000 Renaissance Optimal Income Portfolio T6 Renaissance Optimal Income Portfolio T6 5.68% NA $13,179 3 Stars 3 Stars 7.48% 52% C 3 1.95% 3 Stars 3 Stars $500 TD Advantage Balanced Income Portfolio H TD Advantage Balanced Income Portfolio H 5.60% 41% $13,131 3 Stars 3 Stars 8.30% 52% B 3.5 1.97% 3 Stars 3 Stars $5,000 SEI Income 40/60 Fund Class S SEI Income 40/60 Fund Class S 5.55% 79% $13,103 3 Stars 3 Stars 7.14% 52% C 3 1.66% 4 Stars 4 Stars $1,000 Scotia Diversified Monthly Income Fund Series A Scotia Diversified Monthly Income Fund Series A 5.50% 53% $13,067 3 Stars 3 Stars 6.71% 60% C 3 1.46% 4 Stars 4 Stars $500 National Bank Moderate Strategic Portfolio NR National Bank Moderate Strategic Portfolio NR 5.37% 100% $12,987 3 Stars 3 Stars 7.28% 62% C 3 2.07% 3 Stars 3 Stars $10,000 Scotia INNOVA Balanced Income Portfolio Series A Scotia INNOVA Balanced Income Portfolio Series A 5.30% 57% $12,943 3 Stars 3 Stars 7.62% 53% C 3 1.94% 3 Stars 3 Stars $50,000 BMO Asset Allocation Fund Series A BMO Asset Allocation Fund Series A 5.16% 55% $12,863 3 Stars 3 Stars 5.96% 57% C 3 2.12% 3 Stars 3 Stars $500
The Canadian small cap category, characterized by heavy concentration on energy and natural resources, has been among the worst affected over the past year. Only a small group of funds have been able to avoid the carnage with limited losses, and they were the funds that carried the highest exposure to sectors like technology and telecommunications. Such is the case with Pender Small Cap Opportunities, which against all odds managed to end the year with significant gains (unfortunately, the fund is closed to new investments).
Likewise, National Bank Quebec Growth also managed to end the year in positive territory. Bear in mind: By mandate, this fund concentrates on firms that conduct a large portion of their business in Quebec. Given that the province has limited dependence on natural resources, the fund’s exposure to the sector is less than 20% of the portfolio. This is one of several funds in the category (like Mawer, HSBC, BMO Enterprise and Trimark Canadian Endeavour) that periodically feature on the Honour Roll, another tribute to their superior long-term performance record.
Canadian Small Cap Funds
Benchmark index: BMO Canadian Small Cap Index, Five-year return: -4.88%
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Fund Name Fund Name Five-Year Annualized Return Tax Efficiency(1) Current Value of $10,000 Invested Five Years Ago(2) Performance Rating Performance Rating Risk-Adjusted Return (RAR)(3) Consistency Bear Market Performance(4) Risk Rating MER Cost Rating Cost Rating Minimum Investment Pender Small Cap Opportunities Fund Class A6 Pender Small Cap Opportunities Fund Class A6 19.83% 87% $24,707 5 Stars 5 Stars 27.18% 62% A 4 2.50% 3 Stars 3 Stars $2,500 National Bank Quebec Growth Fund Adv/ISC National Bank Quebec Growth Fund Adv/ISC 16.72% NA $21,663 5 Stars 5 Stars 28.90% 68% A 4.5 2.49% 3 Stars 3 Stars $500 Mawer New Canada Fund Series A6 Mawer New Canada Fund Series A6 16.70% NA $21,640 5 Stars 5 Stars 21.84% 72% C 3 1.40% 5 Stars 5 Stars $5,000 BMO Enterprise Fund Classic6 BMO Enterprise Fund Classic6 15.99% NA $20,990 4 Stars 4 Stars 20.79% 72% C 3 2.06% 4 Stars 4 Stars $500 HSBC Small Cap Growth Fund Investor Series HSBC Small Cap Growth Fund Investor Series 14.03% NA $19,275 4 Stars 4 Stars 18.56% 68% C 3 2.25% 4 Stars 4 Stars $500 Fidelity Special Situations Fund Series A Fidelity Special Situations Fund Series A 12.32% 48% $17,874 4 Stars 4 Stars 15.20% 68% C 3 2.50% 3 Stars 3 Stars $500 Dynamic Real Estate & Infrastructure Income Fund A5 Dynamic Real Estate & Infrastructure Income Fund A5 11.94% NA $17,573 4 Stars 4 Stars 22.09% 53% A 5 2.50% 3 Stars 3 Stars $150,000 Manulife Canadian Focused Fund Advisor Series Manulife Canadian Focused Fund Advisor Series 9.96% NA $16,072 4 Stars 4 Stars 13.26% 60% C 3 2.32% 3 Stars 3 Stars $500 CI Can-Am Small Cap Corporate Class A CI Can-Am Small Cap Corporate Class A 9.07% NA $15,432 3 Stars 3 Stars 17.70% 52% B 5 2.42% 3 Stars 3 Stars $500 Trimark Canadian Endeavour Fund Series A Trimark Canadian Endeavour Fund Series A 9.02% NA $15,400 3 Stars 3 Stars 13.04% 53% C 3 2.21% 4 Stars 4 Stars $500 RBC O'Shaughnessy All-Canadian Equity Fund D RBC O'Shaughnessy All-Canadian Equity Fund D 8.82% NA $15,258 3 Stars 3 Stars 14.03% 58% C 3 1.21% 5 Stars 5 Stars $500 Fidelity Greater Canada Fund Series B Fidelity Greater Canada Fund Series B 7.67% NA $14,472 3 Stars 3 Stars 12.47% 52% B 4 2.36% 3 Stars 3 Stars $500
How to use these tables
Overall ratings in each category go from one star (poor) to five stars (excellent). Any Honour Roll fund is a good buy, but some may be better for you than others. For instance, if you’re investing outside an RRSP, pay particular attention to “Tax Efficiency.” This measures how much of the return on a fund has been lost to taxes on distributions. (Funds that don’t distribute cash don’t lose anything and so are rated at 100%.) In general, the higher this number, the better for funds held in taxable accounts. All investors should consider risk as well. “Risk-Adjusted Return” shows how much return each fund has achieved in proportion to its risk—again, the higher, the better. If you want to play it safe, look for funds with a high “Consistency” rating (which shows the percentage of months in which a fund has performed better than its peers) and strong “Bear Market Performance” (the best funds get ‘A’s and so on, down to ‘E’s).
1 Tax efficiency estimates the percentage of total returns retained by investors, assuming a 46% tax rate for interest income, 25% for capital gains and 23% for dividends. Not applicable for RRSP investors
2 Based on five years’ historical return, before sales charges and commissions
3 For details on risk-adjusted return calculation, check moneysense.ca or fundscope.ca
4 Based on average monthly
loss during market corrections
5 Restricted/may not be sold in all provinces
6 Closed for new investors, check availability of other versions
Sources: Fundata Canada Inc. & FundScope Limited November 2015
The post Best mutual funds 2016: Honour Roll appeared first on MoneySense.
An End-of-Year Marketing Checklist
While you are scrambling to finish the last quarter’s tasks that may have gotten lost in the wrapping paper, I want to make sure you do not forget anything that will make 2016 your best year ever. Here is a checklist to make your marketing is as impactful as possible.
For more information about Advisor Perspectives services, click on the advertisement below:
Ubuntu MATE 15.04 Released, First Version As An Official Ubuntu Flavor
Changes in Ubuntu MATE 15.04 (Vivid Vervet)
Other changes in Ubuntu MATE 15.04 (Vivid Vervet):
- enabled restating X via Ctrl+Alt+Backspace;
- enabled screen reader activation via LightDM indicators and LightDM key bindings;
- enabled touch to click by default for touchpads;
- added menu categories to System > Preferences;
- thanks to a GTK2 bugfix, MATE should have better multi-monitor support;
- merged MATE Compatibility integration into upstream Compiz;
- Ubuntu 15.04 has adopted multilib GObject introspection runtime (gir) which means Caja plugins now work "out of the box";
- more.
Default applications / packages
- MATE Tweak (a MintDesktop fork) - lets you configure which icons to show on the desktop, enable/disable compositing, change the window buttons layout, show/hide icons in menus and buttons and more;
- MATE Menu (a MintMenu fork) - a searchable menu for the MATE panel. This is not the default menu, but you can add it to the panel by right clicking the panel, selecting Add to Panel and then adding "MATE Menu";
- Totem has been replaced by VLC;
- Plank, the elementary OS dock, is now installed by default in Ubuntu MATE (but it's not used by default);
- Tilda, a Quake-like drop-down terminal;
- Folder Color, a Caja (it also supports Nemo and Nautilus) extension which allows changing individual folder colors (useful for organizing your folders, make some important folder stand out, etc.), as well as change all the the folder colors or add emblems;
- guvcview, an app that uses your webcam to take photos and videos;
- LightDM GTK+ Greeter Settings, a tool which allows modifying various login screen settings such as the theme, font, background and much more.
Here are screenshots with some of these new default apps:
Download Ubuntu MATE 15.04
Originally published at WebUpd8: Daily Ubuntu / Linux news and application reviews.
L’effet imprévu de la chute du dollar canadien
Photo : Mike Goldwater/Alamy
La demande de visas de tourisme par des Chinois a augmenté de 51 % en janvier par rapport à la même période l’an dernier.
Les services consulaires, débordés, ont dû ajouter du personnel pour traiter les requêtes.
Le nombre de visiteurs venus de l’Empire du Milieu avait déjà triplé depuis 2009, année où Pékin a accordé au Canada le statut de « destination approuvée ». La baisse du dollar canadien — qui a fait grimper la valeur du yuan chinois de 12 % en six mois — a fait exploser la demande.
Selon les prévisions du Conference Board du Canada, environ 400 000 Chinois devraient débarquer au pays cette année.
Cet article L’effet imprévu de la chute du dollar canadien est apparu en premier sur L'actualité.