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New and improved online calculators
Individual Wealth is excited to announce the launch of eight refreshed and enhanced online calculators! These tools are designed to help advisors and clients make more informed and accurate financial decisions.

Why the change?
We have switched vendors to Ativa Interactive, a Canadian company with 30 years of experience in financial services. Their tools are more reliable and easier to use, offering a better advisor and client experience. Ativa Interactive has a robust portfolio of calculators available, giving us the opportunity to expand our offerings in future.

What’s available?
We kept the calculators you use most and added two new ones based on your feedback.

Popular calculators being refreshed:
•   Will the money last calculator
•   Savings Growth Calculator
•   TFSA vs taxable investment calculator
•   Retirement Projection Calculator
•   Become a millionaire calculator
•   RRIF Payment Calculator

New additions:
•   GIA laddering calculator
•   First home savings account calculator
These calculators are live and ready to support client conversations.

Questions?
If you have any questions or need support, please reach out to your Director, Investment Sales.

Date posted: August 28, 2025

EAMG Market Commentary January 2024

Rates & Credit – Interest rates decreased sharply in Q4 as the market priced in aggressive interest rate cuts by central banks in 2024. The prospect of lower interest rates also drove a strong risk-on tone to the market, with the risk premium on corporate bonds grinding tighter as prospects for a “soft landing” improved. The rally in interest rates resulted in the best quarter for bonds over the past 15 years, with the FTSE Canada Universe Index returning 8.3%. Corporate bonds modestly underperformed the Universe Index with a return of 7.3%. The lower return for corporate bonds was primarily driven by the fact that the corporate bond index is less sensitive to interest rate movements (as compared to the government index), partially offset by the risk-on tone to the market. Within corporate bonds, lower-rated BBBs outperformed higher-rated A bonds. Industries with higher interest rate exposure such as infrastructure, energy, and communications outperformed those with less exposure (notably financials and securitization), consistent with the overall shift in the yield curve.

Santa Came to Town – Moving in sync with bonds, global equities jolted higher into the end of the year with cooling inflation data and dovish comments from central bankers. The U.S. market outperformed most regions last quarter with the S&P 500 returning 11.7% in USD terms, bringing the total return in 2023 to 26.3%. The TSX added 8.1% in Q4, boosting the total annual return to 11.8%. Meanwhile, major developed economies from Europe, Australasia, and the Far East (EAFE) gained 5.0% in local currency terms over the quarter, helping the region produce a 16.8% return from the year prior. Prospects of interest rate cuts by the Federal Reserve saw the Loonie rally into year-end and resultantly, investors of Canadian dollar securities witnessed enhanced returns. Strong domestic U.S. economic data helped value pockets of the market outperform. That said, this was not a synchronized trend as China’s economic disappointment weighed on the performance of EAFE.

U.S. Fundamentals – Our work shows that investors are shifting their focus away from operating margins and towards the ability to sustain debt levels ahead of renewing debt obligations. Corporate earnings beat modest expectations last quarter, contracting by less-than-expected on a year-over-year basis. Resilient operating margins continue to attract investors into equities. After three consecutive quarters of improving forward earnings guidance, we observed that the number of major companies expecting deteriorating financial performance grew to ~35%. We note that this is a sharp contrast relative to the optimistic run-up in equity valuations. In general, corporate pessimism has been underpinned by concerns for the health of the consumer, increasing wage pressures, and inflation.

U.S. Quant Factors – While mega-cap technology stocks gave back some ground in the second half, crowding into the magnificent 7 remains noticeable with the cap weighted S&P 500 outperforming the equal weighted index by 12.5% last year. That said, value areas of the market – which underperformed through the first three quarters of the year – were top performing companies last quarter as the prospects for an economic “soft-landing” improved with U.S. inflation continuing to ease without substantial deteriorations of employment or output data. Quality-growth businesses initially outperformed as the higher-for-longer narrative continued to drive investors toward large cash-rich companies with stable margins. That said, this basket of companies gave back relative returns into quarter-end as weakness in operating margins persisted, making fundamentals appear stretched. Low volatility stocks (i.e. stocks with lower sensitivity to broad market movement and lower price volatility) rallied to start the quarter before dovish comments from central bankers improved risk-sentiment and ultimately pushed this basket lower on a relative basis. Lastly, dividend growth companies, which include businesses with a lengthy and established history of increasing dividends, underperformed the broader index as market participants punished businesses that slowed capital growth projects during the rising interest rate environment. While operating margins have declined, the basket’s strong cash flow and low debt burden may be advantageous if the market’s anticipation of impending interest rate cuts proves to be incorrect or mistimed.

Canadian Fundamentals – Although Canadian companies exceeded bleak forecasts last quarter, earnings continue to contract on a year-over-year basis. Return on equity (ROE) – a gauge of how efficiently a corporation generates profits – continued to decline last quarter while corporate costs of capital remain elevated. In essence, Canadian companies are generating less value relative to their financing cost. Value creation underpins the sustainability of dividend payments, which are a unique and desirable attribute of the Canadian market. Meanwhile, the Bank of Canada held its overnight interest rate unchanged with market participants forecasting a higher probability of interest rate cuts in 2024. On the expectations of easing monetary conditions, dividend yields compressed while earnings forecasts improved with analysts predicting that index aggregate earnings will grow 6% to 8% in 2024. At a sector level, the energy industry’s financial performance normalized – in line with expectations – as weakening oil demand expectations overshadowed geopolitical conflict in the Middle East, ultimately pushing crude prices ~21% lower last quarter. The industrials and financials sectors beat expectations, helping offset softer-than-expected results from the consumer staples and technology sectors.

Canadian Quant Factors – The Canadian banks underperformed for most of the year as they reported increasing provisions for nonperforming loans, reflecting forecasts of worsening economic conditions. That said, expectations of interest rate cuts in 2024 helped tame recession fears and eased concerns of slowing loan growth, propelling banks higher in the fourth quarter as they appeared more stable and therefore favourable than prior estimates. The high-quality basket underperformed last quarter as improving risk sentiment in the market reduced the attractiveness of secure companies with lower earnings variability. Furthermore, high dividend payers with solid growth prospects outperformed in the fourth quarter as market participants rewarded companies that demonstrated a strong ability to support future dividends and punished high yielding businesses with less certain financial capabilities.

Views From the Frontline Rates – Interest rates declined sharply in Q4 as inflation continued to trend lower, fears of excess bond supply declined, and the Federal Open Market Committee signaled that the next change to their overnight policy interest rate would likely be lower. Labour market and consumer spending data remain resilient however businesses have indicated slowing across industries, more price-sensitive consumers, rising delinquencies, and concerns about the high cost of debt. Central banks remain committed to achieving their 2% inflation target and most acknowledge that interest rates have likely peaked.

Credit – The risk premium for corporate bonds (versus government bonds) tightened materially over the quarter, with a strong risk on tone to the market as investors priced in lower interest rates in 2024 and a “soft-landing” to economic concerns. Corporate bond supply was well received by the market. On the balance, we do not think the current risk premium adequately compensates for downside risk, and as such, we remain cautious on corporate bonds and have a bias towards higher-quality, shorter-dated credit where we view the risk / reward dynamic as being more favourable.

Equity – In the U.S., we allocated exposure to value names which outperformed over the quarter as the macroeconomic outlook improved on the backdrop of rate cut expectations. Looking forward, we expect that margins will continue to normalize as Covid-induced pent up demand fades. While we do not forecast margins to compress at an alarming rate, we believe sticky wage and input costs will continue to pressure businesses while consumers exhibit further exhaustion. As such, we are shifting our focus toward the balance between company reinvestment in capital projects and upcoming debt refinancing requirements. In line with this view, we favour businesses with stable cash flows and decreased debt loads as we believe they present an attractive contrarian opportunity if soft-landing projections prove to be overstated. Within Canada, we remain attentive to the inverse movements of ROE relative to financing costs over 2023. With the excess between ROE and financing costs compressing, businesses’ ability to create value appears more stretched than earlier in 2023. Therefore, we continue to favour high quality companies in Canada, which is typically defined by high ROE, stable earnings variability, and low financial leverage. Geographically, the U.S. economy appears to be in healthier condition with inflation easing while employment and output data remain stable and hence, our focus will be on capital expenditures. EAFE – which is generally more economically linked to China than North America – contains a large bucket of stable, high-quality businesses that may benefit from any upside economic surprises out of China. Lastly, through the lens of a Canadian investor, the Loonie’s relative value versus other major currencies presents another resource in our investment mandate to derive excess return.

Downloadable Copy

Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit

ADVISOR USE ONLY

Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

What’s the story behind Equitable’s new brand? We are excited to share some more insight into the news of Equitable’s new brand.

Our new brand isn’t just a logo change.
Our new brand reflects our deeply rooted dedication to our clients. Over the next year, we will make the transition to our refreshed look. The new brand illustrates our focus on strong partnerships and making it even easier for you to do business with us.

Check out the Beyond the Logo video featuring our executive team sharing how the new brand embodies our commitment to advisors.

We’ll provide more details on the changes we’re making, and we welcome you to join in the journey. Please reach out to your Equitable point of contact or visit equitable.ca to learn more.

Posted December 4, 2023
Equitable Savings & Retirement Division rebrands as Individual Wealth The Equitable^® Savings & Retirement division has a new name: Individual Wealth.

This change reflects how the division has grown. Over time, we have added more services and tools to help clients reach their financial goals. Our new name shows this broader focus.

Why “Wealth”?
The word “Wealth” means more than just saving for retirement. It includes investing, estate planning, tax strategies, and preparing for life events. It better describes our more holistic approach to wealth management.

This update is more than just a name change. It shows our strong commitment to helping clients in new and better ways. Over the coming months you’ll notice changes across our materials, website, and contact details as we roll out this transformation. As we move forward as Individual Wealth, our commitment to supporting your business remains stronger than ever — because when we grow together, success is mutual.

If you have any questions, feel free to reach out to your Director, Investment Sales.

Date posted: July 24, 2025
[pdf] Pre-Authorized Debit (PAD)
[pdf] Health Care Spending Account - Plan members
[pdf] Gradual Inheritance Strategy

February 2020 Advisor eNews

In this issue:

Provincial biosimilar update
Legislative changes for Alberta’s Coverage for Seniors program
Coming soon: enhancements to Equitable EZClaim® Online

Provincial biosimilar update

Alberta Biosimilar Initiative

On December 12, 2019, the Alberta government introduced the launch of the Alberta Biosimilar Initiative. This program will require patients using several originator biologic drugs to switch to a biosimilar, and patients using a non-biologic complex drug (NBCD) to switch to its subsequent entry version before July 1, 2020 in order to maintain coverage.

Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” drug. Biosimilars are highly similar to the originator drug they are based on and have been shown to have no clinically meaningful differences in safety or efficacy.

Alberta Health will initially cover both the originator and biosimilar or subsequent entry version of a NBCD drug as patients start the switching process.

The following table outlines the affected originator drugs, their biosimilars or subsequent entry, and the conditions affected by the program.

Biosimilar Drug	Originator	Biosimilar/Subsequent Entry	Indications Affected
etanercept	Enbrel	Brenzys	Ankylosing Spondylitis Rheumatoid Arthritis
etanercept	Enbrel	Erelzi	Ankylosing Spondylitis Psoriatic Arthritis Rheumatoid Arthritis
infliximab	Remicade	Inflectra Renflexis	Ankylosing Spondylitis Plaque Psoriasis Psoriatic Arthritis Rheumatoid Arthritis Crohn’s Disease Ulcerative Colitis
insulin glargine	Lantus	Basaglar	Diabetes (Type 1 and 2)
Filgrastim	Neupogen	Grastofil	Neutropenia
pegfilgrastim	Neulasta	Lapelga	Neutropenia
glatiramer*	Copaxone	Glatect	Multiple Sclerosis

*Glatiramer is a non-biologic complex drug where the originator is Copaxone and the subsequent entry is Glatect.

Equitable Life is actively investigating the benefit, risk and appropriate plan changes associated with this new policy on private drug plans and will keep you informed.

For more information about the Alberta Biosimilars Initiative, consult the Alberta government website.

British Columbia

In 2019, BC Pharmacare introduced a Biosimilars Policy that impacted coverage of three biologic drugs – Remicade, Enbrel and Lantus. As of November 25, 2019, these drugs were no longer eligible in BC for most conditions for which lower cost biosimilar versions are available. Patients in the province with these conditions were required to switch to biosimilar versions of these drugs in order to maintain their coverage.

The second phase of the BC Biosimilar Policy takes effect March 6, 2020 when Remicade will be delisted for Crohn’s Disease and Ulcerative Colitis. Patients in the province with these conditions will be required to switch to Inflectra or Renflexis in order to maintain their coverage.

Biosimilar Drug	Originator	Biosimilar	Indications Affected
infliximab	Remicade	Inflectra Renflexis	Crohn’s Disease Ulcerative Colitis

We have communicated with the affected plan members, informing them of the need to switch medications. If plan members have any questions or concerns, our Customer Care team is here to help and support them through the transition.

If you have any questions about this policy, please contact your Group Account Executive or myFlex Sales Manager.

Ontario

In November 2019 Ontario Minister of Health Christine Elliot indicated that the government was planning to launch consultations to explore solutions in managing biologics.

Equitable Life will continue to monitor these developments and keep you informed of any impact on private drug plans.

Legislative changes for Alberta’s Coverage for Seniors program

The government of Alberta has announced that as of March 1, 2020, seniors’ family members (such as spouses and dependents) who are younger than 65 will no longer be covered by the provincial Coverage for Seniors program. Albertans 65 years of age and older will continue to be covered under the provincial plan.

Equitable Life plan members and their dependents will continue to be covered under the parameters of their group benefits plan.

For more information, please see the Alberta Seniors Health Benefits website.

Coming soon: enhancements to Equitable EZClaim^® Online

Faster vision claims processing and payment

Equitable Life will soon provide real-time processing of vision claims submitted via EZClaim Online.

This means plan members will be able to find out the status of their vision claim almost instantaneously. And, for approved claims, they will receive payment even sooner – often in as little as 24 hours.

In order to allow for instantaneous processing and faster payment, plan members will be prompted to enter some additional information including the practitioner’s name, the date of the expense, the type of expense and amount of the expense when submitting their claims for these services.

Equitable Life plan members can submit all vision claims via EZClaim, including coordination of benefits and Health Care Spending Account claims.

This enhancement will be coming to our EZClaim Mobile app in the coming months.

New printable claims extract

As part of our ongoing efforts to improve customer experience for plan members, we will also offer a claims extract in a printable format within the plan member site. Plan members will be able to select a date range and claimant, then generate and download a detailed list of health and dental claims. This is a helpful way to keep track of claims, especially when reviewing them in preparation for income tax filing.

Once these enhancements are live you will be notified in an eNews, and an announcement will be posted on the plan member section of EquitableHealth.ca.

Elimination of Out-of-Country Travellers Program in Ontario

Effective January 1, 2020, the Ontario government eliminated OHIP coverage for emergency services for Ontarians travelling outside of Canada.

Previously, the Out-of-Country Travelers Program provided some reimbursement for services required to treat conditions that are acute, unexpected, arose outside Canada and require immediate treatment. The program covered between $200 and $400 per day for inpatient services and $50 per day for outpatient and doctor services.

For groups who have out-of-country coverage from Allianz, this change will not impact the cost to your plan members, or the process plan members follow in the event of an emergency while travelling.

Plan members should still call Allianz in the event of an out of country emergency. Allianz will deal with their claim as usual and will now pay for the portion of the claim previously paid by OHIP. Plan members will not have any additional out-of-pocket costs.

We will be sharing this information with plan members as a news item on our plan member website, equitablehealth.ca.

Delay in Pivotal Select segregated fund client statements

We apologize for the delay in the delivery of our Pivotal Select™ segregated fund client statements. We understand how crucial these statements are for you and clients. We are working hard to resolve the issue. We will post an update on EquiNet® on or before February 7.

We appreciate your understanding and patience during this time. If you have questions or need further assistance, reach out to our Client Care Team at 1.866.884.7427.

Best Regards,

Cam Crosbie,
Executive Vice-President, Savings and Retirement Division
Equitable

Posted February 4, 2025
Equitable Life Active Balanced Portfolios – a unique investment opportunity
Find out how the Equitable Asset Management Group uses quantitative investing to uncover often overlooked investment opportunities to build the Equitable Life Active Balanced Portfolios. Clients benefit from asset allocation, style diversification, and cost-effective ETFs. The Portfolios are an ideal solution for a range of clients with diverse needs.

Join your host, Dave Irwin, AVP, External Fund Manager, and members of the Equitable Asset Management Group to learn how you can help clients achieve their financial goals with the Equitable Life Active Balanced Portfolios.

Learn more

Continuing Education Credits
This webcast has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.

™ and ® denote trademarks of The Equitable Life Insurance Company of Canada

Posted March 7, 2024