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1. New rules in effect for all Quebec applications The Quebec Regulatory Tribunal (AMF) made an important decision about selling insurance products to Quebec residents. As a result, Equitable^® has changed its licensing rules for all future sales to clients in Quebec. 
   
   Effective on November 28, 2024, you must be licensed in Quebec to submit an application for a client who lives in Quebec. This requirement applies to all insurance and investment products.
   
   Regardless of where the application is signed, if you meet with a client whose primary residence is in Quebec, you must be licensed in Quebec to submit on the client’s behalf. 
   
   If you are not licensed in Quebec, you will need to get licensed in Quebec for applications for Quebec clients to be processed. 
   
   What about licensing for clients outside of Quebec? 
   
   In all cases, we encourage you to be licensed in the province where a client lives to be able to do business or provide ongoing service.
   
   
   
   
   Equitable is committed to providing solutions and service that is in the best interests of clients and advisors alike. We appreciate your continued support.
   
   Questions?
   
   Your Equitable Wholesaler is here to help. 
   
   You may also reach out to Advisor Services for more details. Email eastern-service@equitable.ca or call 1-800-668-4095.
   
   
   
   ^® or ^TM denote trademarks of The Equitable Life Insurance Company of Canada.
2. About
3. Market Commentary April 2025
   Key Takeaways for Q1

   • Economic policy became more uncertain with fluctuating tariff announcements from the U.S. and its trading partners.
   • Global stocks markets experienced heightened volatility year-to-date, reflecting the negative repercussions of tariffs for highly integrated global economies.
   • Within U.S. markets, investors rotated out of growth stocks into value and defensive areas of the market.
   • Bond markets performed well during the quarter as interest rates moved lower.
   • Most central banks continued to ease monetary policy by reducing their target interest rates. The U.S. Federal Reserve was a notable exception, electing to wait for greater clarity before lowering rates further.

   Economic and Market Update

   Economic Summary: In the U.S., the latest GDP data confirmed solid economic growth in 2024. However, as President Trump pushes forward his economic agenda, uncertainty surrounding fiscal policy and global trade have dampened market sentiment. Inflation pressures persisted, with the rate of inflation remaining above the central bank’s 2% objective. The labour market in the U.S. remained resilient, with unemployment rate staying low compared to historical norms. The Federal Reserve shifted to a more cautious approach, holding the policy rate steady through Q1 at the range 4.25% - 4.5%. The central bank raised its inflation forecast, lowered growth projections, and warned that “uncertainty around the economic outlook has increased.” U.S. bond yields were lower for most maturity dates during the first quarter, as the market priced in more growth concerns and anticipated more rate cuts from the Federal Reserve.
   
   
   
   In Canada, recent GDP data showed stronger-than-expected growth. The inflation rate remained close to the 2% target but rose more than expected in February, and the labour market showed signs of improvement. U.S. tariffs continued to be a significant concern, and it is prompting businesses and consumers to become more cautious and slow their spending. The Bank of Canada warned that the economic impact of the tariffs could be “severe” and expected weaker growth in the coming quarters. For those reasons the Bank of Canada continued its easing cycle, cutting rates by 25 basis points at each of the January and March meetings, bringing the policy rate to 2.75%. Bond yields in Canada were also lower, with short-term interest rates decreasing faster than long-term interest rates as the Bank of Canada’s rate cuts outpaced market expectations.
   
   
   
   Bond Markets: During Q1 2025, the FTSE Canada Universe Bond Index returned 2.0% as interest rates declined across all tenors. Although interest rates fell, this was partially offset by higher credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk). Consequently, while corporate bonds still generated a positive return on the quarter, they underperformed government bonds.  Widening credit spreads reflected the risk-off tone to the market, with on-off-on-off-on(?) tariffs contributing to the uncertainty. Lower-rated BBB bonds generally performed worse than higher-quality A-rated bonds.  While credit spreads are higher than they were in December and January, they are still expensive compared to longer term averages. Corporate bond issuance remained robust up until the last week of March, as investor demand kept deals well supported. Overall, the market took in $40 billion in new issuance, the second highest on record, spread over 82 bonds. While corporate bonds are more attractive than in January 2025, we believe the more likely path is towards higher credit spreads as U.S. tariffs impact global growth.  We have maintained our conservative view with a bias towards shorter-dated credit but remain ready to invest in longer dated corporate bonds as valuations become more attractive. 
   
   
   Stock Markets – Overview:
   Uncertainty surrounding the scope and severity of new tariffs led investors to reassess global economic growth prospects and weighed on risk sentiment. As a result, the S&P 500 declined 4.3% over the quarter, underperforming Canadian and international markets. Within the U.S., investors rotated out of previously favoured growth stocks with loftier valuations – including members of the Magnificent 7 – into less volatile and value-cyclical companies. Meanwhile, Canadian equities returned 1.5% in Q1 despite ongoing trade negotiations and uncertain economic growth forecasts. Surging commodity prices helped the materials and energy sectors outperform, offsetting weakness in the technology and industrials sectors. Elsewhere, major developed markets from Europe and Asia (EAFE) were supported over the quarter by the introduction of a new German fiscal stimulus package and signs of improving Chinese economic growth. Following the quarter end, President Trump announced global tariffs on April 2^nd, prompting some trading partners to hit back with retaliatory tariffs. The S&P 500 lost a record $5.2 trillion over two trading sessions and re-entered correction territory, with other global equity markets moving in tandem.
   
   U.S. Equities: While the impact of tariffs has made investors more apprehensive, we have yet to witness a deterioration in financial performance. In fact, U.S. earnings continued to exceed forecasts last quarter, with approximately 70% of companies beating expectations. Furthermore, our bottom-up analysis shows that the skew of corporate earnings surprises continues to tilt positive. That said, we note that companies are providing more cautious guidance amid the increased economic uncertainty and that these earnings largely reflect conditions in 2024, not 2025. Notably, consumer stocks like Walmart have lowered growth forecasts for 2025, citing concerns surrounding consumer confidence and macroeconomic conditions. In addition to clouding the outlook, geopolitical shocks like sweeping tariffs may risk changing how companies choose to operate, including the structure of supply chains and sources of revenue. At this stage, it is still unclear how long these trade tensions will last, as that depends on how other countries choose to respond. If the tariffs are rolled back quickly, many companies may be able to absorb the temporary extra costs without serious damage to profits, and the broader economy could avoid lasting harm. But if the tariffs remain in place for a long time, the consequences could be much more serious; companies might have to change how they operate, restructure supply chains, and raise prices to deal with long-term pressure on profits.
   
   Canadian Equities: Against the backdrop of worrisome trade developments, the Bank of Canada continued to ease monetary policy. While lower rates have helped Canadian companies report better-than-expected profit growth, consensus earnings expectations for 2025 have been revised 2% lower since the beginning of the year, reflecting the expectations for tariff headwinds. Falling bond yields made high quality, high dividend paying companies more attractive, helping this group outperform. Furthermore, the price of raw industrials – a basket of commodities – surged higher over the quarter and as a result, commodity-oriented companies benefitted. More specifically, the materials sector performed strongly with gold prices reaching new all-time highs throughout the quarter. However, if trade frictions continue to escalate and weaker growth projections materialize into a real economic slowdown, the Canadian market, given its cyclical nature and heavy reliance on commodity-driven businesses, remains particularly vulnerable to external headwinds. Moreover, given Canada’s weaker fundamental backdrop, we caution that the recent outperformance of Canadian equities relative to the U.S. may prove short-lived, particularly if trade tension persists.
   
   Bottom line:
   Heightened uncertainty surrounding global trade policies, coupled with deteriorating economic growth projections, continued to weigh on investor sentiment. Bond prices benefited from the flight to less-risky assets, with lower interest rates in anticipation of weaker economic conditions. In equity markets, the introduction of broad-based tariffs increased market volatility and drove major indices sharply lower year-to-date. Looking forward, we remain cautious of the recent outperformance of Canadian and international markets relative to the U.S. While tariffs began as a U.S. policy move, the ripple effects extend far beyond American borders, reflecting the systemic fragility that underpins global trade. If trade barriers persist, businesses may be forced to make structural shifts in their operations and review their current business models. Until markets achieve greater clarity on global trade policies, we continue to prioritize exposure to diversified large-cap stocks in the U.S., over defensive or growth-heavy positions. Within Canada, we continue to favour high quality, high dividend paying names with less sensitivity to downgrades in global growth.
   
   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	Francie Chen Analyst, Rates

   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.
    
4. Empathy – Life doesn’t pause for grief
   Did you hear? In March, Equitable added its Empathy Loss Support benefit¹ to all new and existing individual life insurance policies. Empathy is a digital bereavement support platform. It helps families navigate life after a loss with caring guidance and practical tools.
   
   •  Instant: Beneficiaries can start using Empathy Loss Support services on the mobile app or web as soon as they start a life claim^1,2.
   •  Personalized: Step-by-step help is available with plans, paperwork, and tough decisions. Caring professionals provide real-person support³. 
   •  Supportive: Empathy enhances the advisor’s role and helps build stronger client relationships.
   •  Included: Empathy comes with all individual life policies at no added cost.
   
   With Empathy, Equitable continues its promise to always put clients first. We help families get the support they need during their most challenging times.
   
   Watch the Empathy video.
   
   
   
   
   
   
   Learn more about Empathy.
   Contact your Equitable wholesaler with any questions.
   
   
   ¹This loss support benefit is provided by Empathy and is available to all Equitable life beneficiaries aged 18+ years and residing in Canada. Equitable does not have access to the information provided to Empathy and is not responsible or liable for the services provided by Empathy. Empathy does not represent Equitable nor have the right to bind Equitable. Equitable may modify access to or discontinue offering the Empathy service at any time.  
   ²The Empathy mobile app and Empathy Loss Support services are only offered in Canada, USA, and UK.
   ³The Empathy app and Care Team provide guidance and support tailored to Empathy's understanding of your needs. Empathy does not provide legal, medical, financial, or accounting advice, nor does Empathy provide mental health diagnosis or treatment. We recommend consulting a professional on such matters.
   
   
   6/8/2026
5. [pdf] A better approach to drug plan management
6. [pdf] Levelize the tax on fixed income investments with corporately-owned participating whole life (corpor
7. Resource Hub
8. Let’s talk about Critical Illness insurance, the Equitable way. Having critical illness insurance benefits in an important time of need is so valuable. Get the right critical illness insurance coverage for your clients.
   
   In 2022, we made some significant updates to our EquiLiving® Critical Illness insurance plans to provide better choices and features for clients.
   
   These significant updates included:
   ●  The addition of Acquired Brain Injury as a covered condition
   ●  The addition of 20 pay options allowing more choice when choosing the right plan for your clients
   ●  The removal of the age restriction for juveniles to claim for Loss of Independent Existence
   
   Plus, a Canadian first, the addition of Cloud DX. Cloud DX is a value-added service that provides remote patient monitoring to claimants in addition to the full critical illness benefit paid by Equitable Life®. Cloud DX delivers medical grade hardware directly to the client so that Cloud DX can remotely monitor their vitals to help ensure they are on and stay on the road to recovery.
   
   
   
   
   
   View our new Critical Illness video on YouTube or Vimeo!
   
   With these updates and more, EquiLiving Critical Illness Insurance is there for clients, not only at time of their claim but also during their recovery. To learn more about Critical Illness insurance, the Equitable way, contact your local wholesaler.
    
   
   
   *Cloud DX is a non-contractual benefit and may be withdrawn or changed by Equitable Life® at any time. To be eligible for the Cloud DX offering, a claimant must be age 12 or older and have received payment on or after February 12, 2022 for a covered critical condition benefit under an individual critical illness insurance policy issued by Equitable Life. An early detection benefit payment does not qualify.   Equitable Life pays for 6 months of Cloud DX subscription fees.  If the claimant wishes to continue the Cloud DX service after 6 months, they will be responsible for the cost.
    
   ^® and ^TM denote trademarks of The Equitable Life Insurance Company of Canada.
    
9. [pdf] A better group benefits experience
10. New Online Policy Loan Form
    Advisors will now have access to a new digital policy loan form on EquiNet™.
    
    On eligible policies, you can launch a customized policy loan form through the Values tab in Policy Inquiry. (login required)
    
    This form is quick and intuitive. You tell us the loan amount, how your client wants to receive the funds, then confirm your client’s contact info and submit! Once your client signs, it is sent for review and processing within our current service standards.
    
    This is the first form to be digitalized and we plan to continue this work with more forms later this year.
    
    
    ® and ™ denotes trademarks of The Equitable Life Insurance Company of Canada.