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1. From piggy banks to property, the journey of helping clients save for a first home With the smell of spring in the air and for sale signs popping up on front lawns, no doubt clients are starting to ask, is it time to save for a house? Of course, a million other questions generally arise like, can I afford a house? How do I save? What do I do?
   
   If you’ve got clients asking for direction, join your host Joseph Trozzo, Vice President, Investment Sales, at Equitable^® along with Equitable’s own, Chris Petroff CPA CMA, Product Manager, Savings and Retirement to learn how Equitable can help you set clients up for success, when it comes to purchasing their first home.  
   
   Why Attend?
   This informative session will cover all the ins and outs of first-time home ownership, 
   
   •   from potential sources of funds to tax implications, 
   •   withdrawal rules, and 
   •   so much more. 
   
   You’ll get a deep dive into the various account types available through Equitable with segregated funds and DIA/GIA, and a comparison of each account type. We’ll also touch on mortgages, investment time horizon and other considerations, including specific case studies to help equip you with all the knowledge necessary to help clients purchase a first home. 

   Learn more

   
   Continuing Education Credits
   This webcast has been accredited for 1.00 Life continuing education (CE) credit for all provinces excluding Quebec via the Insurance Council of Manitoba and Alberta Insurance Council.  To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. It is the advisor's responsibility to ensure Continuing Education credits being offered are accepted by their licensing body. Alberta Insurance Council (AIC) credits are valid in Yukon, British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, Prince Edward Island and Nova Scotia. Insurance Council of Manitoba (ICM) credits are valid in Manitoba only.
   
   This webcast is available in English only.
   
   Date posted: May 8, 2025
2. [pdf] Equitable's Competitive Advantage
3. [pdf] FHSA to RSP/RIF Conversion
4. EAMG market commentary
    

   March 11, 2022
   
   Since Russia first invaded the Ukraine, there’s been no shortage of headlines and commentaries trying to make sense of the situation. This is a tragedy that from a humanitarian standpoint that can’t be made sense of and our hearts go out to the people of Ukraine and those impacted. From a market standpoint, the common thinking is that geopolitical risks, aka war, historically haven’t been associated with significant corrections in the market. So far, the market reaction has been consistent with the historical experience, with the S&P 500 down only about 1% since the start of the conflict and the S&P/TSX Composite Index up close to 4%, despite the heightened daily volatility.
   
   Given the obvious challenges of predicting how these types of conflicts play out, we look to financial market indicators to give us a better sense of the potential risks in the market. And in this respect, the most obvious indicator is oil. Since the start of the Russian invasion, oil has rallied roughly 18%, which is even more impressive considering it had already rallied 21% from the start of the year to the beginning of the conflict.
   
   While we don’t know what will happen to energy markets over the coming weeks, we do know that oil shocks can result in higher inflation and sometimes lower growth. Inflation was already rising, although strategists generally viewed this as temporary on the expectation that the covid related supply chain disruptions and reopening pressures were the primary causes that would eventually self-correct. But as the Russian-Ukraine conflict intensifies, consensus views are moving towards inflation becoming more structural in nature. There are growing risks this will change consumer behaviour, causing inflation to be longer lasting than initially expected. Much of this has to do with the fact that as the world’s 3rd largest exporter of oil, Russia has taken a material amount of oil production capacity offline, resulting in significantly higher oil and gas prices. This also explains the significant outperformance of energy equities, and the broader S&P/TSX Composite Index vs US counterparts on a YTD basis.
   
   While there are beneficiaries to higher oil prices, the consumer certainly isn’t one of them given gas prices reflect movements in the oil market. So far in 2022 prices paid at the pump have gone up 30%, one of the fastest paces on record. This, in addition to food price increases, will put strain on the consumer as higher bills divert dollars away from discretionary spending and potentially slow economic growth.
   
   The other factor we’re closely watching is the overall health of the European economy, to which Russia supplies about 40% of Europe’s natural gas, 25% of their oil imports and 45% of their coal imports. While the European Commission has indicated plans to cuts their dependence on Russian energy well before 2030, the short-term impacts will be costly as Europe and other global markets see higher energy prices follow. As well, food prices will likely become an issue for the region given the interruption of supply out of the Black Sea which has driven grain and oilseed prices to levels not seen since 2008. Investors to date have priced in significant risk, evidenced by the performance of the Stoxx 50 which is down 17% YTD, one of the worst performing markets across the global universe.
   
   While commodity prices are just one indicator, we are mindful that they could be telling us inflation may be more persistent than previously expected. From a long-term perspective this hasn’t changed our view of the equity market. As a result of potential near term impacts however, we have reduced our exposure to European markets in favour of the Canadian market and as well we have added inflation and risk hedges with sector allocations to energy, consumer staples and utilities, while still maintaining our overall long-term target levels to equities. There is no direct exposure to Russia in any of the three Equitable Life Active Balanced Portfolios which includes Equitable Life Active Balanced Growth Portfolio Select, Equitable Life Active Balanced Portfolio Select and Equitable Life Active Balanced Income Portfolio Select.

   
   Downloadable Copy

   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 Life of Canada® 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.

5. Celebrating our most popular Pivotal Select funds

   In August 2022, Equitable^® launched 12 new segregated funds in Pivotal Select’s Investment Class (75/75). We wanted to bring some new innovative solutions to the product, including six sustainable investment funds. To say the launch of these funds was successful would be an understatement.
   
   The funds are quickly becoming some of the most popular funds in Pivotal Select™, and their performance in 2023 was impressive. Equitable wants to celebrate these funds and encourage clients to consider them for their portfolios.
   
   As of February 29, 2024, nine out of the 12 funds received a 1st quartile ranking for their 1-year return and two more were 2nd quartile. The table below shows the new funds that ranked in the top two quartiles for their 1-year returns.

   
   

   Access additional fund performance information
   
   If you haven’t looked at these funds yet, now is the time. Speak to clients about their investment options and see if these funds fit within their investment portfolio.
   
   Talk to your Director, Investment Sales today for more information.

    

   Disclaimer

   Any amount that is allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Segregated fund values change frequently, and past performance does not guarantee future results. Investors do not purchase an interest in underlying securities or funds, but rather, an individual variable insurance contract issued by The Equitable Life Insurance Company of Canada. There are risks involved with investing in segregated funds. Please read the Contract and Information Folder before investing for a description of risks relevant to each segregated fund and for a complete description of product features and guarantees. Copies of the Contract and Information Folder are available on equitable.ca.

   Management Expense Ratios (MERs) are based on figures as of February 29, 2024, and are unaudited. MERs may vary at any time. The MER is the combination of the management fee, insurance fee, operating expenses, HST, and any other applicable non-income tax for the fund and for the underlying fund. For clients with larger contract values, a Management Fee Reduction may be available through the Preferred Pricing Program. For details, please see the Pivotal Select Contract and Information Folder.

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

    

   Posted April 18, 2024 

6. 2025 Holiday hours Individual Wealth As the holiday season draws near, we want to express our heartfelt gratitude for your trust and partnership with Equitable. Your dedication and commitment truly make a difference.
   
   Thank you for choosing Equitable for your insurance and wealth solutions and for your continued support throughout the year. Wishing you and your loved ones a joyful holiday season and a successful year ahead!
    

   Client Care Centre holiday hours

   Wednesday December 24, 2025 - 8:30 a.m. – 3:00 p.m. ET
   Thursday December 25, 2025 – CLOSED
   Friday December 26, 2025 – CLOSED
   December 29, 30 and 31, 2025 - 8:30 a.m. – 7:30 p.m. ET
   Thursday January 1, 2026 - CLOSED
    

    

   
   
    

   Individual Wealth

   All transaction requests to be handled same business day must be submitted in good order by:
   • December 24, 2025, 11:00 a.m. ET
   • December 31, 2025, 11:00 a.m. ET
   
   FHSA applications must be submitted, in good order by December 31, 2025 at 11:59 p.m. ET to be considered opened in 2025
   
   FHSA deposits to be considered for the 2025 tax year must be:
   • Submitted to head office in good order by 11:00 a.m. ET on December 31, 2025
   
   RRSP deposits to be considered for the 2025 tax year must be:
   • Dated March 2, 2026, or before
   • Must be submitted to Head Office in good order by March 6, 2026, by 4:00 p.m. ET
   
   RRSP applications to be considered for 2025 contribution year must be submitted in good order by:
   • March 2, 2026, 11:59 p.m. ET
   
   RRSP B2B Loans:
   • RRSP loan deposits must be received by March 13, 2026, by 4:00 p.m. ET
   Note: Transactions submitted after these dates will not receive a 2025 contribution receipt
   
   If applications or files come in after the posted cut-off dates, we’ll do our very best to help and aim to settle the policy by year-end. Although we can’t promise the timeline, we’ll work together to make it happen wherever possible.
    
   Thank you for your business and support. We look forward to working together to make this a great year end!
   
   Please note that all requirements must be received in Head Office by the above dates to guarantee settlement for year end.
   
   Looking for Individual Insurance holiday hours? Please click here.

7. [pdf] Choosing the right account type
8. [pdf] Advisor Attestation - Stylus Signatures
9. All about the changes to the capital gains inclusion rate Disclaimer: The following content is provided by and is the opinion of Invesco Canada Ltd. Equitable does not guarantee the adequacy, accuracy, timeliness, or completeness of the information. Equitable shall not be liable for any errors or omissions in the information provided by Invesco.
   
   
   What has changed?
   One noteworthy measure to come from Budget 2024 is the proposed change to the capital gains inclusion rate, which was previously held steady at 50% since 2001.
   
   For individuals, capital gains more than $250,000 annually will be subject to an increased 66.67% inclusion rate as of June 25, 2024, while the capital gains up to $250,000 will continue to be subject to the existing 50% inclusion rate. As a transitional measure for 2024, only the capital gains realized by individuals on or after the effective date of June 25 that are above the $250,000 threshold will be subject to the increased inclusion rate.
   
   For trusts and corporations, the inclusion rate on all capital gains will increase from 50% to 66.67% starting on June 25, 2024.
   
   
   
   
    
   Who is affected?
   
   Impact to individuals
   Budget 2024 proposed to add transitional rules which would specifically identify capital gains and losses realized before the effective date (Period 1) and those realized on or after the effective date (Period 2). The effective date is June 25, 2024. Capital gains realized on or after that date will have an inclusion rate of 50% on the amount up to $250,000, and an inclusion rate of 66.67% on the amount above $250,000. All capital gains realized prior to the effective date will have an inclusion rate of 50%.
   Take Ontario as an example, the proposed higher inclusion rate on capital gains would effectively increase the average federal-provincial marginal tax rate for Ontario residents on capital gains above $250,000 at the top marginal tax rate from 26.76% to 35.69%. A more detailed analysis on the impact of these changes to an individual’s tax rate is discussed below.
   For net capital gains realized in Period 2, the annual $250,000 threshold would be fully available in 2024 (i.e., it would not be prorated) and it would apply only in respect of net capital gains realized in Period 2.
   The $250,000 threshold would effectively apply to capital gains realized by an individual, either directly or indirectly via a partnership or trust, net of any: current-year capital losses, capital losses of other years applied to reduce current-year capital gains, and capital gains in respect of which the Lifetime Capital Gains Exemption, the proposed employee Ownership Trust Exemption or the proposed Canadian Entrepreneurs’ Incentive claimed.
   Two common scenarios of reaching the $250,000 capital gain threshold are the deemed disposition of capital property at death, and the emigration from Canada (i.e., becoming a non-resident for income tax purposes). We have provided additional details on these topics below.
    
    
   Deemed disposition upon death
   When an individual passes away, they are deemed to have sold their capital property (e.g., units or shares of mutual funds, shares of corporations, and real property) at its fair market value (FMV) immediately before their death. If a capital gain arises because of this deemed disposition, that capital gain is reportable on the deceased’s final (terminal) tax return and the taxes owing as a result, if any, would be payable by the estate of the deceased. However, there are provisions that allow taxes to be deferred when the property is transferred to a spouse. For example, if a capital property is transferred to a surviving spouse or common-law partner, subsection 70(6) of the Income Tax Act (Canada) automatically deems the deceased to have disposed of that property and the spouse or common-law partner immediately acquires the same property at the deceased transferor’s adjusted cost base (ACB). This is commonly referred to as the “spousal rollover”. Another potential strategy to manage potential large capital gains taxes at death is life insurance, since the death benefit is typically paid out tax-free.
   Without careful planning, the estate value could be substantially reduced by the changes to the capital gains inclusion rate. Furthermore, it would be prudent to ensure there are liquid assets or cash available in the estate to cover the associated tax liabilities.
   
   Non-resident of Canada – Departure tax
   Residency in Canada for income tax purposes is a question of fact, which primarily depends on the individual’s residential and social ties in Canada. When an individual becomes a non-resident of Canada, they are deemed to have disposed of and immediately reacquired certain types of property at FMV. The tax incurred because of this deemed disposition and reacquisition is also known as the departure tax. Some examples of properties subject to departure tax include securities inside a non-registered investment portfolio, shares of Canadian private corporations, and real estate situated outside of Canada. Note that there are some properties that are exempted from the departure tax, including: pensions and similar rights (including registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), and tax-free savings accounts (TFSAs)) and Canadian real property.
   The departure tax rules coupled with the increased capital gain inclusion rate above the $250,000 threshold may incur additional tax payable for emigrants. However, there is an option to defer the payment of departure tax on income associated with the deemed disposition upon emigration. By making an election, the individual would pay the tax later, without interest, when the property is disposed of. This election can be done by completing CRA Form T1244, “Election Under Subsection 220(4.5) of the Income Tax Act, to Defer the Payment of Tax on Income Relating to the Deemed Disposition of Property," on or before April 30 of the year following their departure from Canada.
   
   Impact to Entities
   Corporations and trusts will also be impacted by the increased inclusion rate as of June 25, 2024. Unlike individuals, corporations and trusts will not have access to the old inclusion rate on the first $250,000 of capital gains: they will be subject to the new 66.67% inclusion rate from the very first dollar.
   With the above in mind, there will be options available to shelter corporate and trust capital gains from the new inclusion rate.
   
   For corporations:
   The lifetime capital gains exemption (LCGE) can be used to eliminate capital gains taxes on the sale of qualified small business corporation shares (generally, these are shares of a Canadian-controlled private corporation that carries on an active business). The LCGE is also available on the sale of qualified farm or fishing property. The current lifetime limit for the LCGE is $1,016,836. Budget 2024 proposed to increase that limit to $1,250,000 starting on June 25, 2024, so certain business owners will be able to reduce or eliminate their exposure to the new inclusion rate if they are able to make use of the increased LCGE limit.
   
   For trusts:
   Budget 2024 suggests that capital gains allocated by a trust to its beneficiaries on or after June 25, 2024, will be included in the beneficiaries’ income at the old 50% rate up to the beneficiaries’ first $250,000 of capital gains for the year. While the specifics are not yet available, this opportunity will likely create further planning considerations surrounding the allocation of capital gains from a trust to its beneficiaries to reduce taxes. Capital gains can generally be allocated to a beneficiary for tax purposes when they are actually paid to the beneficiary, or when they are payable to a beneficiary (i.e., the beneficiary hasn’t received it, but has a right to demand payment of the capital gain). The option of making income paid (or payable) to its beneficiaries and allocating such income to be taxed in their hands will largely depend on the trust terms.
   
   Historical reference: capital gains inclusion rate
   Those of us around long enough, understand that this recent change was not the only time the capital gains inclusion rate has deviated from the 50% inclusion rate. Over the years, capital gains tax rate has ranged from nil to as high as 75% as indicated in the table below.  In fact, the first instance of capital gain tax was introduced in 1972!
   
   
    
   Excluding the 2024 tax year, we have given a rough estimate on the percentage of time spent at each of the various capital gains inclusion rates over the last 42 years. As we can see, for most of the time, the capital gains inclusion rate has remained at the 50 % inclusion rate. In fact, for the last 23 consecutive years, the inclusion rate has remained untouched with the last change being back in tax year 2000 with various changes introduced that year.
   
   
   
   Tax impact by province/jurisdiction
   With the increase in the capital gains inclusion rate, we want to demonstrate the potential tax impact of those changes across jurisdictions in Canada. The table below shows the 2024 marginal tax rate for the highest individual income earners in each jurisdiction at both the 50% and 66.67% capital gains inclusion rate, respectively. The average difference is an increase in taxes payable by 8.45%.
   
   
   
   Next, we look at the additional taxes payable because of the inclusion increase, assuming varying capital gains income levels. Of course, this assumes that the capital gains do not otherwise benefit from a reduced inclusion rate or an outright exemption such as eligible in-kind donations of securities to registered charities, or shares that qualify for the lifetime capital gains exemption, to name a few.
   
   
   
   Understanding the tax implications of investing is an essential part of financial planning and reinforces the importance of working with a knowledgeable financial advisor to understand the long-term impact of these changes as it applies to personal situations. No doubt, tax rates influence capital allocation decisions. Canadians who take more inherent risk with their capital have traditionally been afforded preferred taxation rates promoting innovation through capital investment, something the government can do with good tax policy to encourage business growth and spur economic expansion. This is evident in the breakdown of the tax rates depending on the characterization of the income as noted in the table below.
   
   
   
   Clearly the tax rates reflect the added capital risk investors and business owners take. We can clearly see the preferred taxation rates afforded on small business income and at the general corporate tax rates on income over the small business limit, compared to the tax rate on interest income or that of employment income. That tax-preference also extends to investors of “riskier” allocations of capital in marketable securities such as stocks, bonds, mutual funds, and exchange traded funds, to name a few. The tax rates of less-risky investments (such as money market instruments) do not benefit from the capital gains tax-preferred inclusion rates. With the latest move, there is not much difference in earning eligible dividend income from Canadian resident corporations and from dispositions resulting in capital gains.
   Some pundits have declared the move as a disincentive to capital and business investment and may encourage businesses to move into more tax-favoured jurisdictions outside Canada. The Federal government has promoted the change as impacting a very small overall percentage of investors, estimated at 0.13% of Canadian individuals and 12.6% of corporations. Further, the move has been argued by the Liberals as necessary to work towards “intergenerational fairness”.
   
   How to prepare for the changes?
   For now, advisors may want to start educating their clients about the basics of the changes, which starts with comparing the current inclusion rates with the new inclusion rates.
   Individual investors with large unrealized capital gains will also likely ask if they should crystallize their capital gains before June 25th to save money on taxes in the long run. The assumption that selling now will result in overall savings will not be correct in all cases, however. There is an opportunity cost to paying taxes upfront, rather than deferring those taxes to a later year.
   For example, let’s assume an Ontario client owns a $2.5 million non-registered equity portfolio with $2,000,000 in unrealized capital gains. They had no intention of selling those investments for another 5 yeas, but in light of the upcoming changes, they are considering selling immediately, paying the capital gains taxes now, then reinvesting the net amount after taxes back into those same investments for the 5-year investment period. They are currently in the top marginal tax bracket in Ontario (53.53%) and expect to continue to be in 5 years’ time. The assumed average rate of return on their investments is 6% annually over the next 5 years.
   
   
   
   
   
   As can be seen in this example, at 6% annual compound growth rate, the option to realize much of the capital gains now resulted in a higher overall return in the amount of $61,992.66 over the 5-year period due to the lower inclusion rate. Alternatively stated, if the investor does not crystallize the gains today, the equivalent rate of return needed to have the exact net after tax amount at the end of the 5-year period (the “breakeven return”) would be a 6.60% compound annual return. While this certainly will not be true in all cases, this is the sort of analysis that will have to be conducted when assessing whether it makes sense to realize capital gains in 2024. The rate of return on investment and the investment horizon, among other things, are important determining factors.
    
   Although we used securities investment in our example, a similar analysis can be done for other kinds of property held, such as a vacation property that is unlikely to benefit from the principal residence exemption. In addition, taxes often take a back seat to other planning considerations. These conversations should be had with the primary goals of the client in mind, which may supersede tax planning considerations.
    
   For corporate investors, it will be important to emphasize the impact the capital gains inclusion increase will have on small business owners. As a refresher, a corporation is a separate legal entity from the shareholders who own it and is subject to tax on the income it generates. Income is first taxed within the corporation before it can be passed to the shareholders in the form of dividends out of its retained earnings. To avoid double tax on income that passes through a corporation to shareholders (and to prevent any unintended tax advantages), a dividend gross-up and tax credit model is applied at the individual level, along with a tax refund mechanism to the corporation on passive investment income. This is designed to integrate the tax system between the two entities: individual and corporation. Ideally, perfect integration is achieved when after-tax income is equal, whether it is earned individually or through a corporation. In reality, depending on the province and type of income earned, there could be a tax cost in earning passive investment income through a corporation, including earning passive investment capital gains income. Currently there is a tax cost of earning capital gains income through a corporation across all Canadian provinces/jurisdictions.
    
   The latest change further increases the cost of earning passive investment income inside a corporation, though we do not yet know what changes will be made to the corporate tax refund mechanisms. As noted in the table below, the increase averages approximately 8.43% and closely equates the rate on eligible dividends. This rate reflects the initial tax rate on passive investment income earned within an active business.
   
   
   
   For many small businesses, and perhaps to long-term individual investors, this increase in the tax rate will feel unfair as the accumulation of earning a pool of assets for retirement is often done within their small business corporation, and in many cases the sole source of retirement funds.
   If an immediate crystallization of accumulated capital gains is not desired, what should investors consider in the longer run? Although many details of the new proposed rules are yet to be clarified, here are some general considerations.
   For individuals, it may be helpful to plan the timing of future dispositions to stay below the annual $250,000 threshold. Also, it may seem obvious but maximizing investments within registered plans, including the new first home savings plan (FHSA) where eligible, can reduce exposure to future capital gains tax. Moreover, estate planning becomes even more important as the potential tax payable on the deemed disposition of capital property at death rises. On that front, strategies to reduce capital gains at death could be considered, such as inter-vivos gifting, charitable donation, spousal rollover, and acquiring life insurance to provide sufficient liquidity to the estate.
   For business owners, some strategies to limit future capital gain exposure may include contributing to an individual pension plan (IPP), conducting an estate freeze to pass on future capital gains to succession owners, and ensuring the small business shares qualify for the LCGE. The suitable strategies are highly dependent on the business needs and personal situation of the business owner.  
   
   Acting too soon or not fast enough?
   Finally, there is what many in the industry have been calling a “change of law” risk. That is, within the next year and a half, a federal election is scheduled, and this capital gains inclusion tax policy will surely be a primary election issue. As part of that election platform, parties may promise to repeal it outright or alter its scope and application. Consider also that any changes in the capital gains inclusion rate could be retroactive or simply not apply in all cases.
    
   The information provided is general in nature and may not be relied upon nor considered to be the rendering of tax, legal, accounting or professional advice. Invesco Canada is not providing advice. Readers should consult with their own accountants, lawyers and/or other professionals for advice on their specific circumstances before taking any action. The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments.  Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.  Please read the simplified prospectus before investing. Copies are available from your advisor or from Invesco Canada Ltd
   
   Date posted: May 23, 2024