Avoiding Mistakes


While great ideas are a key ingredient to a successful investment process and often talked about, avoiding mistakes is probably as important yet receives much less attention. In this market ethos we share our approach to avoiding the negative impacts of loss aversion. 


Avoiding Mistakes

Federal Budget 2018

We are pleased to provide you with our analysis of the 2018 federal budget.

The budget focused on the much discussed tax changes to passive investments held by corporations, the taxation of cannabis and changes to trust reporting including impacts on the privacy currently enjoyed by beneficiaries of trusts in Canada.

Federal Budget 2018


Market Ethos  

The Bell Has Been Rung

Last week we wrote a piece titled “Hey Equity Markets, Bond Yields Toll for Thee.” Well, bond yields tolled alright, and equity markets found their bell rung in terms of handling rising bond yields. The U.S. ten-year topped out twice last week at precisely 2.88%. The S&P 500 declined 5.2% and the SP/TSX Composite fell 5.4% respectively with both indices falling into correction territory (10%+) from their highs in January. Welcome to the first correction in 722 days, one of the longer streaks ever without a significant pullback. After Friday’s late day bounce equity markets closed the week just under -10% from their respective peaks quickly wiping out months of gains.

The Bell Has Been Rung


Market Outlook 2018

Stars Remain Aligned

Though volatility has re-emerged in the market, the underlying fundamentals remain constructive. The year began with better economic growth, tax reform, and optimism pushing markets to new highs. As higher bond yields inject volatility back into the markets, some assets will be impacted more than others. This piece offers insights about what to expect for the rest of the year as well as a few portfolio positioning tips to take advantage of the trends on the horizon.

In this market outlook, the topics are as follows:

  • Stars remain aligned
  • Market cycle – another good checkup
  • Geographic Outlook
  • Fixed Income
    • Key Themes
    • U.S. dollar
  • Final thoughts


Market Outlook 2018





Entrepreneurs & Small Business Owners

Operating a small business is no easy task. Neither is planning due to the complexity that may be involved. Richardson GMP understands that no two businesses are the same as every business owner must work within different personal and corporate environments.

The key factor to success is a solid long term plan from the infancy of the company to your eventual transition into retirement. Both pre and post transition planning require an exceptional amount of time and thought; however, Richardson GMP is here to  help you through that process.

Click here to read "Charting the Course for Entrepreneurs and Small Business Owners"








Changes in Taxation of Life Insurance Policies

Our insurance legislative environment is known to be fairly stable. However, for the first time in many years, changes to regulations effective January 1st, 2017 will affect the taxation of Canadian life insurance policies and reduce their tax efficiency.

Current rules

A permanent life insurance has historically been given a favourable tax treatment by the government enabling policyholders to earn tax free income on the funds within the policy. The sheltering can help make the insurance more affordable. Most permanent life policies sold in Canada qualify for this tax exempt status. The current rules to calculate the policy’s tax exempt status have been in place since 1982. They have recently been updated to reflect more recent actuarial (risk) assumptions and to ensure consistency in the industry and the products.

Updated regulations

The main impacts of these changes will be:

  • More sheltering in the first decade of a policy and less over the long term
  • Increased number of premium payments
  • Decreased cash value
  • Increased tax payable on prescribed annuities


Generally, policies issued before January 1st, 2017 will be grandfathered. Therefore, if you are considering changes to your existing insurance policies or need a permanent life insurance or want to convert a term policy into a permanent one, you may want to review your estate planning and insurance needs before the changes come into effect. You should not wait after 2016 to do so as you could lose a significant tax advantage. 

Now is the time to seize this opportunity. Our insurance specialist can help you determine if you have the right coverage, build value for your heirs and maximize the tax efficiency of your policy. Do not hesitate to contact us for details.



Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, PEI, NS and NL. Additional administrative support and policy management are provided by PPI Partners. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.