Toronto District School Board Continuing Education. Investment Planning. Fall 2017, Week 4. Instructor Gail Bebee
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1 Toronto District School Board Continuing Education Investment Planning Fall 2017, Week 4 Instructor Gail Bebee gbebee@gailbebee.com
2 What was the most important thing you learned from last week s lecture?
3 Week 3 Take Aways 1. IPOs just wait 2. Preferred shares (Can.) low tax rate 3. ADRs - easy global investing
4 Week 3 Take Aways 4. Real estate land & bricks vs. RE stocks/reits 5. Impact of currency hedging 6. Mutual funds- easy investing, low MERs rule
5 Mutual Fund Screeners Globe and Mail Fund Filter Morningstar Fund Finder List of ADRs oreign-adrs-list/
6 List of ADRs
7 Today s Topics Exchange-traded funds Developing and implementing your investment plan Government savings programs
8 Exchange-Traded Funds Like mutual funds but trade on stock exchange Most track reference group investments Some actively managed
9 Benchmark Index Reference group investments ETF objective is returns (minus fees) of index Buy & hold all index members Statistical sampling 3 main index types
10 1. Market Capitalization - weighted Indices % each holding = market value holding x 100 value all holdings index e.g. S&P/TSX 60 Index Big company bias Max. % any one holding
11 2. Equal Weight Index Weight index members equally e.g. S&P/TSX 60 Equal Weight Index More diversification
12 3. Factor-based Indices Smart beta Use specific characteristics to select holdings Low volatility, price momentum, quality, dividends e.g. S&P/TSX Canadian Dividend Aristocrats Index
13
14 Why ETFs? Instant diversification Lower cost: MER equity funds: mutual funds av. 2.35% ETFs most <0.50% Access U.S.-listed ETFs *Morningstar Fund Research. Global Fund Investor Experience. 2015
15 Better Returns % Active Mutual Funds Outperforming Benchmark, (Can$) Category 1yr 5yr 10 yr Canadian Equity US Equity International Equity Reference Standard & Poor's SPIVA Scorecards June 30, 2017
16 Low maintenance Low knowledge requirement Tax-efficiency Trade all day long Transparent
17 ETFs - The Downside 1. Brokerage account needed 2. Commission on purchase/sale invest higher dollar amounts costly for small/regular contributions No commission some online brokers
18 ETFs - The Downside II 3. Slaves to their index Oct. 25, 2000, Nortel crashed 25.5%, TSX Composite Index lost 8.12% 4. Tracking error % deviation from index return
19 ETFs - The Downside Need brokerage account Commissions to trade invest more at once costly regular, small amounts some no commission Slaves to benchmark index Tracking error vs. index
20
21 Over 600 ETFs listed in Canada
22 Top 5 of 24 Canadian ETF Suppliers 1. BlackRock Canada (ishares) 2. BMO Asset Man. 3. Vanguard Canada 4. Horizons ETFs 5. RBC Global Asset Man.
23 South of the border
24 Over 2000 US-listed ETFs Canadians can buy US-listed ETFs (not US mutual funds) Diversification & lower fees U.S. ETF Database & screener Vanguard & Schwab - lowest cost U.S.-based ETFs
25
26 Choosing an Exchange- Traded Fund 1. Decide on assets type 2. Screen for candidate ETFs ETF screener DEMO 3. Research - fundco & major financial web sites - no Fund Facts Vanguard ETF comparison tool
27 5. Review benchmark indices 6. Review past performance index returns minus expenses tracking error reasonable? 6. Review how fund managed 7. Check costs MER, other fees 8. Decide price - Net Asset Value (NAV)
28 Case Study Vanguard Total Stock Market ETF, VTI-N Total U.S. stock market index Vanguard website ETF Database profile Morningstar Canadian-listed versions: VUN-T VUS-T (C$ hedged)
29 More Info on ETFs ETF Insight includes screener Morningstar ETF finder Chapter 15 No Hype - The Straight Goods on Investing Your Money Investor Education Fund
30
31 How to Decide Where to Invest Your Money
32 Define Your Investor Profile Personal goals Investing experience & interest Timelines Risk tolerance & risk capacity Financial advisor role
33 Investing is Risky Ret Rate, % Cash Can Bonds Can. Stocks US stocks Data from Libra Investment Management Inc, Scotia Capital, Canadian Institute of Actuaries
34 Understand your Risk Tolerance Investor Education Fund Risk profile quiz DEMO BMO Risk Profile Questionnaire
35 Choose Target Asset Allocation Match Investor Profile 1. Conservative never lose money 2. Lower risk 3. Balanced risk 4. Higher risk 5. Aggressive risk taker
36 Sample Target Asset Allocation Balanced Portfolio Real Estate 5% Cash 5% Equities 45% Bonds Can. 40% Bonds- Foreign 5%
37 What Returns can you Expect?
38 As of December 31, 2016
39 Canadian Couch Potato Portfolios as of Dec 31, 2016 Annualized Return, % Conservative 30% equity 70% bonds Balanced 60% equity 40% bonds Aggressive 90% equity 10% bonds 5 yr 10 yr 20 yr Worst 12 mo. return
40
41 Choose Portfolio Building Approach 1. Individual stocks, bonds, etc. 2. Mutual funds 3. ETFs 4. Combination of above
42 New Investors/Small Accounts Funds best approach Control costs, diversification Choose funds based on: Fund mandate Above average performance Low fees
43 All-in-one Funds Multi-asset classes Small accounts Regular contributions Lazy or busy
44 Tangerine Investment Funds 4 funds, various risk levels Tangerine Balanced Portfolio, MER 1.07% Tangerine, some online brokers No minimum
45 TD Managed Index Funds e-series 5 funds risk levels TD Managed Index Balanced Growth Portfolio-e MER 1.27% Only TD online $2,000 min., $100 add.
46 Lower Cost Balanced Mutual Funds MAW104 Mawer Balanced Fund MAW105 Mawer Tax Effective Bal. Fund RBF1350 PH&N Bal Fund Series D BTG772 Beutel Goodman Bal.-Class D SIF125 Steadyhand Founders Fund
47 Mawer Balanced Fund $5,000 min. Brokerage account, small acct. maintenance fees Mawer Fund Profile Morningstar Canada Fund Profile Globe and Mail Fund Profile Mawer Tax Effective Balanced Fund
48
49 Portfolios of Mutual Funds or ETFs
50 Sample Portfolios 11 Model Portfolios To Simplify Your Investments DEMO Most ETF providers Canadiancouchpotato.com Model Portfolios Canadian Portfolio Manager ETF portfolios - tax optimized Vanguard model ETF portfolios
51 Portfolios of Individual Assets Ch 25 No Hype -The Straight Goods on Investing Your Money
52 Keep your Plan on Track Check account statements regularly Quarterly review of holdings Review financial plan annually portfolio return rate vs. benchmarks holdings rebalance to target asset allocation other changes as needed
53 Taxes and Investing It s after tax that counts CRA
54 2017 Taxable Income Ontario Marginal Tax Rate Income Capital Gains Eligible Dividends first $42, % 10.03% -6.86% over $42,201 up to $45, % 12.08% -1.20% over $45,916 up to $74, % 14.83% 6.39% over $91,831 up to $142, % 21.70% 25.38% Data from taxtips.ca
55 Maximize After-tax Returns Highly taxed (bonds, GICs, REITs, foreign dividend stocks) in RRSP, TFSA Lower taxed in taxable accounts File IRS W-8BEN form - reduce U.S. withholding tax U.S. dividends interest
56
57 Government Savings Plans
58 1. Registered Education Savings Plan 2. Tax Free Savings Account 3. Registered Retirement Savings Plan 4. Registered Retirement Income Fund 5. Registered Disability Savings Plan
59 Common Features Federal government programs Dedicated registered account Lots of rules
60 Eligible Investments Not just bank savings account! Stocks, bonds, GICs Mutual & exchange-traded funds Gold, silver, mortgages etc. CRA bulletin Qualified Investments
61 Transferring Registered Account Never withdraw money to redeposit in new account Take old account info to new bank/fi Fill in transfer form at new bank/fi New firm handles transfer You monitor
62 Registered Education Savings Plan (RESP) Save for your kid s education Save up to $2,500/year/child to age 17 Get Canada Education Savings Grant 20% contribution, max. $500/child/year (lifetime $7,200) That s 20% return to start!
63 RESP II Money grows tax-free Student pays tax withdrawals (profits, grant money) Family plan is better Group RESPs pricy, restrictive Government RESP website Stretching your education savings
64
65 Tax Free Savings Account (TFSA) Great way to save & avoid tax Adults contribute max. $5,500 after tax dollars annually Carry forward unused contribution room catch up Government TFSA website
66 TFSA II No tax on profits earned Withdraw tax free any time Re-contribute amount withdrawn following year
67 TFSA III Everyone needs TFSA Save tax, flexible, don t need employment earnings Possible uses emergency fund save for car, house or? invest
68 Registered Retirement Savings Plan (RRSP) One way to save for retirement Income tax deferral program Government RRSP website
69 RRSPs II Contribute up to 18% prior year s earned income get tax deduction Max. $26,010 (2017) if no pension Carry forward unused contribution room See prior year s CRA Notice of Assessment for your contribution limit
70 RRSPs II Investments grow tax-free Must be closed age 71 Convert to Registered Retirement Income Fund (RRIF) or annuity Prescribed taxable withdrawals begin Early withdrawals taxed as income
71 Annuities Pension for those without pensions Insurance contract buy regular, guaranteed income for specified time Many options & IRREVOCABLE Research & shop around, quotes Examples of annuity rates A low-risk alternative for post-rrsp investing
72
73 RRSP Drawbacks Tax deduction = future tax liability All withdrawals taxed as income No claims capital losses, timing sales to min. capital gains tax Required withdrawals could mean OAS claw-back
74 TFSA or RRSP? Both if possible TFSA if tax bracket higher when funds withdrawn RRSP if tax bracket lower when funds withdrawn
75 Registered Disability Savings Plan (RDSP) Provide for long term financial security of disabled person Eligible for disability tax credit Beneficiary (competent adult) or others contribute until age 59 no tax deduction, $200,000 max.
76 RDSP II Matching government grants Family income-tested max. $3,500 each year $70,000 beneficiary lifetime limit Gov. bonds paid if modest income Payments to beneficiary are taxable (profits, grants portion)
77 Registered Disability Savings Plan Government RDSP website Article Support for the disabled Steps to set up RDSP Canadian Personal Finance Blog RDSP roadmap
78
79 Suggested Homework Compare your mutual funds to analogous ETFs. Which is the better investment? Determine your investor profile. Assess whether your investment portfolio aligns with your profile. Are your highly taxed investments in tax-deferred accounts?
80 Next week Retirement Planning Investing information Financial advisors Direct investing Online broker demo
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