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DECEMBER 2020
CANADA’S NEWS SOURCE FOR FINANCIAL PROFESSIONALS
PHILANTHROPY
INSIDE
NEWS
CHOOSING A CHARITY
Wealthy clients may need help with charitable giving this year. PG. 1
TITLE REGULATION Critics say Ontario’s plan may fall short of its intended goal. PG. 1
ACTIVISM GONE TOO FAR?
The CSA considers whether to crack down on activist short-sellers. PG. 1
A PROPOSAL
WITHOUT PROPONENTS
An idea to impose a new tax on remote workers hasn’t found many fans. PG. 2
WHAT A YEAR
Taking over as a portfolio manager during a pandemic didn’t faze Jim Stillwagon. PG. 8
WHAT’S NEXT FOR BONDS?
Old bonds with relatively high rates have gained value during the pandemic. PG. 9
BYB
OPENING THE FREEZER Is now the time for your business- owner client to refreeze their preferred shares? PG. 10
FINDING BALANCE
It’s important to set boundaries while working from home. PG. 11
PRODUCTS
SMALL BUT STURDY Many Canadian small-caps have performed well lately. PG. 12
CASH STASH The best places for your clients to hold cash. PG. 13
GAINING GROUND Liquid alt funds continue to rack up AUM. PG. 13
INSIGHT
TRUST THE EXPERTS
Lessons learned from the pandemic. PG. 14
A CALCULATED PLAY The Liberals knew the fall economic statement would be a winner politically. PG. 14
MUTUAL FUND MANAGER OF THE YEAR
Jim Stillwagon manages the TD Global Entertainment & Communications Fund, which has a 10-year annualized return of 19.69% as of Nov. 30. (See story on page 8.)
TRADING
CSA eyes activist short-sellers
Helping HNW clients give to charity
Wealthy donors may need help doing due diligence before they give
BY RUDY MEZZETTA
many high-net-worth (hnw) clients have
stepped up their charitable giving this year, direct- ing more money toward social issues such as health care, housing and food security to meet increased need during the Covid-19 pandemic.
Nevertheless, the Canadian charitable sector overall has been hit hard by the pandemic, with many organizations losing stable revenue from event-driven fundraising and other sources.
That means there’s greater need for wealthy donors and their financial advisors to carefully examine the charities to which they’re considering donating significant amounts.
“In the worst-case scenario, you’re making a donation, but the donation is being used to keep the lights on,” says Corina Weigl, partner with
> TURN TO COVID-19 / PAGE 4
REGULATION
Ontario’s title reform could miss the mark
Critics worry activists can harm stock prices with baseless allegations
BY JAMES
LANGTON
Critics warn a proposed regime may do little
to clear up confusion
accurate labelling is
Consumer Protection 101. Yet, in the retail investment business, this principle proves fiendishly difficult to implement.
The Financial Services Regulatory Authority of Ontario (FSRA) has undertaken the latest
BY JAMES LANGTON
effort to ensure that individuals who call themselves financial advisors or financial planners are qualified to provide advice or planning services.
In August, FSRA published a
> TURN TO CONCERNS / PAGE 7
securities regulators
have long targeted “pump-and- dump” schemes that aim to drive up stock prices with base- less hype. Now, regulators are going after so-called “short- and-distort” campaigns, in which short-sellers badmouth
companies in an effort to drive down stock prices.
Certain Bay Street fac- tions have long complained about the role of short-sellers in the Canadian market. More
> TURN TO REGULATORS / PAGE 6
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