{"id":50373,"date":"2019-06-21T11:19:00","date_gmt":"2019-06-21T15:19:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50373"},"modified":"2025-10-17T11:20:31","modified_gmt":"2025-10-17T15:20:31","slug":"june-21-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50373","title":{"rendered":"June 21, 2019"},"content":{"rendered":"

The federal NDP released its platform<\/a>:<\/p>\n

NDP leader Jagmeet Singh said his party would raise corporate taxes to 18% (from 15%) and tax capital gains at a [inclusion] rate of 75%.
…<\/b>
The party would maintain the current small business tax rate of 9%.<\/p>\n

The NDP would also increase the top marginal tax rate for those making more than $210,000 to 35% from 33%, and implement a 1% wealth tax on \u201csuper-rich multi-millionaires with wealth over $20 million.\u201d
…<\/b>
Other tax components of the NDP platform include:<\/p>\n

A 15% foreign buyers tax on purchases of residential property by foreign corporations or people who are not citizens or permanent residents.
\nDoubling the Home Buyer\u2019s Tax Credit to a maximum credit of $1,500 from $750.
\nAllowing income tax averaging for artists and cultural workers.
\nEnding the stock option deduction.
\nEnding \u201cthe unfair tax treatment of family farm transfers.\u201d
\nMaking the Canada Caregiver Tax Credit refundable.
\nExpanding the Volunteer Firefighters Tax Credit.<\/p>\n<\/blockquote>\n

Changing the capital gains inclusion rate is a silly idea; it will simply provide even more encouragement for investors to retain their holdings forever and pay taxes only after death. I have long advocated a change whereby the capital gains and dividends are taxed the same way they are now, but with a cap: allocations into this bucket capped at some high figure, non-cumulative, annually. Say, $1-million a year. This won’t affect Joe Lunchbucket in the slightest, but – in addition to being a more effective tax on the super-rich than a wealth tax – will have the salutary effect of encouraging the super-rich to realize capital gains, in order to fill up their bucket every year of their lives, rather than grossly exceeding the cap upon death.<\/p>\n

However, I was pleased to see that they are afraid to propose fiddling with the Dividend Tax credit and Gross-Up!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5097 %<\/td>\n1,913.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5097 %<\/td>\n3,511.6<\/td>\n<\/tr>\n
Floater<\/td>\n6.19 %<\/td>\n6.52 %<\/td>\n69,589<\/td>\n13.18<\/td>\n3<\/td>\n0.5097 %<\/td>\n2,023.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0454 %<\/td>\n3,320.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.70 %<\/td>\n73,814<\/td>\n4.21<\/td>\n7<\/td>\n-0.0454 %<\/td>\n3,965.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0454 %<\/td>\n3,093.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.60 %<\/td>\n-9.56 %<\/td>\n71,323<\/td>\n0.09<\/td>\n7<\/td>\n0.1963 %<\/td>\n2,952.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.50 %<\/td>\n5.62 %<\/td>\n59,690<\/td>\n14.40<\/td>\n26<\/td>\n0.0608 %<\/td>\n3,068.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.55 %<\/td>\n5.38 %<\/td>\n161,956<\/td>\n14.67<\/td>\n70<\/td>\n0.5433 %<\/td>\n2,059.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.29 %<\/td>\n5.97 %<\/td>\n76,370<\/td>\n8.02<\/td>\n27<\/td>\n0.0800 %<\/td>\n3,072.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.06 %<\/td>\n4.93 %<\/td>\n47,356<\/td>\n2.50<\/td>\n4<\/td>\n0.7735 %<\/td>\n2,339.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.11 %<\/td>\n3.84 %<\/td>\n193,196<\/td>\n1.84<\/td>\n16<\/td>\n0.0242 %<\/td>\n2,584.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n4.14 %<\/td>\n153,221<\/td>\n2.52<\/td>\n3<\/td>\n0.0000 %<\/td>\n2,638.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.38 %<\/td>\n7.56 %<\/td>\n95,540<\/td>\n8.10<\/td>\n22<\/td>\n0.6806 %<\/td>\n2,111.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.63
\nBid-YTW : 9.44 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.09
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 13.01
\nEvaluated at bid price : 13.01
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.45
\nBid-YTW : 9.69 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.70
\nBid-YTW : 8.82 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.95
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.10
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 21.19
\nEvaluated at bid price : 21.19
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 13.50
\nEvaluated at bid price : 13.50
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 11.90
\nEvaluated at bid price : 11.90
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 10.63
\nEvaluated at bid price : 10.63
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.72
\nBid-YTW : 10.10 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset Disc<\/td>\n2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 22.29
\nEvaluated at bid price : 22.72
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.34
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.45
\nBid-YTW : 9.71 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n3.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n3.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 13.49
\nEvaluated at bid price : 13.49
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n194,205<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.53
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n148,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 16.35
\nEvaluated at bid price : 16.35
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset Disc<\/td>\n139,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n71,614<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 16.64
\nEvaluated at bid price : 16.64
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n52,001<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.12
\nEvaluated at bid price : 17.12
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n50,513<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 10.63
\nEvaluated at bid price : 10.63
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
There were 37 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 19.00 – 19.60
\nSpot Rate : 0.6000
\nAverage : 0.4556<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n

RY.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 17.35 – 17.75
\nSpot Rate : 0.4000
\nAverage : 0.2599<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 12.25 – 12.73
\nSpot Rate : 0.4800
\nAverage : 0.3453<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 12.25
\nEvaluated at bid price : 12.25
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

HSE.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.81 – 18.19
\nSpot Rate : 0.3800
\nAverage : 0.2548<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.81
\nEvaluated at bid price : 17.81
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset Disc<\/td>\nQuote: 17.12 – 17.47
\nSpot Rate : 0.3500
\nAverage : 0.2354<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 17.12
\nEvaluated at bid price : 17.12
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n

EMA.PR.H<\/td>\nFixedReset Disc<\/td>\nQuote: 23.95 – 24.30
\nSpot Rate : 0.3500
\nAverage : 0.2479<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-06-21
\nMaturity Price : 22.82
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The federal NDP released its platform: NDP leader Jagmeet Singh said his party would raise corporate taxes to 18% (from 15%) and tax capital gains at a [inclusion] rate of 75%.…The party would maintain the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-50373","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50373"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50373\/revisions"}],"predecessor-version":[{"id":50374,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50373\/revisions\/50374"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}