Canada’s economy added 378,000 new jobs in September, Statistics Canada says, almost all of which were full-time positions.
September’s job gains mean that the job market is now within 720,000 positions of where it was in February, before the advent of COVID-19 in Canada.
…
September’s hiring was enough to push the jobless rate down to 9 per cent. For context, in February, Canada’s unemployment rate was 5.6 per cent, before COVID-19 walloped the economy, and pushed it up to a high of 13.7 per cent in May, the highest rate on record. It has fallen steadily in each of the four months since then.
Ontario has ordered new sweeping restrictions in the COVID-19 hot spots of Toronto, Ottawa and Peel Region in the face of “alarming” growth in coronavirus cases and hospitalizations, a decision being met with relief from health care leaders but scorn by the business community.
With the province’s COVID-19 cases hitting a daily record high of 939, Premier Doug Ford’s government announced that new restrictions will take effect Saturday at 12:01 am. The province is prohibiting indoor dining and drink service at bars, restaurants and nightclubs in the three regions, as well as shuttering indoor gyms, cinemas, casinos and performing arts venues, for at least 28 days.
The province is also limiting team sports to training sessions only, and beginning on Tuesday, capping wedding receptions at 10 people indoors and 25 outdoors. The new limits do not apply to schools, child care centres or places of worship.
Andrew Coyne in the Globe points out:
Is there a way to square that circle – to raise taxes, without hurting incentives to work, save and invest? Yes, there is. Two, in fact. The first is to broaden the tax base by ending the many preferences inserted in the tax laws over the years on behalf of this or that industry or group, for particular types of income or investment.
Every year, the Finance Department issues a list of these “tax expenditures,” together with their estimated cost to the Treasury. The lower tax rate for small business, for example, costs about $5-billion annually; the exemption for employee health and dental benefits, another $3-billion; while the non-taxation of capital gains on principal residences drains fully $6-billion from federal revenues every year.
…
And the other? Raise the GST. Each percentage point adds about $7-billion to the treasury, without harm, since the tax is not linked to income, to incentives to earn it. With offsetting increases in the GST tax credit, poor families would be spared any impact.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2418 % | 1,645.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2418 % | 3,018.9 |
| Floater | 5.17 % | 5.21 % | 47,850 | 15.16 | 3 | 0.2418 % | 1,739.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1792 % | 3,522.9 |
| SplitShare | 4.81 % | 4.76 % | 54,223 | 3.59 | 8 | 0.1792 % | 4,207.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1792 % | 3,282.5 |
| Perpetual-Premium | 5.30 % | -6.67 % | 91,203 | 0.09 | 17 | 0.0298 % | 3,194.1 |
| Perpetual-Discount | 5.08 % | 5.06 % | 92,292 | 15.33 | 17 | 0.0291 % | 3,623.8 |
| FixedReset Disc | 5.46 % | 4.18 % | 125,906 | 16.57 | 65 | -0.1887 % | 2,116.6 |
| Deemed-Retractible | 5.06 % | 4.83 % | 106,996 | 15.18 | 22 | -0.5638 % | 3,511.5 |
| FloatingReset | 1.97 % | 2.60 % | 42,511 | 1.30 | 3 | -0.1007 % | 1,798.8 |
| FixedReset Prem | 5.22 % | 3.52 % | 264,545 | 0.83 | 14 | -0.0395 % | 2,641.1 |
| FixedReset Bank Non | 1.94 % | 2.22 % | 113,326 | 1.29 | 2 | -0.0402 % | 2,856.6 |
| FixedReset Ins Non | 5.51 % | 4.24 % | 79,109 | 16.46 | 22 | -0.1267 % | 2,192.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -6.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.94 % |
| MFC.PR.F | FixedReset Ins Non | -3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 10.62 Evaluated at bid price : 10.62 Bid-YTW : 4.28 % |
| BAM.PR.X | FixedReset Disc | -2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 11.04 Evaluated at bid price : 11.04 Bid-YTW : 5.09 % |
| CCS.PR.C | Deemed-Retractible | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.22 % |
| SLF.PR.G | FixedReset Ins Non | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 10.77 Evaluated at bid price : 10.77 Bid-YTW : 4.20 % |
| MFC.PR.B | Deemed-Retractible | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.71 Evaluated at bid price : 24.02 Bid-YTW : 4.87 % |
| IFC.PR.A | FixedReset Ins Non | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 12.23 Evaluated at bid price : 12.23 Bid-YTW : 4.68 % |
| SLF.PR.I | FixedReset Ins Non | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 4.26 % |
| GWO.PR.P | Deemed-Retractible | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 24.80 Evaluated at bid price : 25.02 Bid-YTW : 5.43 % |
| MFC.PR.Q | FixedReset Ins Non | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.27 % |
| IAF.PR.B | Deemed-Retractible | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 4.77 % |
| POW.PR.B | Perpetual-Discount | -1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-08 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : -5.36 % |
| GWO.PR.I | Deemed-Retractible | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 4.80 % |
| PWF.PR.P | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 10.14 Evaluated at bid price : 10.14 Bid-YTW : 4.89 % |
| TD.PF.E | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.18 % |
| RY.PR.M | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 4.06 % |
| MFC.PR.C | Deemed-Retractible | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.33 Evaluated at bid price : 23.61 Bid-YTW : 4.79 % |
| BMO.PR.W | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 4.03 % |
| SLF.PR.D | Deemed-Retractible | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 4.70 % |
| NA.PR.G | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 4.36 % |
| IFC.PR.G | FixedReset Ins Non | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 4.55 % |
| BAM.PF.D | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 5.20 % |
| BAM.PF.F | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.22 % |
| MFC.PR.H | FixedReset Ins Non | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 4.24 % |
| BMO.PR.S | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 18.14 Evaluated at bid price : 18.14 Bid-YTW : 4.08 % |
| BMO.PR.T | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 4.12 % |
| BAM.PR.Z | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.19 % |
| BAM.PF.B | FixedReset Disc | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 5.18 % |
| BAM.PR.R | FixedReset Disc | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 5.16 % |
| MFC.PR.N | FixedReset Ins Non | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 4.14 % |
| TRP.PR.A | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 5.57 % |
| MFC.PR.I | FixedReset Ins Non | 3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 4.20 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.R | FixedReset Prem | 89,983 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 25.59 Bid-YTW : 3.58 % |
| BMO.PR.D | FixedReset Disc | 86,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 22.28 Evaluated at bid price : 22.60 Bid-YTW : 4.04 % |
| MFC.PR.N | FixedReset Ins Non | 70,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-09 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 4.14 % |
| TD.PF.G | FixedReset Prem | 64,675 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 2.90 % |
| BMO.PR.B | FixedReset Prem | 61,180 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 3.52 % |
| RY.PR.Q | FixedReset Prem | 60,626 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 3.34 % |
| There were 28 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.C | FixedReset Disc | Quote: 16.60 – 18.00 Spot Rate : 1.4000 Average : 0.8851 YTW SCENARIO |
| RY.PR.O | Perpetual-Premium | Quote: 26.35 – 27.38 Spot Rate : 1.0300 Average : 0.5863 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 14.26 – 15.54 Spot Rate : 1.2800 Average : 0.9208 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 18.75 – 19.59 Spot Rate : 0.8400 Average : 0.5565 YTW SCENARIO |
| TD.PF.D | FixedReset Disc | Quote: 18.98 – 19.59 Spot Rate : 0.6100 Average : 0.4150 YTW SCENARIO |
| GWO.PR.P | Deemed-Retractible | Quote: 25.02 – 25.50 Spot Rate : 0.4800 Average : 0.3084 YTW SCENARIO |