Richardson GMP
JULY 2017

T+2 settlement

In conjunction with the U.S. Markets, on September 5, 2017, the financial industry will shorten the settlement cycle process from three business days after the trade date (“T+3”) to two business days after the trade date (“T+2”) for most products, aligning North American markets with global markets which currently settle on T+2. Once the industry completes this move, certain processes related to your trading activity will change, namely that you will receive payment faster following a sale of a security and you will be required to provide funds more promptly following the purchase of a security. Please contact us if you have any questions.

The consumer

Unemployment is low, wages are rising, and confidence is high, despite ‘perfect storm’ conditions, retail sales remain somewhat subdued. In this Ethos instalment we examine the health of the U.S. consumer, and look into which industries are benefiting from spending. Consumer credit is still growing, but we’re starting to see some cracks. The days of big ticket purchases may be behind us, with the focus now more on experience.

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Assessing your financial sensitivity to changes in interest rates

Richardson GMP Limited is a Wealth Management company. Naturally, we help our clients manage their wealth. However, we also believe we have a respon­sibility to help them understand their wealth. The following report was created as part of our ongoing effort to educate our clients and their families about the world of finance, including the benefits and challenges that come with it.

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Are significant tax changes coming for private companies and their shareholders?

As you may be aware, the Trudeau Liberals campaigned with a promise to “cancel income splitting and other tax breaks and benefits for the wealthy.” The Government reaffirmed its commitment to this policy in the most recent Federal Budget, released March 22, 2017, stating it was reviewing certain tax planning strategies using private corporations.

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Trump unable to deliver stimulus thus far

Halfway through the year, U.S. President Donald Trump still has not been able to deliver the steep tax cuts and a massive economic stimulus program he had promised during his campaign. U.S. equity markets have shrugged off the delay, but how long will markets remain patient?

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Investing in an aging bull market

It has been eight years since the bottom of the last major bear market and economic recession. This marks the second longest bull market in Wall Street history, as well as the third longest economic expansion over that timeframe. While this is an interesting statistic, it has very little practical value in telling us when the cycle will turn again. As the old stock market saying goes, bull markets do not die of old age. With old age, though, we typically find excesses in the market, increasing the need to focus on risk management.

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Dwight Jefferson, CIMA®
Senior Vice President
Portfolio Manager
Tel.: 604.640.0555 • Email

Tyler Steele, CFA
Senior Vice President
Portfolio Manager
Tel.: 604.640.0554 • Email

Neil Kumar, CIM®
Portfolio Manager
Tel.: 604.640.0406 • Email

Wendy Lloyd
Tel.: 604.640.0556 • Email

Jessica Dewey
Tel.: 604.640.0405 • Email

Brenda Geib, BA
Tel.: 604.640.0559 • Email

Eddie Gudewill
Tel.: 604.640.0562 • Email

Richardson GMP Limited
500 – 550 Burrard Street
Vancouver, BC V6C 2B5

Toll Free: 1.866.640.0400
Fax: 604.640.0300


The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author's judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. The comments contained herein are general in nature and are not intended to be, nor should be construed to be, legal or tax advice to any particular individual. Accordingly, individuals should consult their own legal or tax advisors for advice with respect to the tax consequences to them, having regard to their own particular circumstances. Insurance services are offered through Richardson GMP Insurance Services Limited in BC, AB, SK, MB, NWT, ON, QC, NB, NS, PEI and NL. Additional administrative support and policy management are provided by PPI Partners. Richardson GMP Limited is a member of Canadian Investor Protection Fund. 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.