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The annual TFSA contribution limit for 2016 is $5,500. 
 
  
 
Tuesday, September 26th
Market Overview Printer Friendly Refer a Friend

tooltip Agrium 132.56    tooltip
tooltip Allied Properties 39.29    tooltip
tooltip Apple 152.6200    tooltip
tooltip ARC Resources 18.10    tooltip
tooltip BMO 92.61    tooltip
tooltip BNS 79.60    tooltip
tooltip Barrick Gold 20.44    tooltip
tooltip BCE 57.86    tooltip
tooltip Calloway REIT N/A    tooltip
tooltip Cameco 12.32    tooltip
tooltip CNR 101.29    tooltip
tooltip Canadian Oil Sands N/A    tooltip
tooltip Canadian Tire 150.20    tooltip
tooltip Canadian Utilities 38.30    tooltip
tooltip CIBC 109.96    tooltip
tooltip Crescent Point Energy 10.04    tooltip
tooltip Enbridge 50.72    tooltip
tooltip Encana 14.10    tooltip
tooltip Enerplus 12.30    tooltip
tooltip Ford 11.94    tooltip
tooltip Fortis 44.62    tooltip
tooltip GE 25.115    tooltip
tooltip Goldcorp 16.03    tooltip
tooltip Great West Life N/A    tooltip
tooltip Imperial Oil 39.21    tooltip
tooltip Intact Financial 102.33    tooltip
tooltip Kinross Gold 5.29    tooltip
tooltip Loblaw 66.87    tooltip
tooltip LuluLemon N/A    tooltip
tooltip Magna N/A    tooltip
tooltip ManuLife 24.86    tooltip
tooltip Microsoft 73.74    tooltip
tooltip National Bank 58.75    tooltip
tooltip Pengrowth Energy 1.42    tooltip
tooltip PennWest Energy 1.66    tooltip
tooltip Potash 23.75    tooltip
tooltip RioCan REIT 23.91    tooltip
tooltip Rogers 63.21    tooltip
tooltip RBC 94.69    tooltip
tooltip Shaw 28.40    tooltip
tooltip Suncor 42.82    tooltip
tooltip Sunlife 48.66    tooltip
tooltip TD 69.50    tooltip
tooltip Teck Cominco 33.66    tooltip
tooltip Telus 44.31    tooltip
tooltip Thomson Reuters 56.69    tooltip
tooltip Tim Hortons N/A    tooltip
tooltip TransAlta 7.22    tooltip
tooltip TransCanada Pipeline 61.72    tooltip
For Canadian quotes, please add
".to" after the symbol ie: "ry.to"

 
 
 Canadian Banks
 Energy PCL Will Get the Headlines, But Macro Impact on Capital Ratio Another Key Issue to Monitor
Event
■ After six years of improvement we think it is a safe assumption that the core PCL ratio of the banks will move higher in 2016. While the health of the energy portfolio will be the primary area of focus, from our seat another important factor will be the trend in capital. A key lesson in 2015 was how sensitive RWA models are to macro-driven factors (pension deficits, C$ volatility, credit spreads), which when coupled with credit migration under AIRB can have a negative impact on capital. We see the sector CET1 ratio at 10.10% (down 24bp QoQ), largely due to RY (CYN) & BMO (GE book).
Implications
■ Our estimates have the banks growing operating EPS by a modest 2% YoY in Q1/16, with increases in the Retail segments offset by our forecast of a sharp 18% decline in Wholesale earnings (reflecting weaker market conditions and the up-tick in energy PCL). Importantly, though we have modelled for the core PCL ratio to rise to 34bp in Q1 (and 36bp for F2016), thus far there have not been any significant signs of weakness in the Canadian consumer portfolios. Finally, we expect dividend hikes from BNS, RY, & TD in Q1, which would put div. growth at 6% YoY for the sector.
 
 
 

 

 
 

     

 

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