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Tax-Loss Selling 2019

‘TIS THE SEASON Ending October 31, 2019

Prepared by: Kevin Vandermeer Managing Director Investments & Advisory Solutions T: 416.867.6095 C: 647.961.2137 E: [email protected]

Meng Gao Research Analyst Investments & Advisory Solutions T: 416.867.2643 C: 437.993.5762 E: [email protected]

Contact your local Wealth and Estate Planning Specialist for additional questions. Table of Contents

PAGE Tax-Loss Selling / 2019 1

Heading Towards Year-end 1

But Remember… 1

Waiting Until Next Year? 1

Key Dates For 2019 1

Tax-Loss Selling Is Concentrated 2

The Art of Window Dressing 2

What to Watch For 2

Appendix 7 Tax-Loss Selling 2019

Tax-loss selling in a nutshell: the shares within this 30-day window, CRA will determine that the trade was a “superficial loss”, and you will be denied the this strategy is the disposition of benefits of the transaction. a security that is down materially Given the complexity of tax laws, consult your Investment year-to-date to capture the loss for Advisor and tax professional before considering any tax-loss beneficial tax purposes. related strategies.

HEADING TOWARDS YEAR-END WAITING UNTIL NEXT YEAR? As we head towards December, investors should begin thinking If you are selling securities at a profit in 2019, should you about the year ahead and planning for potential tax losses – consider waiting until 2020 to make the sale? Waiting until the selling their losing positions to offset capital gains. Based on New Year to sell profitable positions will defer the payment of Canadian tax law, capital losses can offset capital gains in any your taxes by a full year. Your taxes for 2020 won’t be due until fiscal year. Losses must first be applied against capital gains you file your tax return in April 2021. in the current year; if any excess losses remain, they can be Caveat Emptor: Not wanting to pay tax in the current year applied against capital gains made in the prior three years or be may well be one of the worst reasons not to crystalize a used to offset capital gains in future years. capital gain. For example, if an investor had purchased 100 shares of XYZ Corp. at $40.00 and sold it in 2019 at $20.00 a share (on a net KEY DATES FOR 2019 basis, including brokerage fees), the investor would now have a *Friday, December 27th* – Mark this date on your calendar! capital loss of $2,000. This loss can be used to reduce certain The last trading date for 2019 for Canadian and U.S. publicly capital gains this year by $2,000. If there are no applicable capital th traded stocks will be Friday, December 27 to record the gain gains this year, then this $2,000 capital loss can be carried or loss in the 2019 taxation year. forward to future years, or applied against capital gains incurred th in 2016, 2017, and 2018 resulting in a tax credit or refund. Canadian stocks purchased or sold after December 27 are settled in 2020; any capital gains or losses on sale will apply to the 2020 tax year instead of 2019. BUT REMEMBER… Capital-loss selling cannot be applied to registered accounts, The Canadian stock exchanges, e.g., TSX, are closed on both th such as Registered Retirement Savings Plans (RRSP), Christmas Day (Wednesday, December 25 , 2019) and Boxing th Registered Educational Savings Plans (RESP), Registered Day (Thursday, December 26 , 2019). Retirement Income Fund (RRIF), or Tax-Free Savings Accounts The U.S. stock exchanges, e.g., NASDAQ, are not closed for (TFSA). As well, capital losses will be foregone when you Boxing Day. transfer a losing position from a non-registered account into a registered account. If you are selling stock at a loss, you (and your spouse/ common-law partner) must wait at least 30 days before repurchasing the same securities to avoid Canada Revenue Agency’s (CRA) “superficial loss” regulations. If you repurchase

1 cgf.com Driven by your success. Tax-Loss Selling 2019

TAX-LOSS SELLING IS CONCENTRATED WHAT TO WATCH FOR In general, tax-loss selling tends to be concentrated at the end Year to date, the S&P/TSX Composite Index is weighted towards of November and the first two weeks of December, with some winners, with 174 gainers, and 59 decliners. At this time last investors going back into the market after this to take advantage year, the scenario was flipped with the losers outnumbering the of reduced equity values in the second half of December. Note, winners, with 142 decliners, and 91 gainers. investors should be cautious about selling early to exploit market The larger-cap S&P/TSX 60 Index is also weighted towards weakness later in the year, as that scenario may not always play winners, with 49 gainers, and 11 decliners. On the contrary, at out as expected. this time last year, there were 37 decliners, and 23 gainers. We believe that the worst and best performing equities are the THE ART OF WINDOW DRESSING ones to monitor. Money managers often clean up their portfolio holdings before the end of the tax year. Approximately 50% of U.S. mutual funds have a fiscal year end between October and December. They tend to sell stocks with large losses to avoid reporting them in their year-end report. This window dressing causes downward pressure on stocks that have already been seriously beat up and are trading near their 52-week lows towards the end of the year. However, on a positive note, once this downward pressure subsides, these stocks could experience a price reversal.

2 cgf.com Driven by your success. Tax-Loss Selling 2019

Figure 1: S&P/TSX 60 Index Performances: Year-To-Date – Worst (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) SNC-Lavalin Group Inc. SNC 23.81 2.57 -47.67 Encana Corporation ECA 5.16 1.71 -33.57 BlackBerry Limited BB 6.92 0.00 -28.73 Teck Resources Limited Class B TECK.B 20.82 0.93 -28.65 Canopy Growth Corporation WEED 26.33 0.00 -28.08 Cameco Corporation CCO 11.76 0.67 -24.03 Bombardier Inc. Class B BBD.B 1.66 0.00 -18.23 Gildan Activewear Inc. GIL 33.65 2.03 -17.50 Rogers Communications Inc. Class B RCI.B 62.01 3.21 -9.22 Imperial Oil Limited IMO 32.80 2.41 -3.35 Saputo Inc. SAP 38.20 1.75 -1.25

Source: FactSet

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Figure 2: S&P/TSX Composite Index Performances: Year-To-Date – Worst 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Turquoise Hill Resources Ltd. TRQ 0.54 0.00 -76.00 Gran Tierra Energy Inc. GTE 1.40 0.00 -53.02 SNC-Lavalin Group Inc. SNC 23.81 2.57 -47.67 HEXO Corp. HEXO 2.83 0.00 -39.92 Baytex Energy Corp. BTE 1.47 0.00 -39.00 Secure Energy Services Inc. SES 4.24 6.32 -36.31 OceanaGold Corporation OGC 3.16 1.29 -36.28 MEG Energy Corp. MEG 5.06 0.00 -34.37 Seven Generations Energy Ltd. Class A VII 7.38 0.00 -33.75 Encana Corporation ECA 5.16 1.71 -33.57 Enerflex Ltd. EFX 10.32 3.96 -33.45 Husky Energy Inc. HSE 9.20 5.43 -32.14 Vermilion Energy Inc. VET 17.40 14.28 -31.50 Tourmaline Oil Corp. TOU 11.30 3.78 -31.45 Aurora Cannabis Inc. ACB 4.72 0.00 -30.38 Mullen Group Ltd. MTL 8.20 7.23 -28.75 BlackBerry Limited BB 6.92 0.00 -28.73 Teck Resources Limited Class B TECK.B 20.82 0.93 -28.65 Canopy Growth Corporation WEED 26.33 0.00 -28.08 Hudbay Minerals Inc HBM 4.78 0.41 -25.70 Cronos Group Inc CRON 10.78 0.00 -25.03 ARC Resources Ltd. ARX 5.58 10.54 -24.94 Enerplus Corporation ERF 7.95 1.50 -24.20 Cameco Corporation CCO 11.76 0.67 -24.03 PrairieSky Royalty Ltd PSK 12.86 6.16 -23.54 Methanex Corporation MX 49.91 3.68 -21.86 Celestica Inc. CLS 9.54 0.00 -20.23 Pason Systems Inc. PSI 14.14 5.24 -19.68 Bombardier Inc. Class B BBD.B 1.66 0.00 -18.23 Transcontinental Inc. Class A TCL.A 15.04 5.79 -17.56 Gildan Activewear Inc. GIL 33.65 2.03 -17.50 ShawCor Ltd. SCL 13.26 4.47 -17.31 Aphria Inc APHA 6.60 0.00 -15.92 Freehold Royalties Ltd. FRU 6.47 9.62 -15.42 Maple Leaf Foods Inc. MFI 22.97 2.26 -14.36 Great Canadian Gaming Corporation GC 41.66 0.00 -12.97 MTY Food Group Inc. MTY 52.62 1.23 -12.41 NFI Group Inc. NFI 28.97 5.76 -11.15 Frontera Energy Corporation FEC 10.56 6.55 -10.31 Cott Corporation BCB 16.92 1.93 -9.72 Rogers Communications Inc. Class B RCI.B 62.01 3.21 -9.22 Whitecap Resources Inc. WCP 3.67 8.91 -9.22 West Fraser Timber Co. Ltd. WFT 60.90 1.31 -8.81 Canada Goose Holdings, Inc. GOOS 55.10 0.00 -7.67 North West Company Inc. NWC 28.18 4.66 -7.16 Stella-Jones Inc. SJ 36.52 1.47 -6.74 Cineplex Inc. CGX 22.45 7.74 -5.94 Seabridge Gold Inc SEA 16.97 0.00 -5.83 Fairfax Financial Holdings Limited FFH 558.00 2.39 -4.94 Stantec Inc STN 28.10 2.04 -4.60 Source: FactSet

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Figure 3: S&P/TSX Venture Composite Index Performances: Year-To-Date – Worst 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Feronia Inc. FRN 0.01 0.00 -96.47 Canada Jetlines Ltd. JET 0.06 0.00 -90.00 Eastwood Bio-Medical Canada Inc EBM 0.90 0.00 -83.64 Experion Holdings Ltd. EXP 0.10 0.00 -83.33 Invictus MD Strategies Corporation GENE 0.14 0.00 -82.91 Zomedica Pharmaceuticals Corp. ZOM 0.45 0.00 -77.35 Frankly, Inc. TLK 0.48 0.00 -72.57 Tetra Bio-Pharma Inc. TBP 0.23 0.00 -72.56 Candelaria Mining Corp. CAND 0.17 0.00 -72.03 Emerald Health Therapeutics, Inc. EMH 0.81 0.00 -71.38 Plateau Energy Metals Inc. PLU 0.20 0.00 -71.01 Cuda Oil & Gas, Inc. CUDA 0.36 0.00 -68.86 Pieridae Energy Limited PEA 0.88 0.00 -67.16 Rusoro Mining Ltd. RML 0.05 0.00 -65.38 Cornerstone Capital Resources Inc. CGP 2.10 0.00 -65.00 Telson Mining Corporation TSN 0.15 0.00 -63.75 Wilton Resources Inc. WIL 0.37 0.00 -63.73 DLC Holdings Corp DLC 0.09 0.00 -63.53 Mason Graphite, Inc. LLG 0.21 0.00 -62.73 VIVO Cannabis Inc. VIVO 0.27 0.00 -62.68 Golden Arrow Resources Corp. GRG 0.12 0.00 -62.50 Wolfden Resources Corp. WLF 0.09 0.00 -62.50 PetroShale Inc. PSH 0.43 0.00 -62.28 Petroteq Energy Inc PQE 0.22 0.00 -61.61 GreenSpace Brands Inc. JTR 0.15 0.00 -60.53 Crystal Lake Mining Corporation CLM 0.12 0.00 -60.00 Leading Edge Materials Corp. LEM 0.08 0.00 -60.00 biOasis Technologies Inc. BTI 0.20 0.00 -58.33 Eguana Technologies Inc EGT 0.08 0.00 -57.89 Panoro Minerals Ltd. PML 0.10 0.00 -57.45 GTEC Holdings Ltd. GTEC 0.21 0.00 -57.14 Colonial Coal International Corp. CAD 0.22 0.00 -57.00 Advantage Lithium Corp. AAL 0.21 0.00 -55.43 Highland Copper Co., Inc. HI 0.04 0.00 -55.29 Corsa Coal Corp. CSO 0.33 0.00 -54.79 Tinka Resources Limited TK 0.15 0.00 -54.55 Razor Energy Corp. RZE 0.90 15.15 -54.44 Auralite Investments, Inc. AAAA 0.40 0.00 -54.29 Pure Global Cannabis, Inc. PURE 0.10 0.00 -53.49 Perisson Petroleum Corp. POG 0.16 0.00 -52.94 Namaste Technologies, Inc. N 0.38 0.00 -52.50 Pacton Gold Inc PAC 0.16 0.00 -52.31 Covalon Technologies Ltd. COV 1.97 0.00 -51.95 Skyharbour Resources Ltd. SYH 0.18 0.00 -51.35 Azucar Minerals Ltd. AMZ 0.19 0.00 -51.32 Flowr Corporation FLWR 2.18 0.00 -50.34 Mirasol Resources Ltd MRZ 0.54 0.00 -48.57 Leucrotta Exploration, Inc. LXE 0.50 0.00 -47.92 Enthusiast Gaming Holdings Inc EGLX 1.99 0.00 -47.63 National Access Cannabis Corp. META 0.28 0.00 -47.17 Source: FactSet

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Figure 4: S&P 500 Index Performances: Year-To-Date – Worst 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) DXC Technology Co. DXC 27.67 2.89 -46.81 Macy's Inc M 15.16 9.99 -45.29 ABIOMED, Inc. ABMD 207.58 0.00 -36.14 Concho Resources Inc. CXO 67.52 0.56 -33.95 Gap, Inc. GPS 16.26 5.75 -33.11 Alliance Data Systems Corporation ADS 100.00 2.39 -32.11 Mosaic Company MOS 19.88 0.74 -31.51 Macerich Company MAC 27.50 10.96 -31.26 Cimarex Energy Co. XEC 42.22 1.79 -30.58 Occidental Petroleum Corporation OXY 40.50 7.57 -30.19 L Brands, Inc. LB 17.04 8.90 -30.11 Mylan N.V. MYL 19.15 0.00 -30.11 Halliburton Company HAL 19.25 3.70 -25.55 TripAdvisor, Inc. TRIP 40.40 0.00 -25.10 Kraft Heinz Company KHC 32.33 6.40 -22.10 Nordstrom, Inc. JWN 35.90 4.20 -20.60 Tapestry, Inc. TPR 25.86 5.14 -20.38 Albemarle Corporation ALB 60.74 2.29 -19.76 Kohl's Corporation KSS 51.26 5.08 -19.70 EOG Resources, Inc. EOG 69.31 1.36 -19.36 Fox Corporation Class B FOX 31.24 0.00 -19.13 Marathon Oil Corporation MRO 11.53 1.73 -18.55 Capri Holdings Limited CPRI 31.07 0.00 -18.06 Regeneron Pharmaceuticals, Inc. REGN 306.28 0.00 -18.00 Walgreens Boots Alliance Inc WBA 54.78 3.18 -17.87 Helmerich & Payne, Inc. HP 37.50 7.45 -17.33 Affiliated Managers Group, Inc. AMG 79.88 1.56 -17.04 CBS Corporation Class B CBS 36.04 2.02 -16.33 Cabot Oil & Gas Corporation COG 18.64 1.73 -15.48 Fox Corporation Class A FOXA 32.04 1.43 -14.47 Amcor PLC AMCR 9.52 0.00 -13.77 Viacom Inc. Class B VIAB 21.56 3.77 -13.77 Apache Corporation APA 21.66 4.68 -13.68 HP Inc. HPQ 17.37 3.64 -12.75 National Oilwell Varco, Inc. NOV 22.62 0.88 -11.40 3M Company MMM 164.99 3.37 -11.14 F5 Networks, Inc. FFIV 144.08 0.00 -11.08 DuPont de Nemours, Inc. DD 65.91 4.57 -10.94 Carnival Corporation CCL 42.89 4.63 -9.96 CenturyLink, Inc. CTL 12.94 10.01 -9.64 Pfizer Inc. PFE 38.37 3.69 -9.62 ConocoPhillips COP 55.20 2.22 -9.33 Nielsen Holdings Plc NLSN 20.16 6.93 -9.09 AbbVie, Inc. ABBV 79.55 5.23 -9.07 Devon Energy Corporation DVN 20.28 1.68 -8.87 Kroger Co. KR 24.64 2.34 -8.80 Corteva Inc CTVA 26.38 0.00 -8.59 C.H. Robinson Worldwide, Inc. CHRW 75.64 2.59 -8.26 Centene Corporation CNC 53.08 0.00 -7.93 International Flavors & Fragrances Inc. IFF 122.01 2.30 -7.48 Source: FactSet

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Appendix The following section contains performance tables of relevant indices for your information, ranked by top performers. • Canadian Indices & Sectors Performances: Year-To-Date – Best-to-Worst (As of October 31, 2019) • S&P/TSX 60 Index Performances: Year-To-Date – Top 20 (As of October 31, 2019) • S&P/TSX Composite Index Performances: Year-To-Date – Top 50 (As of October 31, 2019) • S&P/TSX Venture Composite Index Performances: Year-To-Date – Top 50 (As of October 31, 2019) • S&P 500 Index Performances: Year-To-Date – Top 50 (As of October 31, 2019) • Dow Jones Industrial Average Index Performances: Year-To-Date – Best-to-Worst (As of October 31, 2019)

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Figure 5: Canadian Indices & Sectors Performances: Year-To-Date – Best-to-Worst (As of October 31, 2019):

Index Symbol YTD Change (%) TSX Information Tech Capped Index TTTK 46.35 TSX Global Gold EW Index TXGE 40.64 TSX Global Gold Index TTGD 33.74 TSX Utilities Capped Index TTUT 28.86 TSX Renewable and Clean Tech Index TXCT 26.68 TSX Income Trust Index RTCM 24.29 TSX Industrials Capped Index TTIN 19.35 TSX 60 Shariah Index TXSI 18.90 TSX REIT Capped Index RTRE 18.62 TSX Real Estate Capped Index TTRE 18.33 TSX Composite Low Volatility TXLV 17.08 TSX Materials Capped Index TTMT 17.02 TSX Industrials EW Index TXIE 16.98 TSX Financials Capped Index TTFS 16.65 TSX Completion Index TXFO 15.99 TSX Canadian Dividend Aristocrats Index TXDV 15.24 TSX Composite Capped Index TOOC 15.08 TSX Composite Index TXCX 15.08 TSX 60 Capped Index TXSC 14.78 TSX 60 Index TXSX 14.78 TSX Composite High Dividend Index TXEI 14.46 TSX Composite Dividend Index TXDC 14.41 TSX Diversified Banks EW Index TXDE 12.78 TSX Composite Banks Index TXBA 12.26 TSX Consumer Staples Capped Index TTCS 11.89 TSX Global Mining Index TXGM 11.73 TSX Consumer Discretionary Capped Index TTCD 11.67 TSX Composite Weight Index TXCE 11.52 TSX 60 Equal Weight Index TXEW 11.33 TSX Buyback Index TXBB 4.85 TSX Smallcap Index TXTW 4.76 TSX Telecom Services Capped Index TTTS 4.52 TSX North American Pref Stock Index STNU 4.48 TSX Composite Shareholder Yield Index TXSY 2.25 TSX American Preferred Stock Index STNC 0.55 TSX Oil and Gas EW Index TXOE 0.55 TSX Venture Composite Index JX -3.38 TSX Global Base Metals EW Index TXBE -4.01 TSX Preferred Share Index TXPR -4.74 TSX High Income Energy USD Index TXHU -5.32 TSX Global Base Metals Index TXBM -5.40 TSX High Income Energy CDN Index TXHE -8.88 TSX Health Care Capped Index TTHC -9.67 TSX Composite High Beta Index TXHB -10.02 TSX Energy Capped Index TTEN -10.60 TSX 60 VIX VIXC -54.92 Source: The Globe and Mail

8 cgf.com Driven by your success. Tax-Loss Selling 2019

Figure 6: S&P/TSX 60 Index Performances: Year-To-Date – Top 20 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Shopify, Inc. Class A SHOP 413.00 0.00 118.76 Kirkland Lake Gold Ltd. KL 61.85 0.31 74.14 Constellation Software Inc. CSU 1300.83 0.40 52.36 Agnico Eagle Mines Limited AEM 80.95 0.82 47.82 Kinross Gold Corporation K 6.40 0.00 45.45 Brookfield Infrastructure Partners L.P. BIP.UT 66.00 3.98 44.24 TC Energy Corporation TRP 66.39 4.43 40.80 Brookfield Asset Management Inc. Class A BAM.A 72.83 1.14 40.42 Wheaton Precious Metals Corp WPM 36.92 1.34 39.89 Dollarama Inc. DOL 44.31 0.38 36.99 Thomson Reuters Corporation TRI 88.51 2.19 36.44 Franco-Nevada Corporation FNV 127.80 1.04 34.53 Sun Life Financial Inc. SLF 59.09 3.45 33.89 Manulife Financial Corporation MFC 24.53 4.05 30.51 Emera Incorporated EMA 54.53 4.29 30.19 Bausch Health Companies Inc. BHC 32.74 0.00 29.66 Power Corporation of Canada POW 30.48 5.18 29.12 National Bank of Canada NA 68.02 3.92 24.94 Barrick Gold Corporation ABX 22.88 1.08 24.73 Canadian Pacific Railway Limited CP 299.51 0.98 24.60

Source: FactSet

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Figure 7: S&P/TSX Composite Index Performances: Year-To-Date – Top 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Eldorado Gold Corporation ELD 11.09 0.00 177.25 Alacer Gold Corp. ASR 6.52 0.00 158.73 Ballard Power Systems Inc. BLDP 7.23 0.00 120.43 Shopify, Inc. Class A SHOP 413.00 0.00 118.76 Equitable Group Inc. EQB 113.32 1.07 93.27 Silvercorp Metals Inc. SVM 5.49 0.62 93.22 Centerra Gold Inc. CG 11.23 0.00 91.64 Detour Gold Corporation DGC 21.87 0.00 89.68 Home Capital Group Inc. HCG 27.11 0.00 88.26 Wesdome Gold Mines Ltd. WDO 8.05 0.00 81.72 Air Canada AC 46.90 0.00 80.66 Novagold Resources Inc NG 9.58 0.00 76.75 First Majestic Silver Corp. FR 14.08 0.00 75.56 Cogeco Communications Inc. CCA 113.85 1.87 75.47 Kirkland Lake Gold Ltd. KL 61.85 0.31 74.14 WestJet WJA 30.63 1.83 72.50 BRP, Inc. DOO 59.09 0.67 68.05 Ero Copper Corp. ERO 16.46 0.00 67.79 TMX Group Ltd. X 115.08 2.10 65.33 Brookfield Renewable Partners LP BEP.UT 56.04 4.96 64.35 Element Fleet Management Corporation EFN 11.20 1.61 64.04 Boyd Group Income Fund BYD.UT 183.67 0.30 63.01 Altus Group Limited AIF 36.50 1.67 56.10 Constellation Software Inc. CSU 1300.83 0.40 52.36 Yamana Gold Inc. YRI 4.81 0.72 50.67 Sandstorm Gold Ltd. SSL 9.40 0.00 48.73 iA Financial Corporation Inc. IAG 63.43 2.76 48.60 Torex Gold Resources Inc. TXG 19.27 0.00 48.34 Agnico Eagle Mines Limited AEM 80.95 0.82 47.82 Dream Industrial Real Estate Investment Trust DIR.UT 13.44 5.23 47.30 Alamos Gold Inc. AGI 7.17 0.79 46.84 Extendicare Inc. EXE 8.91 5.35 46.61 Chorus Aviation Inc. CHR 7.81 6.13 45.57 Kinross Gold Corporation K 6.40 0.00 45.45 Dream Global Real Estate Investment Trust DRG.UT 16.68 4.79 44.65 Exchange Income Corporation EIF 39.01 5.67 44.58 TransAlta Renewables, Inc. RNW 14.18 6.70 44.29 Brookfield Infrastructure Partners L.P. BIP.UT 66.00 3.98 44.24 SEMAFO Inc. SMF 4.25 0.00 44.07 AltaGas Ltd. ALA 19.16 6.30 43.60 Descartes Systems Group Inc. DSG 51.25 0.00 42.24 WSP Global Inc. WSP 82.18 1.84 41.99 TransAlta Corporation TA 7.78 2.09 41.32 TC Energy Corporation TRP 66.39 4.43 40.80 Genworth MI Canada Inc. MIC 53.20 3.86 40.75 Brookfield Asset Management Inc. Class A BAM.A 72.83 1.14 40.42 Cargojet Inc. CJT 98.40 0.93 39.99 Wheaton Precious Metals Corp WPM 36.92 1.34 39.89 Intact Financial Corporation IFC 135.90 2.23 39.31 Artis Real Estate Investment Trust AX.UT 12.40 4.80 39.07 Source: FactSet

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Figure 8: S&P/TSX Venture Composite Index Performances: Year-To-Date – Top 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Sirona Biochem Corp. SBM 0.45 0.00 456.25 Amex Exploration Inc. AMX 1.01 0.00 380.95 MacDonald Mines Exploration Ltd. BMK 0.12 0.00 360.00 Blackrock Gold Corp. BRC 0.17 0.00 325.00 HTC Purenergy Inc. HTC 0.38 0.00 261.90 Sandfire Resources America Inc. SFR 0.24 0.00 235.71 Eco (Atlantic) Oil & Gas Ltd. EOG 2.25 0.00 221.43 WELL Health Technologies Corp. WELL 1.40 0.00 211.11 Ely Gold Royalties Inc. E LY 0.43 0.00 196.55 Great Bear Resources Ltd. GBR 6.98 0.00 195.76 Bee Vectoring Technologies International, Inc. BEE 0.43 0.00 186.67 Osino Resources Corp. OSI 0.75 0.00 183.02 DynaCERT, Inc. DYA 0.52 0.00 181.08 K92 Mining, Inc. KNT 2.25 0.00 167.86 American Creek Resources Ltd. AMK 0.08 0.00 167.86 Santacruz Silver Mining Ltd. SCZ 0.16 0.00 166.67 Teuton Resources Corp. TUO 0.33 0.00 164.00 Gatekeeper Systems, Inc. GSI 0.23 0.00 142.11 Cub Energy Inc. KUB 0.06 0.00 140.00 Discovery Metals Corp DSV 0.47 0.00 138.46 Bear Creek Mining Corporation BCM 2.48 0.00 138.46 Xebec Adsorption Inc. XBC 1.72 0.00 135.62 Lion One Metals Limited LIO 0.93 0.00 129.63 RosCan Gold Corporation ROS 0.16 0.00 128.57 ESSA Pharma Inc EPI 6.18 0.00 128.04 Giga Metals Corporation GIGA 0.47 0.00 126.83 ValOre Metals Corp. VO 0.27 0.00 125.00 Tudor Gold Corp. TUD 0.54 0.00 125.00 Minera Alamos Inc. MAI 0.20 0.00 122.22 Geomega Resources Inc. GMA 0.16 0.00 121.43 CGX Energy Inc. OYL 0.70 0.00 119.19 Sintana Energy Inc. SEI 0.12 0.00 118.18 Radius Gold Inc. RDU 0.25 0.00 117.39 Acasti Pharma Inc. Class A ACST 2.46 0.00 115.79 Royalty North Partners Ltd. RNP 0.26 0.00 112.50 Laurion Mineral Exploration Inc. LME 0.20 0.00 110.53 Silver One Resources Inc. SVE 0.33 0.00 100.00 Radisson Mining Resources Inc. RDS 0.20 0.00 100.00 Mineral Mountain Resources Ltd. MMV 0.20 0.00 100.00 Score Media and Gaming Inc. Class A SCR 0.59 0.00 96.67 Gabriel Resources Ltd. GBU 0.65 0.00 91.18 Kraken Robotics Inc PNG 0.70 0.00 89.19 GoldSource Mines Inc. GXS 0.09 0.00 88.89 Kootenay Silver Inc. KTN 0.26 0.00 88.89 Renaissance Gold Inc. REN 0.32 0.00 88.24 Niobay Metals Inc. NBY 0.44 0.00 87.23 Skeena Resources Limited SKE 0.55 0.00 83.33 Galane Gold Ltd. GG 0.10 0.00 81.82 Golden Valley Mines Ltd. GZZ 0.44 0.00 81.25 Walker River Resources Corp. WRR 0.11 0.00 81.03 Source: FactSet

11 cgf.com Driven by your success. Tax-Loss Selling 2019

Figure 9: S&P 500 Index Performances: Year-To-Date – Top 50 (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Lam Research Corporation LRCX 271.04 1.60 101.51 KLA Corporation KLAC 169.04 1.73 91.41 Coty Inc. Class A COTY 11.69 4.30 83.92 Advanced Micro Devices, Inc. AMD 33.93 0.00 83.80 Chipotle Mexican Grill, Inc. CMG 778.16 0.00 80.22 Xerox Holdings Corporation XRX 33.93 2.93 75.51 MarketAxess Holdings Inc. MKTX 368.59 0.54 75.15 Copart, Inc. CPRT 82.64 0.00 72.96 Celgene Corporation CELG 108.03 0.00 68.56 Applied Materials, Inc. AMAT 54.26 1.49 67.62 Leidos Holdings, Inc. LDOS 86.23 1.50 65.42 Target Corporation TGT 106.91 2.39 64.70 Hess Corporation HES 65.75 1.54 64.20 Charter Communications, Inc. Class A CHTR 467.86 0.00 64.18 Global Payments Inc. GPN 169.18 0.02 64.07 TransDigm Group Incorporated TDG 526.28 0.00 63.58 Arconic, Inc. ARNC 27.47 0.58 63.52 Equinix, Inc. EQIX 566.78 1.69 62.85 Keysight Technologies Inc KEYS 100.91 0.00 62.55 Jacobs Engineering Group Inc. JEC 93.58 0.70 61.24 Synopsys, Inc. SNPS 135.75 0.00 61.15 MSCI Inc. Class A MSCI 234.56 1.06 60.35 Cintas Corporation CTAS 268.67 0.74 59.93 Masco Corporation MAS 46.25 1.04 59.87 Fortune Brands Home & Security, Inc. FBHS 60.05 1.41 59.81 Apple Inc. AAPL 248.76 1.23 59.14 CDW Corp. CDW 127.91 0.93 58.91 Moody's Corporation MCO 220.69 0.89 58.66 FleetCor Technologies, Inc. F LT 294.22 0.00 58.42 Tyson Foods, Inc. Class A TSN 82.79 1.83 57.14 Tiffany & Co. TIF 124.51 1.82 56.78 Edwards Lifesciences Corporation EW 238.38 0.00 55.63 Seagate Technology PLC STX 58.03 4.36 55.27 L3Harris Technologies Inc LHX 206.31 1.35 54.79 ANSYS, Inc. ANSS 220.15 0.00 54.02 Synchrony Financial SYF 35.37 2.39 53.50 Martin Marietta Materials, Inc. MLM 261.91 0.75 53.27 IDEXX Laboratories, Inc. IDXX 285.01 0.00 53.21 Ball Corporation BLL 69.97 0.68 53.04 Kimco Realty Corporation KIM 21.56 5.15 52.90 S&P Global, Inc. SPGI 257.99 0.87 52.82 Lennar Corporation Class A LEN 59.60 0.27 52.64 D.R. Horton, Inc. DHI 52.37 1.15 52.39 PulteGroup, Inc. PHM 39.24 1.11 52.25 Prologis, Inc. PLD 87.76 2.36 52.16 NVIDIA Corporation NVDA 201.02 0.32 50.94 Garmin Ltd. GRMN 93.75 2.28 50.69 Western Union Company WU 25.06 3.13 50.41 Zoetis, Inc. Class A ZTS 127.92 0.48 50.31 Cadence Design Systems, Inc. CDNS 65.35 0.00 50.30 Source: FactSet

12 cgf.com Driven by your success. Tax-Loss Selling 2019

Figure 10: Dow Jones Industrial Average Index Performances: Year-To-Date – Best-to-Worst (As of October 31, 2019):

Company Name Symbol Price (CAD$) Current Div. Yield % YTD Simple Return (%) Apple Inc. AAPL 248.76 1.23 59.14 Microsoft Corporation MSFT 143.37 1.27 42.51 Home Depot, Inc. HD 234.58 2.16 38.90 Procter & Gamble Company PG 124.51 2.34 38.67 United Technologies Corporation UTX 143.58 2.04 36.91 Visa Inc. Class A V 178.86 0.56 36.13 JPMorgan Chase & Co. JPM 124.92 2.55 31.35 Goldman Sachs Group, Inc. GS 213.38 1.71 29.47 Walmart Inc. WMT 117.26 1.79 27.59 American Express Company AXP 117.28 1.32 24.72 Intel Corporation INTC 56.53 2.20 22.47 International Business Machines Corporation IBM 133.73 4.72 21.88 NIKE, Inc. Class B NKE 89.55 0.98 21.68 Walt Disney Company DIS 129.92 1.36 19.29 Coca-Cola Company KO 54.43 2.95 17.49 Merck & Co., Inc. MRK 86.66 2.55 15.57 Cisco Systems, Inc. CSCO 47.51 2.86 12.83 McDonald's Corporation MCD 196.70 2.36 12.73 Verizon Communications Inc. VZ 60.47 3.96 11.87 Travelers Companies, Inc. TRV 131.06 2.45 11.46 Caterpillar Inc. CAT 137.80 2.57 11.42 Chevron Corporation CVX 116.14 4.03 10.04 Boeing Company BA 339.91 2.28 7.31 Johnson & Johnson JNJ 132.04 2.79 4.49 Dow, Inc. DOW 50.49 0.00 4.20 Exxon Mobil Corporation XOM 67.57 4.99 2.84 UnitedHealth Group Incorporated UNH 252.70 1.55 2.67 Pfizer Inc. PFE 38.37 3.69 -9.62 3M Company MMM 164.99 3.37 -11.14 Walgreens Boots Alliance Inc WBA 54.78 3.18 -17.87

Source: FactSet

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