Dec The Halls


December 2020

Please join us in sharing our best wishes with Karen as she starts her maternity leave this week. We look forward to welcoming a new member into our team family very soon!

Congratulations Karen! All the best on the upcoming arrival of your (second) little one.

Reminder: Your new account statements

 Redesigned to make it easier for you to understand and navigate

Client statements are an important element of our service to you. They provide a summary and update on your account and allow you to track progress against your short- and long-term goals.  
To help achieve that more effectively, we’ve developed a new statement (digital and printed) that is visually more appealing and has many enhanced features, making it significantly easier for you to read and navigate. Our goal? To provide you with transparent information and prioritize your best interests.

The new statement includes the following features:

  • Improved layout and restructuring of the order of information
  • Enhanced contact information for our team
  • A new section with portfolio asset allocation and graphic 
  • Information on the account manager and mandate for both Separately Managed Accounts and Portfolio Managed Accounts
  • Asset allocation by region for holdings section
  • Enhanced mutual fund description using the long name and load type, class and fund series
  • Summary of income and distributions including in-kind payments
  • Book cost adjustment information within the transaction detail section
  • Enhanced TFSA, RRSP, RRIF, and RESP details 

Account-specific enhancements include:

  • Displaying the CAD/USD conversion rate
  • Displaying additional rates when applicable
  • Displaying market values in the currency of the account
  • Separating investment and registered accounts

See all these features and enhancements within a sample statement here.

Should you have any questions about your new statement or need additional information, please reach out. We want to ensure you have access to useful resources that ultimately help you make well-informed financial decisions.

Market Update & Outlook

The year seems poised to finish with strength as major indexes push all-time highs. The latest round of corporate earnings impressed many analysts despite the uncertainty of the pandemic’s ‘third wave’ and overall economic sluggishness. In the face of the backdrop of uncertainty, the Canadian banks, often seen as the litmus test for our economy, reported a good quarter overall with better-than-expected earnings and lower-than-expected loan losses. It appears Ottawa’s pandemic-relief programs have reasonably dampened the blow of job losses and temporary business closures.


Equities continue to represent an important hedge against inflation, especially in the context of the trillions in global stimulus that has been injected into the world economy. The unified front of Central Banks and coordinated fiscal policy illustrates a new paradigm in economics. Inflation is likely to start its upwards march in the medium term, though interest rates are likely to stay low even once this happens. Alternative investments are proving their value as both a steadying force during times of volatility and as a source of yield in a world of low interest rates. The importance of bottom-up investment selection has become paramount as ‘pandemic proof’ businesses differentiate themselves within their sectors. We anticipate that carefully curated portfolios will be able to navigate the coming divergence.


This past month saw a contentious US election and meaningful developments towards a successful CoViD19 vaccine. We feel these two factors, combined with the efficiencies from the supercharged digital revolution, are catalyzing the start of a new growth cycle. The opportunity set of the post-pandemic world has certainly been a shift from the world of a few short months ago. Traditional businesses are seeing seismic shifts and institutions are being forced to pivot or stutter. You don’t need to drive far to see ‘For Lease’ signs in windows. The Hudson Bay, delinquent on some rent payments, is facing closures of flagship stores, notably in Winnipeg. On the other hand, Amazon is posting record sales and hiring for thousands of openings with their workforce now over a million strong. Warner Brothers shocked the movie theatre industry when they committed to releasing all 17 of their 2021 movie titles on their digital streaming service.


For many, life is becoming more accessible and convenient than ever before. Businesses are reimagining how they engage with and sell to customers. Our technological transformation is accelerating, and we look forward to a more connected world. However, as with all progress there is disruption and inequality. Now, more than ever, it will be important that as a society we make sure that by moving forward nobody gets left behind.

Year End Tax Planning Checklist

Optimize your year-end tax strategy & consider tax implications of any COVID-19  government benefits.

Tax planning during uncertain times such as the past 12 months becomes even more important and critical. We've compiled a helpful checklist of key items, changes and deadlines for your consideration as we approach the end of 2020 and head into 2021. These include:

  • Income taxes payable on any COVID-19 financial benefits

  • Tax instalments

  • Tax-loss selling strategies

  • Income-splitting loan planning

  • TFSA and RRSP contributions and deadlines

  • Considerations for incorporated business owners

  • Upcoming trust reporting obligations for trustees starting in 2021

  • And more

Ready to make the most of your 2020 tax strategy?

Visit our website to review the 2020 year-end tax-planning checklist in the resources tab.


Chernick & Associates Wealth Management Group

Richardson Wealth Limited
Guinness Tower
1055 West Hastings Street, Suite 2200
Vancouver, BC  V6E 2E9

Tel.: 604.640.0400
Toll Free: 1.866.640.0400