Week Ending Friday, March 19, 2021

www.mackaygroup.com

1-800-561-4468 MacKay Group Wealth Management. Our mission is to provide our clients superior investment advice, products and service.

Serving clients and friends at RBC Dominion Securities Inc. – a member of RBC Financial Group since 1983.

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HOW I SEE IT – by Bruce MacKay 30% by April/ Global Investment outlook /Multi Year Equity markets stable this week -with slight pull back today -will we see an April /May correction – if 10 yearlong interest rates climb - it could be the catalyst.

Positives: AAII investor sentiment - 48.9% bullish reading- while high it’s a good confidence reading for the economy. Covid - US hospitalizations still rolling over down 71.1% & US daily monitoring down 62.5% -vaccinations ramping steadily- 32 states now near or above 60% combined penetration -75 million Americans have received at least one dose of a vaccine- 30% of the population expected by April- let’s hope for Canada to pick up pace. RBC GAM Investment Strategy Global Investment Outlook publication was released Thursday -highlights include- virus retreats economic outlook improves - inflation concerns mount but upward price pressures are limited -expecting further US dollar weakness amid tailwinds for cyclical currencies - bond yields surge, valuation risk recedes - stock rise to record levels lead by economically sensitive segments - asset mix maintaining overweight in stocks underweight in bonds. Some good charts from report include 1. Still considerable room for a catch-up growth in coming years. 2. Real time mobility has started to rise, 3. Economic damage during second wave was much less intense, 4. US business cycle Scorecard has 62% early cycle reading – measuring - sentiment, bonds, corporate profitability, economic trend, cycle age, prices, leverage, monetary policy, consumer, housing, business investment inventories, economic slack, employment, equities, volatility and credit - Good report as always. A few of my favorites commented this week, Dr E Yardini" Rising confidence reflected in rising dividends- many companies reversing 2020 dividend suspensions- some retailers and REITS reinstate dividends -will banks boost too -S&P 500 dividend yield and 10 year treasury yield

coming into balance'". Jim Paulsen -" While I expect a correction perhaps 20% - will likely be later in the year and from higher levels –we are one year into a multi-year bull market -any dip creates a buying opportunity - remember in the 1950s and 1960s we had 5-7% real GDP growth with 10 year yields of 2 1/2 to 4%. Negatives: AAII investor sentiment 48.9% bullish -still too high for investing if you want real bargains. China and the US had a tense exchange as they met for the first time since Biden administration came to office. Jim Paulsen;" overuse of government policy, fiscal and monetary could be a big problem next year.’’ Could inflation get out of control - in the 1980s Fed eventually moved short term rates to 10% to get inflation under control -creating a 1990- 1991 recession - either way Fed made clear it will remain easy through 2022 we need to wait until 2023 to see if history rhymes. (Brian Wesbury- Firsttrust) Investment Strategy: If you don’t know where you are going, you’ll end up someplace else. Yogi Berra Stock of the Days this week: LNR, FC, MA, SBUX, FDX Have a great weekend. Be well. Bruce

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THIS WEEK’S NOTES & QUOTES - News and Opinions Worth Repeating

New funding platform tries to bring down barriers for women entrepreneurs and investors

Pilot project gives more people a chance to invest in new startups, increasing access to early-stage capital for women-led businesses

How to close the funding gap for women-led businesses is an issue that has taken on a greater

urgency for Shelley Kuipers, a serial tech entrepreneur and co-founder of Calgary-based The51

Ventures, a by-women-for-women “financial feminist” platform that offers support and venture funding

to women-led businesses.

In 2020, global venture-capital funding was up four per cent to US$300 billion, according to

Crunchbase, but the percentage of that which went to women-led startups dropped to 2.3 per cent

from 2.8 per cent in 2019. https://financialpost.com/entrepreneur/small-business/new-funding-platform-tries-to-bring-down-barriers-for-women-entrepreneurs-and-investors

Housing bubble worse than lead-up to U.S. subprime crisis: Rosenberg

Bay Street veteran David Rosenberg said he's seeing signs stress in some of Canada’s hottest

housing markets are worse than when he first sounded the alarm over the U.S. subprime mortgage

crisis nearly two decades ago.

Rosenberg, the chief economist and strategist at Rosenberg Research, said in a television interview

Friday that by almost any metric he watches, financial conditions in the Toronto and Vancouver

housing markets have deteriorated to the point where policymakers should have grave concerns.

“I’m taking a look at all the metrics I had in my hands when I called the housing bubble in 2005 and

2006 in the United States. I was looking at home price to rent ratios, I was looking at home price to

income ratios, I was looking at the extent to which the household sector was overexposed to

residential real estate on their balance sheet,” he said. https://www.bnnbloomberg.ca/housing-bubble-worse-than-lead-up-to-u-s-subprime-crisis-rosenberg-1.1579481

Microsoft unveils new vaccine tools to address earlier failures

Microsoft Corp. unveiled new technology to boost government and health care organizations’ vaccine management systems, including scheduling shot appointments and monitoring results, to fix shortcomings weeks after the company’s initial custom-built programs ran aground in a few states.The Microsoft Vaccine Management product released Friday is made up of features and new apps that the software company said will improve upon and fix the glitches that occurred when its previous effort, the Vaccination Registration and Application System, failed to work properly in New Jersey and Washington D.C. https://www.bnnbloomberg.ca/microsoft-unveils-new-vaccine-tools-to-address-earlier-failures-1.1579489

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Walmart opens online marketplace to non-U.S. vendors

Walmart Inc. has removed rules requiring sellers on its marketplace website to be registered in the

U.S. -- an attempt to close the e-commerce gap with Amazon.com Inc. and tap into China’s vast

network of manufacturers.

This month, the world’s largest retailer began opening up its third-party marketplace to foreign sellers,

who no longer need a U.S. address or business tax identification. The vendors will still be carefully

vetted, both locally and by Walmart’s global trust and safety team, to prevent the listing of unsavory

items. The new sellers will make up just a fraction of Walmart’s total seller population, which is mainly

based in the U.S. https://www.bnnbloomberg.ca/walmart-opens-online-marketplace-to-non-u-s-vendors-1.1579268

The Innovation Imperative: Why Canada needs to bridge the digital divide to reach its

innovation potential

Canada’s embrace of digital technologies has accelerated dramatically during this past year of

COVID-19 economic and social disruption. Research, education, innovation, commerce and

socializing increasingly rely on digital platforms and technologies and people with the skills to use

them. Some are thriving in the new digital reality, and there is evidence that others are making

investments that will equip them to participate and succeed. But there are persistent gaps in access

and uptake that threaten innovation, prosperity and the well-being of people and communities across

the country.

https://financialpost.com/technology/the-innovation-imperative-why-canada-needs-to-bridge-the-digital-divide-to-reach-its-innovation-potential Canadians could author shining moments in March Madness

Country sending 25 men to NCAA tournament, some destined for NBA

Twenty-five Canadian men are set to compete in March Madness.

Following a 2020 draft in which zero Canadians were selected, the burgeoning basketball country

seems ready to reinforce its NBA ranks quickly in the coming years.

"I think we're in a great place. I think it looks like there's going to be draft talent for years to come,"

Canadian basketball scout Wes Brown said. "I don't think we know yet who that next superstar is, but

I think there's a lot of guys that project to be NBA talent."

The tournament begins Friday, with the national championship to be awarded April 5. All games will

be played in Indiana to limit travel amid the pandemic.

https://www.cbc.ca/sports/basketball/ncaa-march-madness-mens-canadian-preview-1.5954291

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CCAANNAADDIIAANN MMAARRKKEETTSS

I. Canadian Fixed Income Benchmark Canada Government Bonds

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

2-Yrs 5-Yrs 10-Yrs 30-Yrs

CDN Yield Curve @ March 12, 2021

MG Canadian Fixed Income Top Holdings

Government & Corporate Bonds

Convertible Debentures

High Yield Open End & Closed End Funds Rate Reset/Fixed Floater Preferreds

Perpetual Preferreds

II. RBC DS SPRING CDN 2021 Equity Focus List RBC CM Focus List: TELUS, Dollarama Inc., Magna International Inc., Restaurant Brands, Alimentation Couche-Tard Inc., Canadian Natural Resources, Pembina, Suncor Energy, TC Energy Corp, Bank of Montreal, Brookfield Asset Mgmt, Canadian Imperial Bank of Commerce, Element Fleet Mgmt Corp, Intact Financial Corp, National Bank, Royal Bank of Canada, TD Bank, Canadian Pacific Railway Ltd, GFL Environmental Inc., Thomson Reuters, Toromont Industries Ltd., Waste Connections Inc., WSP Global, Constellation Software Inc. CCL Industries, Nutrien Ltd, West Fraser Timer Co., Wheaton Precious Metals Corp, First Capital REIT. III. Veritas V- list: (Feb 2021) Air Canada, CGI Inc., Canadian Natural Resources Ltd., Capital Power Corp., Ceridian HCM Holdings, Cogeco Cable Inc., Dollarama, Enbridge Inc., George Weston Ltd., Granite REIT, Hydro One Ltd., Kilam Apartment REIT, Manulife Financial Corp., Linamar Corp., Maple Leaf Foods Inc., Metro Inc., Riocan REIT, SNC Lavalin Group Inc. SPDR Gld Shares, Telus Corp, TFI International Inc., TransAlta Corp.

IV. News we recommend on our CDN Holdings Market prices as of market close on March 18, 2021

Alimentation Couche-Tard Inc. (ATD) Keep calm and drive on: We remain confident in ATD's ability to lead and adapt Ranking: Outperform (RBCCM). Price C$40.27 – Target C$55.00 Park Lawn Corporation (PLC) Spring lawn care: Reiterating positive view ahead of Q4 results Ranking: Outperform (RBCCM). Price C$29.60 – Target C$36.00 Sun Life Financial Inc. (SLF) A solid investor day to showcase a solid business Ranking: Sector Perform (RBCCM). Price C$63.98 – Target C$69.00 Forest Products Mo Money, Mo Problems – Assessing capital allocation opportunities Please contact our office if you would like a copy of any of the above research reports. Research Publications (available upon request)

Global Insight- 2021 Outlook

RBC Strategy CDN Focus List: SPRING 2021

RBC CM FEW Portfolio – SPRING 2021

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IINNTTEERRNNAATTIIOONNAALL MMAARRKKEETTSS I. US Fixed Income Benchmark USA Government Bonds

0.000%

0.500%

1.000%

1.500%

2.000%

2.500%

3.000%

2-Yrs 5-Yrs 10-Yrs 30-Yrs

US Yield Curve @ March 12, 2021

MG US Fixed Income Top Holdings include

Government & Corporate Bonds

High Yield Open & Closed Funds

Rate Reset/Fixed Floater Preferreds

IShares Mortgage Plus Index (REM) Yield 8.7%

II. RBC DS US Equity Focus List Feb 2021: Alphabet, Walt Disney Company, Facebook, Amazon.com, Home Depot, McDonalds Corp, Starbucks, Constellation Brands, Costco Corporation, JP Morgan, US Bancorp, CVS Health Corp, J&J, Medtronic, Mereck & Co, Thermo, United Health Group, Honeywell, Union Specific, Xylem, Adobe, Apple, Cisco, Mastercard Inc, Microsoft, Crown Castle III. RBC DS Global Equity Focus List – SPRING 2021: Alphabet, Walt Disney Company, Telus, Amazon.com, Home Depot, Restaurant Brands, Constellation Brands, Costco, Canadian Natural Resources, Suncor, TC Energy, Brookfield Asset Management, Canadian Imperial Bank of Commerce, Intact Financial, Royal Bank, TD Bank, US Bancorp, J&J, Merck & Co. Inc, Thermo Fisher, United Health, Canadian Pacific Railway, Thomson Reuters, Toromont, Waste Connections, Apple, Constellation Software, Mastercard, Microsoft Corp, CCL Industries, Crown Castle.

IV. RBC DS ADR Focus List: China Unicorn, Vodafone, WPP Plc, Honda, Anheuser-Butsch, Diageo, Unilever, China Petroleum…, Eni S.p.A., Royal Dutch Shell, AerCap Holdings, Barclays, HSBC, ING, Prudential PLC, Westpac Banking, AstraZeneca, Fresenius, Sanofi, ABB Ltd, Accenture, Alibaba Group, NICE Ltd, SAP SE, BHP Group.

VV.. NNeewwss WWee RReeccoommmmeenndd oonn oouurr IInnttll HHoollddiinnggss Market prices as of market close on March 18, 2021

NIKE Inc. (NKE) 3Q Revenue Miss Largely on Supply Constraints but Momentum Strong With 4Q Guided +75% Ranking: Outperform (RBCCM). Price U$143.17 – Target U$165.00 Adobe Inc. (ADBE) F1Q21 Preview: Mobile Data Suggest Upside Ranking: Outperform (RBCCM). Price U$439.18 – Target U$575.00 Thomson Reuters Corporation (TRI) Key Highlights from the Investor Day Ranking: Outperform (RBCCM). Price U$110.19 – Target U$98.00 Please contact our office if you would like a copy of any of the above research reports. Research Publications (available upon request)

Global Insight- 2021 Outlook

RBC GAM – Global Investment Outlook

RBC CM – Top 30 Global Ideas for 2021

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MMUUTTUUAALL FFUUNNDDSS CClloosseedd//OOppeenn–– TToopp HHoollddiinnggss

I. CANADIAN Canadian Fixed Income Canso Credit Income Dynamic Strategic Yield Canadian Equity Fidelity – Global Innovation/CDN Large Cap/Growth /Special Opp Mackenzie – Ivey CDN / Cundhill Middlefield – CDN Dividend Growers/REIT Plus Franklin Templeton – Bissett CDN Div/CDN Equity RBC –CDN Div/CDN Equity/ O’Shaughnnessy Dynamic – Strategic Yield

EETTFFSS –– TToopp HHoollddiinnggss Canada – Fixed Income Bonds - XBB, XCB, XGB Preferred Shares – CPD, PSF.UN Canadian ETF’s Equity – iShares TSX Large Cap 60, iShares Canada Equity Income, iShares Canadian Dividend, iShares Canadian Select Dividend, iShares TSX Small Cap, iShares TSX Composite Canadian ETF Sectors – iShares TSX Financials, iShares TSX REITs, BMO Equal Weight Utilities, iShares TSX Info Tech, iShares TSX Energy, iShares TSX Materials

II. US/INTERNATIONAL US Fixed income Franklin High Yield Fidelity American High Yield US Equity Fidelity – American Eq/Small Cap American/Euro Mackenzie – US Mid-Cap Middlefield – US Div Growers / American Core Franklin Templeton - Growth RBC - NA Value Dynamic – Strategic Yield

EETTFFSS –– TToopp HHoollddiinnggss US ETF Fixed Income US Bonds – XIG, TLT US Preferred Shares - PFF US ETF Equity – S&P 500, Dow Jones Index, Nasdaq 100, S&P 500 Dividend Index, iShares Dow Jones Select Dividend Index, Vanguard Dividend Appreciation Index, iShares High Dividend Equity Fund, iShares Russell 2000 Index, S&P 500 Value Index, S&P 500 Growth Index, S&P Small Cap 600 Index US ETF Sectors – SPDR Financial Index, iShares Real Estate, iShares, SPDR Utilities Index, iShares Telecom Index, SPDR Consumer Discretion, iShares US Healthcare, IShares Nasdaq Biotech, iShares Industrials Index, NASDAQ Index, Vanguard Energy Index, DJ Basic Materials Index, iShares Homebuilders Index

III. GLOBAL GLOBAL Equity Fidelity – Global Div/Monthly Income Mackenzie – Ivey Foreign Middlefield - Health Care/Global Div Growers Franklin Templeton - Growth / Intl RBC – Global Fund / Int. Div G Dynamic – Global Value GLOBAL ETF Equity China ETF, Europe ETF, Germany ETF, India ETF, iShares Emerging Mkts, iShares International Dividend Unique ETFs Horizons Robotics & Automation, ETFMG Prime Cyber Security, Blockchain Technologies, Active AI Global Equity, Marijuana Life Sciences, Healthcare Leaders Income, Tech Achievers Growth & Income

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I

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FAVOURITE CHARTS

Dow Jones Industrial Average – 1789 to Date

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MMAACCKKAAYY GGRROOUUPP WWEEAALLTTHH MMAANNAAGGEEMMEENNTT Introduction Serving over 300 families and friends since 1981. We provide the investment solutions you need to achieve specific goals, whether investing for yourself, family, your business or your organization. Our Team Helping to provide comprehensive wealth management is an extensive team of professionals, including Portfolio Managers, Financial Planners, Estate Planning Specialists, Consultants, Tax Strategists and Research Analysts. THE MG WEALTH MANAGEMENT APPROACH 1: Learning about each other 2: Developing your personalized IP investment plan. 3: Putting your plan into action 4: Integrating complementary wealth services 5: Taking care of your lifelong needs 6: Monitoring and reporting results

Portfolio Management Highlights: 1. Learning about each other. Questionnaire on investment needs, objectives, and risk. 2. Investment Policy Statement. TThhee IIPPSS statement expresses your personal investment objectives in a document to guide the content of your portfolio, including making decisions, reporting on progress and regularly reviewing your objectives. 3. Action Plan. Detailed proposal to get us started. 4. Reviewing all our Wealth Management services including a financial plan and estate plan. 5. Taking care of lifelong needs, including creating detailed income projections. 6. Monitoring and reporting results. Ongoing portfolio analysis, reviews and prompt service. Investment Policy Statement (IPS) Portfolio Valuation Report o Asset Allocation, Income Projection, Rate of

Return, Capital Gains/Loss Tax reporting, T5 and T3 etc. (See kit) RBC CM Quarterly Strategy, MG Weekly

Newsletter, Focus List and Stock of the Day ACCOUNTS & SERVICES WE OFFER

Investment Account, Options, Equity Credit Line, Corporate, Holding Co., Charitable Foundation, Tax Free Savings Account (TFSA), Registered Education Savings Plan (RESP), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Individual Pension Plan (IPP), DS Family Trust Acct, Registered Charity Gift of Stock Acct, Annual Tax-Assisted Flow-Through Share Program

PPOORRTTFFOOLLIIOO MMAANNAAGGEEMMEENNTT PPRROOGGRRAAMMSS Our team manages clients’ portfolios on an individual basis. Portfolios are custom designed to meet your personal objectives. Investment disciplines used include asset allocation, geographic & sector diversification and risk management to maximize your portfolio returns. Programs include: 1. Private Investment Management - PIM our premium level of discretionary wealth management. Highlights include: Freedom, custom portfolio, segregated securities, IP statement, asset mix for life stage, model portfolio tracking, growth and income needs, risk tolerance, top & bottom up management. 2.Professional Discretionary Investment Portfolios. A+ Investment Program: is our institutional level platform with 40+ Investment Manager choices. Global money managers including Beutel Goodman, Franklin Bissett, Guardian, Jarislowsky Fraser, RBC GAM, Caldwell, Brandes, & Franklin Templeton. 3.Professional Non-Discretionary Management - Advisor our premium level of non-discretionary investment wealth management. Highlights include: Discussion on each investments, custom portfolios, IP statement, asset mix, growth & income needs, risk tolerance, top & down management. Management fees are tax deductible for non-registered accounts. 4.Traditional Transactional based accounts. Available for special situation accounts. Advantages of Annual Management Fee Program.

Premium money market and bond rates mutual funds with lower management fees Hedging through use of option strategies Easier tax planning – tax loss switches Stop loss + Re-entry without extra fees

to average into and out of stock positions No transaction commission places the focus

on merits of investing instead of its cost. Fee % deceases as value increases

INVESTMENT VEHICLES WE USE: Allocation includes CDN, US, and International Fixed Income Equity Income & Growth MM, GICs Small Cap. Bonds, Converts Medium Cap. Preferreds Large Cap. High Income Balanced ETFs & Mutual Funds (open and closed)

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COMPREHENSIVE WEALTH MANAGEMENT STRATEGIES 1. Financial Planning Ted Chan – our Financial Planning Consultant provides solutions for simple or complex financial planning:

Comprehensive financial plan

Addressing all aspects of your financial affairs

Including cash and debt management

Tax and investment planning

Risk management

Taxation of the corporation at death and more.

Retirement and estate planning

Business succession Withdraws from corporation tax- effectively

2. Insurance Planning Andrew Sipes – As estate planning specialists, they will focus on:

Personal and corporate insurance solutions to increase your net worth and reduce the impact of taxation.

He can also ensure your wealth is transferred to your heirs in accordance with your wishes. Insurance Strategies include:

Whole life, Term Life

Long Term Care

Keyperson Insurance

Corporate Estate Bond

Critical Illness

Insured Annuity

3. Wills & Estate Planning Ariel-Charles Guigui – Our Will and Estate Consultant offering information on structuring your estate in an efficient and tax-effective manner, providing you with a report outlining various estate planning issues:

To explore in further detail with your own lawyer or accountant

Valid & Current Wills for All in Family

Use of living trusts

Planned Gifting

Reduce the taxes and expenses of an estate

Simplify and speed the transition of assets to the next generation

Ensure that your beneficiaries are protected.

Different types of Power of Attorney

4. Tax Planning Prashant Patel – A number of solutions that can simplify the tax planning process including;

Tax-efficient charitable giving

Family income splitting strategies

Eligible Retiring Allowance

LIRA Conversion to LIF/RLIF

2015 Home Buyer’s Plan Withdrawals

Consider Paying Yourself a Bonus

Sale of Private Business Shares

US Estate Tax Planning for Canadians

5. RBC Estate & Trust Services, Royal Trust Karen Snowden-Staecey – provides individuals, families and businesses with valuable estate, trust and incapacity services:

Assistance in the preservation, management and transfer of wealth between generations by providing solutions to implement clients’ estate and trust plans

Professional and impartial expertise in delivering estate and trust services o Strong history and legacy in managing fiduciary businesses o Professionals who have technical and practical experience o Compassion and understanding of the client’s family’s experience

6. RBC Private Banking Premier Ari Steriotis – works as a single point of contact providing banking and credit solutions for select clients of Wealth Management Canada and their families. Tailored banking & credit package to complement the best in class investment management and wealth planning.

Providing one of RBC’s most comprehensive banking packages – special rates, exclusive cross border package, high daily access limits on cash withdrawals and direct payments, RBC Avion Visa Infinite Privilege Card with a $120 rebate off the annual fee and more.

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THE MACKAY GROUP TEAM COMMENTS

Bruce's-Portfolio Management – Strategy, Macro & Micro

Tax rates are increasing, financial solutions are evolving and RBC's suite of services has expanded

to meet our clients' needs. We'll review your investment portfolios and introduce you to our

expanded team of Wealth Management professionals and the full range of services we offer.

Andrew's -Portfolio Management & Team

Management Proper portfolio construction is the key to meeting

your financial goals. The variety of investment choices can be daunting. Let our team help simplify the approach, narrow your focus, mitigate tax, and plan for financial success throughout retirement.

Kristine's -Business Development & Team Wealth

Management Over 100 of our clients and their families have found tremendous value in having a Financial Plan, Will &

Estate Consultation and Insurance review. Hope you enjoy our new ‘Wealth Wednesday’ educational

email series. I’m also here to manage client appreciation events and charity sponsorships.

Melissa's -Portfolio Administration

Is your account information up to date - including investment objectives & risk parameters, beneficiary information, dividend reinvestment plan, monthly

payment plan and banking information?

Christopher’s - Portfolio Management & Research I will work with you and our team to manage your

accounts, provide recommendations, identify opportunities and assist with client service to ensure

all your needs are met.

Madeleine’s -Portfolio Administration & Research Have you topped up your TFSA? RSP? RESP? I will

work with you to make sure you are maximizing your portfolio. We are especially proud of our daily

‘Stock of the Day’ research.

Our Mission “To provide our clients superior investment advice, products and service at RBC Wealth management

Dominion Securities since 1981.”

Bruce MacKay, HBComm, CIM

Portfolio Manager, Investment Advisor, Vice President and Director

Andrew Slivinsky, CIM, PFP, Senior Associate Advisor Christopher Nicolaides, CIM, DMS Associate Advisor

Melissa Crawford, Associate Advisor Madeleine Howard, HBA Associate

Kristine MacKay, MBA, Associate Wealth Advisor

EEssttaattee ++ FFiinnaanncciiaall PPllaannnniinngg AAddvviissoorrss Ted Chan, Financial Planner

Ariel-Charles Guigui, Will and Estate Consultant Prashant Patel, Tax Consultant

Andrew Sipes, Estate Planning Specialist Karen Snowdon-Steacy, Senior Trust Advisor

Ari Steriotis, Premier Banking

MacKay Group Wealth Management www.mackaygroup.com

Brookfield Place 181 Bay Street, Suite 2200 Toronto Ontario, M5J 2T3 Telephone: 416-842-7120

MacKay Group & RBC Foundation We have contributed $600,000+ over the years. Charities we support in 2021 - Trillium Health Partners, Canadian Wildlife Federation, Toronto Public Library, ABC Life Literacy, Canadian Canoe Museum, Merry-Go-Round Children’s Foundation, Ontario Track III, Camp Winston, Royal Ontario Museum, Alzheimer’s Society & Dorothy Lee Hospice.

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Disclaimer Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus before investing. Mutual fund securities are not covered by the Canadian Deposit Insurance Corporation or by any other government insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. This information is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. This commentary is based on information that is believed to be accurate at the time of writing, and is subject to change. All opinions and estimates contained in this report constitute RBC Dominion Securities Inc.'s judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Interest rates, market conditions and other investment factors are subject to change. Past performance may not be repeated. The information provided is intended only to illustrate certain historical returns and is not intended to reflect future values or returns. Securities or investment strategies mentioned in this newsletter may not be suitable for all investors or portfolios. The information contained in this newsletter is not intended as a recommendation directed to a particular investor or class of investors and is not intended as a recommendation in view of the particular circumstances of a specific investor, class of investors or a specific portfolio. You should not take any action with respect to any securities or investment strategy mentioned in this newsletter without first consulting your own investment advisor in order to ascertain whether the securities or investment strategy mentioned are suitable in your particular circumstances. This information is not a substitute for obtaining professional advice from your Investment Advisor. The commentary, opinions and conclusions, if any, included in this newsletter represent the personal and subjective view of the investment advisor [named above] who is not employed as an analyst and do not purport to represent the views of RBC Dominion Securities Inc. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The returns and performance information presented here does not reflect actual client portfolio or composite returns. The performance information presented in this report is based on a hypothetical model portfolio, and is intended to help illustrate the general performance of the investment strategy while removing the variability that results from implementation at a particular client level. The model portfolio reflects the actual investment recommendations (buys, sells) of the strategy as they were communicated historically; however, a number of implementation assumptions (which may include but are not limited to the timing and diligence with which the portfolio is rebalanced, the execution price for securities transactions, and any trading and account related costs, fees, or commissions) have been made when calculating the model returns that may be difficult or impossible for any investor to exactly replicate the model portfolio. For this reason, there is no expectation that the model returns will perfectly replicate the actual performance of any client following the same guided portfolio strategy. Specifically, the following assumptions have been made when calculating model portfolio returns: the portfolio is rebalanced monthly and any time a change to portfolio holdings is made; market close prices are used for all valuations; and returns are gross of all account fees and transaction costs. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / TM Trademark(s) of Royal Bank of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved.