{"id":930,"date":"2016-01-13T15:40:37","date_gmt":"2016-01-13T15:40:37","guid":{"rendered":"http:\/\/wdsinvest.com\/?page_id=930"},"modified":"2017-01-23T22:24:13","modified_gmt":"2017-01-23T22:24:13","slug":"income-investing-how-to-yield-better-cash-flow","status":"publish","type":"page","link":"https:\/\/wdsinvest.com\/fr\/wds-resources\/quarterly-exchange\/income-investing-how-to-yield-better-cash-flow\/","title":{"rendered":"Income investing: How to yield better cash flow"},"content":{"rendered":"
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October 2013<\/p>\n

In this edition\u2026<\/strong><\/h1>\n

Income investing: How to yield better cash flow<\/a><\/h1>\n

Pre- vs. post-tax dollars: It's not what you earn, it's what you keep!<\/a><\/h1>\n

Ask & Answer \u2013 Beneficiary designations and wills<\/a><\/h1>\n

WDS Reads: UNINTENDED CONSEQUENCES by Edward Conard<\/a><\/h1>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>
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Income investing:<\/span>
How to yield better cash flow<\/span><\/p>\n\n

yield (verb):<\/b> The income return on an investment. This refers to the interest or a dividend received from a security and is usually expressed annually as a percentage based on the investment's cost, its current market value or its face value.<\/em> Yield Definition \u2502Investopedia<\/a><\/p>\n\n

Investing to generate income with less risk is a common quest nowadays. As more baby boomers become spenders rather than savers, the demand for cash flow is growing as fast as their hair is greying!<\/p>\n\n

Yield income isn't just for retired people \u2013 it's a powerful wealth-building tool for working folks, too. Income investing, or the idea of selecting securities in part for the income stream they can potentially provide, is an effective strategy in anyone's total-return tool box.<\/p>\n\n

So how do you receive income? Not long ago, we counted on the returns from the most secure financial instruments, like guaranteed investment certificates and Government of Canada bonds. But ultra-low interest rates are dampening the returns of many of these traditional income-producers. So, income-seeking investors are starting to look to the yields from a more diversified portfolio of securities.<\/p>\n\n

Here are six practical ways to get more income diversification.<\/p>\n\n

1. The role of income in total return<\/h4>\n

Total return includes both the change in the price of a security and any additional cash flow the holders of that security may receive over a specific period. Dividend and interest income streams contribute to the total return of investments. Common stock, preferred stock and bonds are all different in their income-generating properties.<\/p>\n
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2. The cost of cash<\/h4>\n

It's often wise to set aside some cash to take advantage of new investment opportunities. But holding too much for too long is no way to invest. Even at a 3% rate of inflation, cash can lose nearly half its purchasing power over a 20-year retirement span. To balance risks and generate returns that aren't eaten up by inflation, you need more diversified income strategies than ever before.<\/p>\n
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3. Seek income in many places\t<\/h4>\n

To beat inflation, look for new income opportunities in familiar places. Higher yields in corporate bonds, preferred shares and sovereign debt funds in emerging markets are good options. Many companies today pay dividends that deliver twice the yield of the benchmark 10-year government bonds, which is about 1.7% a year. These are solid companies with the potential to grow their dividends \u2013 chances for income growth and capital appreciation!<\/p>\n
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4. Rising interest rates require caution<\/h4>\n

Central bankers around the world have sown the seeds of inflation with monetary stimuli. Interest rates may be rising on the medium-term horizon, and when interest rates go up, bond prices go down \u2013 eroding spending power and creating capital losses, too! Income-producing assets react differently in changing interest rate environments. By diversifying an income portfolio into assets for which market values tend to rise along with interest rates \u2013 such as dividend-paying, high-quality common stocks; income equities like REITS and preferred stocks \u2013 you can shore up some downside protection.<\/p>\n
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5. Future value of good companies<\/h4>\n

Investors can hurt their total returns and sabotage their retirement income by having too little exposure to stocks, particularly in a high-inflation environment where growth is needed to maintain purchasing power. Wary investors have depressed the price of good growth companies by turning their backs on equities. Value managers believe the way to generate the best returns is to buy undervalued stocks. Ideally, you want to own shares in good businesses that will be able to pass higher costs on to their customers and grow bigger and more profitable in the future.<\/p>\n
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6. Rethink your planning horizon<\/h4>\n

Many people see price volatility as being the real risk, while we think the more serious danger is running out of money before you die. Retirement is not the end of your planning horizon. Today's retired 60-year-olds typically have real time horizons of 20 years or more. Equity allocation for retirees must be based not just on immediate cash flow needs, but on their long-term goals, too. <\/p>\n\n

We don't believe the direction of interest rates or the volatility of markets should determine your retirement standard of living. With a managed approach, we aim to meet your needs for income, greater diversification and growth potential, for however long you need it.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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\nThe impact of taxation, and the interaction between investor psychology and the uncertainties of capital markets and individual cash flow needs, mandates a new set of investment solutions.\n<\/p><\/blockquote>\n

– Integrated Wealth Management: The New Direction for Portfolio Managers, by Jean L.P. Brunel, CFA<\/em><\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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Pre- vs. post-tax dollars<\/span>\nIt's not what you earn, it's what you keep!<\/span><\/p>\n\n

It\u2019s one of those truisms that have been around since the birth of income tax in 1917! During our working years, we do our best to minimize or reduce our tax bill. But what happens in retirement when we begin to live off those hard-earned savings?<\/p>\n\n

Usually with investment options, the first comparison is the pre-tax interest rate, yield, or rate of return. But this doesn\u2019t account for any taxes you must pay. So it\u2019s the after-tax return that you need to consider. It shows how much you get to keep or spend...depending on how you look at it.<\/p>\n\n

Non-registered investments are not tax-sheltered like RRSPs or TFSAs. So taxes will be due on the interest, dividends or capital gains you earn on them. What you need to understand is that each type of investment income is taxed very differently.<\/p>\n\n

First, interest income is taxed on the entire amount earned. Eligible dividends from public Canadian corporations qualify for an enhanced federal and Ontario dividend tax credit, which reduces the amount of tax you must pay. Finally, the amount of a capital gain that\u2019s taxable is only 50% of the actual capital gain realized.<\/p>\n\n

For example, let\u2019s assume an investor lives in Ontario and is in the top federal tax bracket, with taxable income of over $132,406 in 2012. If each investment generates a 4% yield, here\u2019s how they compare after tax.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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After-tax Amount for Equivalent Pre-tax Investment Income Earned<\/th> \n <\/tr>\n <\/thead>\n
<\/td>\n Interest<\/b><\/td>\n Equivalent Eligible Dividend1<\/sup><\/b><\/td>\n Equivalent Capital Gain2<\/sup><\/b><\/td>\n <\/tr>\n
Pre-tax income<\/td>\n $100<\/td>\n $100<\/td>\n $100<\/td>\n <\/tr>\n
Less: tax paid<\/td>\n $46<\/td>\n $30<\/td>\n $23<\/td>\n <\/tr>\n
After-tax income<\/b><\/td>\n $54<\/b><\/td>\n $70<\/b><\/td>\n $77<\/b><\/td>\n <\/tr>\n
Fed & ON Top Marginal Rate<\/td>\n 46.41%<\/td>\n 29.54%<\/td>\n 23.20%<\/td>\n <\/tr>\n
1<\/sup>The rate applies to the actual dividend received.
2<\/sup>The rate applies to the actual capital gain realized.<\/td>\n <\/tr>\n <\/tbody>\n<\/table>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>
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After-tax income clearly shows the preferred tax treatment. All capital gains and eligible Canadian dividends \u2013 regardless of your tax bracket \u2013 are taxed at lower rates than other investment income, such as interest and foreign dividends.<\/p>\n\n

Dividends from either preferred or common shares get a more favourable tax treatment than plain interest income does. Consider this: a 3.8% eligible dividend has the same after-tax return as 5% in interest income. To put the same amount in your pocket, the interest rate would have to be more than 1.3 times the dividend rate!<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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Interest Income versus Eligible Dividend Income<\/th> \n <\/tr>\n <\/thead>\n
<\/td>\n Interest<\/b><\/td>\n Equivalent Eligible Dividend1<\/sup><\/b><\/td>\n <\/tr>\n
Equivalent gross yields<\/b><\/td>\n 5.00%<\/b><\/td>\n 3.80%<\/b><\/td>\n <\/tr>\n
Same after-tax return<\/td>\n 2.68%<\/td>\n 2.68%<\/td>\n <\/tr>\n
Multiplier\/td>\n <\/td>\n 1.3148<\/td>\n <\/tr>\n <\/tbody>\n<\/table>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div><\/div>
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ASK & ANSWER<\/span>\nBeneficiary designations and wills<\/span><\/p>\n\n

ASK<\/strong>
\nIt seems counterintuitive that I should make my estate, not my daughter, the named designated beneficiary on my RRSPs. Can you remind me why?<\/em><\/p>\n\n

ANSWER<\/strong>
\nYou wrote a new will in January 2012, primarily to set up a testamentary trust<\/a> for your daughter, Amy. A testamentary trust affords your beneficiary \u2013 Amy \u2013 the tax advantage of future income-splitting, i.e., paying a lower tax rate on investment income that\u2019s earned on inherited capital.<\/p>\n\n

Direct beneficiary designations on RRSPs are a way to by-pass the estate. To fund a testamentary trust, your assets must pass to your estate at the time of death, and NOT by-pass it. Otherwise, it would frustrate the intention of your will and its trust provisions.<\/p>\n\n

Your current will revokes any previous beneficiary designation in your RRSPs. Instead, it provides that the net proceeds will be paid to Amy\u2019s trust. Changing your beneficiary designation with your financial institution aligns those documents with the content of your will. It saves administrative confusion (or delays) with the financial institution later, too.<\/p>\n\n

Have a financial question that you need an answer to? Just ask<\/a>.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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WDS READS<\/span>\nUNINTENDED CONSEQUENCES: Why Everything You've Been Told About the Economy is Wrong<\/span><\/p>\n\n

Edward Conard, Penguin Portfolio, June 2012<\/br>\nFormer Managing Director of Bain Capital, LLC<\/b><\/p>\n\n

In the wake of the 2008 financial crisis, I studied reams of commentary in the popular press about its causes. Most thought that predatory U.S. mortgage lending practices and fraudulent syndication were to blame. Having read Unintended Consequences, I now appreciate that taken alone, those reasons are simplistic. Bottom line: mortgage defaults didn\u2019t make banks insolvent; depositors\u2019 panicked withdrawals did! The crisis revealed the enormous risk of damage associated with sudden and massive bank withdrawals and the impotence of having implicit government guarantees to hold those withdrawals in check. The author promises that his book will reward you with a sophisticated understanding of risk taking, innovation and investment in the contemporary U.S. economy. It delivers.<\/p>\n
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A testimonial about this book:<\/h4>\n\n

Edward Conard has written a provocative and important book about the economy that challenges conventional wisdom about the Financial Crisis, the trade deficit, government policy, and the path to prosperity. His insights into the kind of risk taking we need to spur innovation and job creation are particularly salient, given the inevitable flight from all risk coming out of the crisis. I hope policymakers and business leaders will pay close attention to Conard\u2019s framework. \n\u2014William A. Sahlman, Senior Associate Dean, Harvard Business School<\/p>\n\n

Book Review:<\/b> \u2018Unintended Consequences,\u2019 by Edward Conard \u2013 Bloomberg Businessweek<\/p>\n\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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Here's One Aspect of Investing <\/span>\nYou Don't Have to Worry About<\/span>

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Canadian Investor Protection Fund (CIPF) - Download PDF<\/a><\/p>\n\n

Investment firms rarely become insolvent. Still, it's good to know the CIPF exists to ensure your cash and securities are returned to you, just in case it ever happens.<\/p>\n\n

A commonly-held but misguided belief is that the CIPF limit depends on the total size of your account. Actually, the CIPF $1-million limit applies if you suffer a loss of assets, referred to as a \"shortfall\". <\/p>\n\n

A shortfall is the difference between the market value of your account and what the insolvent firm can return to you. Even if your account exceeds $1 million, any shortfall will likely be CIPF protected. Why? Because losses are shared among the financial institution's customers in proportion to the net assets held at the insolvent firm. <\/p>\n\n

Here's a CIPF example<\/a> for an account with assets exceeding $1 million. In a $2 million account: <\/p>\n\n

Shortfall allocated = $100,000 (5% of $2,000,000)
\nCIPF coverage limit = $1,000,000
\nLoss to Client = NIL <\/p>\n\n

Be sure to check the Member Directory<\/a> on CIPF's website to confirm you are dealing with an IIROC Regulated Member. That membership is your insurance policy in the unlikely event the institution should fail financially.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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After-tax income clearly shows the preferred tax treatment. All capital gains and eligible Canadian dividends \u2013 regardless of your tax bracket \u2013 are taxed at lower rates than other investment income, such as interest and foreign dividends.<\/p>\n\n

Dividends from either preferred or common shares get a more favourable tax treatment than plain interest income does. Consider this: a 3.8% eligible dividend has the same after-tax return as 5% in interest income. To put the same amount in your pocket, the interest rate would have to be more than 1.3 times the dividend rate!<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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Acknowledgments<\/h4>\n\n

We're proud to announce that WDS's own Kathy Kruivitsky<\/a> is one of Ottawa's Distinctive Women for 2013. Spotlighting accomplished businesswomen all across Canada, the October issue of Distinctive Women Magazine shares much of what makes Kathy so special to us and you: her unique insights, her deeply-held beliefs about responsible, ethical wealth management services, and her sincere caring for her clients and their best interests. Distinctive Women Magazine was a supplement to the Ottawa Citizen on October 1st.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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FRIENDS, FAMILY MEMBERS AND WDS<\/h3>\n\n

Canadian baby boomers are falling short, says an August 2013 study by BMO Wealth Institute. On average, the report says, these people will fail to meet their retirement savings goal by more than $400,000. Yet the financial services industry still focuses on convincing individuals that the \u201cright\u201d investments are the key to their retirement dreams. Don\u2019t you believe it.<\/p>\n\n

Truth be told, many people just don\u2019t put enough money into their retirement savings to maintain their current living standards when they stop working. Saving too little is not just a problem for low income households. It affects middle and high-earning ones, too. The best solution is to understand how much money you\u2019ll realistically need to maintain your lifestyle when you retire and then work with a trusted investment professional to evaluate whether or not you\u2019re on track to reach your goals. <\/p>\n\n

When you spot a need for advice that we might help fill, have your friend or family member come talk to us<\/a>. We want to help.<\/p>\n\n

We thank you for your support and appreciate all your referrals. Your confidence means everything to us, and we'll work hard to justify it.<\/p>\n\n

PLEASE NOTE: The information presented in this e-newsletter is of a general nature only and does not give advice on any particular matter. It is not intended to replace personal, professional advice based on individual circumstances.<\/p>\n\t\t<\/div>\n\t<\/div>\n<\/div><\/div><\/div>

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