So why mention that its unhedged? Not sure what brokerage you’re using, but generally if you don’t have the required funds in the native currency of the transaction (USD) brokerages will just convert whatever funds you do have (CAD). Hi I have VFV in my TFSA and would like to balance it with an All World Stock exposure except Canada and USA ETF. Is there an advantage to holding the US listed SPY, IVV or VOO vs the Canadian-listed? Hope this helps! Some examples of this would be ZST.L.TO and PSA.TO, which are ultra low risk, but will only return about 2% a year. $26 is the price-to-earnings ratio and $3 is the price-to-book ratio. Tax savings: as I write this VOO’s yield is only about 1.6%, meaning you’d save 0.24% annually on withholding taxes in an RRSP compared to VFV. RRSP – USD, as this will allow you to avoid the dividend withholding tax, TFSA – CAD, since the withholding tax is unavoidable and you’ll save on currency conversion fees, Margin – the dividend withholding tax is recoverable as a tax credit if you invest in USD, but dividends from Canadian companies are taxed at a lower rate so you may want to be overweight Canada depending on your situation and goals. First of all, thank you for posting this useful info. But the wrapper means you lose the withholding. May I ask, how exactly to convert VFV.TO to VOO? Consider the below example of NVIDIA and AMD returns vs ZSP Or VFV: 1. What would be my best bet in this case? His genuine passion for personal finance coupled with his unique style of writing is what stands out. 1; 2; 3; Search this thread. But this doesn’t mean that VSP is better. Thanks for this article, it’s so helpful! As of close 31st January 2020, it had a price-to-earnings ratio of $27.7 and a price-to-book ratio of $4.9. If you’re looking to build a passive, diversified portfolio I recommend starting with Canadian Couch Potato, there’s a lot of great info there. Good luck with your investing journey! Great post! No worries, I approve comments manually because I get so many spammers! All you need to invest in ETFs is a brokerage account. When you compare its market returns for something similar to Amazon, it’s nowhere close. Is there a difference between them? Your investment is worth the same in USD, but is now only worth CAD $100. Great info. Even though VFV and IVV have the same holdings they don’t have the same ticker, so it won’t work. Great article! 6. When comparing returns, IVV has a higher dividend yield of 2.3% compared to VOO with 1.75%. Another key difference between ZSP and XUS is the avg daily volume of the shares that are traded in the TSX Market, ZSP’s market trading numbers on any given day is almost twice as much as XUS. Hey, so in a TFSA you’ll be paying a dividend withholding tax to the IRS no matter what, so your two considerations are: 1) How much it costs to own the fund (MER) I have $500,0000 USD in my non registered account just sitting there. ZSP vs VFV vs XUS S&P 500 ETF. Definitely not famous yet. What do you mean by you will lose $8 on the spread when you buy and sell? XAW is an all countries excluding Canada ETF, and VIU is an all countries excluding North America ETF. That is mutual fund and provider MER is 2.5%. It’s an interesting idea, and it would work on the same principle of mean reversion that makes rebalancing your portfolio so important. No sense going into a non-reg account if you have room in those two. This rule is in place so that the dividends aren’t ‘double taxed.’ You can’t do this with VFV because the withholding tax is paid internally by the fund, so you’ll never get a receipt with a record of you paying taxes to the IRS. However, between XGRO and VGRO there are some subtle differences. Looks like you have a really solid portfolio in the works! Try looking up “mean reversion forex” and you’ll get a lot more info on this strategy. The fund’s assets are valued at $272.46 million, and it has 45 securities leftover. This is especially true if you’re contributing just $1,000/mo – Norbert’s Gambit won’t save you much with that amount, and it’ll be a headache going through the process every few weeks. I have a question on transferring ETF stocks. What I’d recommend is buying ZSP.TO, which tracks the S&P500, and journaling it over to ZSP.U.TO, the USD-denominated version of the fund. I would appreciate your comments and suggestions. If the S&P500 is yielding 2% that’s 0.30%/year in tax savings, and those savings compound over your career. Thanks for the great info. Aren’t the rules for RRPS and TFSA the same? listeners: [], Also, can you email me!? Right off the bat I can tell you VFV:CA > ZSP:CA based on fees. Even though they replicate the same index they’re different securities. Here’s a site with more details: https://etfdb.com/etfs/bond/treasuries/. First Prev. With that amount you’d save about $300/yr in withholding taxes – whether that’s worth the trouble for you is a personal judgment call. Also, let me know if you have any questions or comments below. In non-registered accounts, VOO and VFV are all treated equally. Here’s a summary of all five: I’ll return to the idea of currency hedging and its consequences in a moment, but for now let’s compare apples to apples. Would you recommend using Norbert’s Gambit in the method you describe to purchase VOO on an ongoing basis and I am simply delayed by a few days every time I need to purchase more shares bi-weekly, or do you think that the VFV.CA would be a better bet? The risk is that mean reversion may not happen at some point in the future; it could be that a 3:1 exchange rate becomes the norm 50 years from now. Is it smarter for me to convert this USD to CAD using Norbert’s Gambit and buy VFV or would it be better to stick with my USD and buy VOO? Here is my reasoning: I was thinking since right now the Canadian dollar is quite low, and I think it might go up in the next 5-10 years, I could contribute half of my US investments to the hedged fund and then when the Canadian dollar rises to a higher value eventually, like maybe an exchange rate of 1.20 or so (a number where I fear the CAD may go down again), then I would sell the hedged fund and put it all in the unhedged, and then keep contributing into the unhedged fund until the Canadian dollar gets really low again, and then repeat the process? In a TFSA you’ll lose the withholding tax no matter what, so may as well buy a Canadian listed ETF. I was strongly considering VOO for it’s low expense ratio until I came across your article. VFV.CA is the best unhedged option, VSP.CA is the best hedged option. Funds are invested majorly in equity markets, while investments in securities are also expected. Pricing: ZEQ ETF’s stocks are currently valued at $23.33. 2) Whether or not to currency hedge. As I write this the Dow & TSE futures are again projecting another negative day on the North American markets. I think the Canadian dollar will rise from here (0.69 US). Investments: The major focus is the Industrials, Real Estate, Utilities, Consumer Staples, Communication Services and Health Care sectors. The all-in cost of converting currencies with Norbert’s Gambit is very low, and afterwards you benefit from the tax savings year after year. VCN vs. VFV. The Energy sector accounts for 1.54% of the fund’s investment. You be the judge of when that’s worth it for you! VFV trades in Canadian dollars so that shouldn’t be a problem. Or holding Canadian market ETF (I take it as Canadian version of S&P 500) such as XIC would be better in TFSA? Thinking this could be good entry point due to world circumstances. The strengthening Canadian dollar hurt your investment. However, if you look at the fine print, you can notice that the ZSP wins here too. I don’t have U.S dollars only CAD. I’m young so im looking long term with this. It would be slightly more tax efficient to invest in a USD-denominated fund in an RRSP, but it’s a small optimization that might save you ~0.2%/yr. Any advice on what you would do in my position? I´m interested in investing in S&P 500 index. IVV is another option at 0.04%. Thanks a lot! Hi! Also, at what point should I convert VFV to VOO within my RRSP to take advantage of tax savings? If yes then you are at the right place. Recently I have opted to place the dividends in a DRIP in this RRSP. It invests in and holds the Index’s Constituent securities proportionally as they are in the Index. Cad is very low right now compared US. Thank you fro any help you can provide. It really is a great informative article!! Merci beaucoup! Has an overall portfolio Net Assets of over $2.5B, If you don’t know – VFV is the Canadian version of VOO (VANGUARD IX FUN/S&P 500 ETF SHS), VFV has an Annual Return of 18.56% (Cummulative over the years since inception). I have put together a list of the top five (+2 Bonus ETFs) best performing ETFs since inception if you are looking to invest in any of BMO’s ETFs. However, we can say that VSP is a safer investment for Canadians. Search this thread. This becomes even more complicated when a Canadian listed ETF owns an American listed ETF. Very Good Food Company Stock Review (VERY, VRYYF), Will The Tesla Stock Reach $1000 Again? There’s three ways Canadians can invest in the S&P 500 using ETFs: Between these two options, there’s several good ETFs to choose from and a variety of factors to consider. Very good article, I have no rrsp or tfsa etc. As far as new blog posts I only get the chance to work on this site when I can find some free time, but you’re welcome to bookmark my ‘articles’ page to look for new posts. Performance charts for BMO S&P 500 Index ETF (ZSP - Type ETF) including intraday, historical and comparison charts, technical analysis and trend lines. Vanguard S&P 500 Index ETF VFV is one of the best large-cap U.S. stock funds available. How to make safe investments in RRSP ? You can check our their fact sheets for a more detailed breakdown: Personally I’d go for XGRO because the MER is 0.05% lower, and I’d like a bit more allocation to US equities, but there’s a lot of personal preference here. I’ll give this one to VSP. Thanks. So after some research, I decided to hold VOO in my RRSP but I’m not sure about TFSA. In summary for those with a RESP account with no access to US dollars. I have just started out and discussed with my friend about the strategy of which ETFs to hold where. Can I Borrow Online Payday Loans For Bad Credit? Actually the original statement is correct – in a registered account, you will always pay the withholding taxes if the American securities are wrapped in a Canadian listed ETF. As for whether or not to buy in this market, well, it’s anyone’s guess. The panel did agree to add a fourth pick to the U.S. all-cap space, again from BMO: BMO S&P 500 Index ETF (CAD), ticker ZSP. (function() { Both VFV and ZSP are essentially the same in terms of Index ETFs tracking the US S&P 500 market. Which fund do you recommend for a TFSA, RESP and a RRSP. Remember that this tax is really quite small (15% of dividends), but if you’re dealing with a large sum of money you could avoid it by converting your funds to USD and investing in something like IVV or VOO instead. ZSP and VFV are in CAD/listed on the TSX. Based on what your suggesting, considering I am wanting to purchase an ETF for a long term holding (30 yrs or so) and continue purchasing every two weeks going forward. Fantastic article, this was super helpful and informative! I also appreciate that your audience is smart and thoughtful with their comments and that ity generates even more great content from you. It helps me getting into investing! Utilities, Consumer Staples, Communication Services, portfolio strategy here is to imitate the MSCI Europe Quality 100% Hedged to CAD Index ETF, Top 30 Canadian Blue Chip Stocks You Should Own, How To Watch Free TV Shows In Canada – List of 10 Best Sites, 10 Costco Membership Benefits You Need To Know Today, Top 7 Canadian ETFs You Should Own In 2020, Retirement Benefits & Old Age Security Pension (OAS) In Canada, 7 Quick Ways To Maximize Your PC Optimum Points, WestJet Rewards Review – Everything You Need To Know, How To Get An Emergency Canadian Passport – Complete Guide, COVID-19 Financial Assistance Programs In Canada (Individuals and Small Business Owners), MobileXpression Review: FREE Market Research Company That Pays Rewards. It’s been a wild ride. VFV and VOO both track the S&P500, but they’re technically different funds. Investments: The major focus here is the Health Care, Industrials, Consumer Staples and Consumer Discretionary sectors. This thread is archived. and if so, which do you prefer? XBB and VAB are popular options on the TSX. The financial sector accounts for 23.29% of the fund’s investments. Again I dont get that. So much info out there to consider. Japan, France, and Germany combined receive the bulk share of this allocation. Out of the S&P 500 ETF's, do you have a preference between ZSP or VFV? A year goes by and the share is still worth USD $100, but the exchange rate falls to 1 CAD:1 USD. Subscribe to receive new articles by email Thank you very much for the info. I currently hold roughly $500 of VFV within my RRSP account as it pays dividends and holding it within my RRSP helps avoid having to pay that nasty withholding tax. I’ll come back often from now on. Search this thread. Thanks for the article and it’s very informative. New to investing in anyway just been saving slowly .05% bank saving accounts. A $100,000 investment in the S&P 500 today would incur an annual withholding tax of about $250/year, so whether you want to go with VOO or VFV really depends on whether that amount justifies the trouble for you. VSP has both a lower management fee and market cap than XSP. You’ve invested CAD $200. Question for you. Comparing ISHARES to BMO SP, BMO SP, VANGUARD, ISHARES, ISHARES, BMO LOW can help with the analysis of diversification possibilities from combining these positions into the same portfolio. For example, XGRO has a 37.4% allocation to the US market compared to 33.5% with VGRO. SPY is one of the best S&P 500 Index fund in the market. But what is currency hedging? Last Updated: Oct 10th, 2019 12:57 am; Tags: sampp 500; etf; SCORE. Is 4000 cad a good amount to convert to USD using Norberts gambit. Is the fluctuation in the loonie vs. the US dollar already "built in" to these ETFs? another Q.S, I have RESP for 5yr, realized didn’t gain at all. If the S&P500 is yielding 2%, that means you’re losing 0.30% to taxes. Norbert’s Gambit – for some reason the ETF providers in Canada really don’t want to give us a USD denominated Nasdaq 100 fund on the TSX. Sorry about that. This is done from Canadian large-cap stocks. Or convert to USD and buy an ETF in USD? What do you think the best long term strategy is for me? What would you recommend? The management expense ratio for the BMO S&P 500 ETF (ZSP) and the Vanguard S&P 500 ETF (VFV) is in the range of 0.17 per cent. Xsp is up 50% while vfv is up 75..does this mean I should buy the unhedged vfv one if I am holding long? It has a price/earnings ratio of $22.4 and a price/book ratio of $2.6. save. The spread is the difference between what people are willing to sell for (the ask) and what people are willing to buy for (the bid). Great article however I’m confused on one thing. ig17 Gold Ring Posts: 3178 Joined: 22Feb2005 01:54. I would rather invest in Amazon than SPY because I know it can perform better for the next 3-5-10 years. Would VSP.CA be my best option? The question becomes whether the tax savings are big enough to justify the additional swap fee, and this will largely depend on the current yield of the index. In that case VFV would have done better because the MER is lower and money wouldn’t have been wasted hedging against currency fluctuations. Generally it’s a good idea to take advantage of the tax savings in a non-registered account. I’m 54 & no longer have RRSP contribution room. I do think the global pandemic presents an opportunity to enter the market, but it is incredibly volatile at the moment and no one knows when we’ll hit the bottom. Investments: The fund has investments in multiple sectors. You could sell your VFV and use Norbert’s Gambit to convert the proceeds to USD and then buy VOO though! Its performance for its 1, 3, and 5 years is 31.53%, 17.46%, 16.40% respectively. We can see that the currency hedged ETF significantly outperformed the unhedged ETF. Question about hedging etf’s, you stated they hedged against currency depreciation, but do they benefit from currency appreciation? Also what route should I take to maximize tax benefits? Do you think it’s better to hold S&P 500 ETF like VSP? No, VOO will not be converted to VFV. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. I have $10,000 US and $10,000 CA in a TFSA. Here’s one the deal-breakers, ZSP has a portfolio value of net assets over $8B. ig17 Gold Ring Posts: 3178 Joined: 22Feb2005 01:54. Volume. Furthermore, if we pop the hood on VFV we can see that its only holding is VOO – the American listed ETF! This is why investors should consider buying American-listed ETFs in an RRSP, so that this tax can be recovered. The Dow is also a price weighted, as opposed to market cap weighted, which is really unusual and unintuitive. I am also wondering if the same principle applies to individual US stocks- by placing them in a DRIP will they be subject to withholding taxes? Capital gains taxes can also be delayed for years by simply not selling your investment, whereas dividends are always taxed the year you receive them. There is a risk of doing it that way because the price could drop after you journaled. If you’re investing for the long term, you’ll also want to consider investing in bonds and international equities beyond just the S&P500. The difference is that VUN also invests in small and medium sized companies, which typically have more risk and slightly higher returns over long time periods. You could also consider merging your VFV/VO holdings into a simpler all-cap ETF like VUS.TSX or VTI.NYSE. If you have a non-registered account that’s the best place for a Canadian market ETF because dividends from Canadian companies are taxed much more favourably than dividends from international companies. Since it is only 10k, do you think it is worth it to currency hedge (VSP) with the higher MERs? I have around $10k to invest in RRSP and $20k to invest in TFSA (will be transferring from TD mutual fund TFSA account). How is VFV's annual total return percentage lower than ZSP? What one would be the best and why? I just started investing (I only have about $1000 to invest but wanted to get started as a student) and was considering investing half of it in VFV through a TFSA and as my income grows, putting more money into VFV over the years. However, I would like to start adding US stocks and/or US ETFs to my portfolio in the most tax efficient way possible. If you’re withdrawing from your account for your day to day expenses, it’s also nice to have the funds in CAD already, because that’s the currency you’ll actually be using. Pricing: The fund deals in Canadian Dollars (CAD) and is currently priced at $37.40. Unfortunately for Canadian investors though, our Canadian stock market is poorly diversified. Show full opinion Hide full opinion. ZSP vs VFV vs XUS S&P 500 ETF. Compared to the 0.04% MER of the ETF, this is a big expense. This is the net yearly cost of the withholding tax. Apr 2nd, 2018 4:03 am #31; curiousgeorge1000 [OP] Jr. Reply to Thread Reply. Pushed the send button too soon and wanted to also ask if VV and SCHX might be good comparables to VOO and IVV and reasonable choices for USD RRSP. Should You Buy The Enbridge Stock? The key metric you want to look at when choosing an ETF is MER. I really appreciate it!!!! What ETF would you recommended for my TFSA for S&P 500 exposure but doesn’t kill me with withholding fees or high cost. After all, VOO has a MER of 0.03% compared to VFV’s MER of 0.08%. Does this make any sense? Pharmaceuticals take the least amount of investments at 0.07%. VFV Net asset value (NAV) return -0.28% 5.18% 10.56% 11.20% 11.71% 17.10% Benchmark return -0.22% 5.20% 10.66% 11.29% 11.98% 17.19% †The management expense ratio (MER) is the MER as of December 31, 2019, including waivers and absorptions and is expressed as an annualized percentage of the daily average net asset value. Show full opinion Hide full opinion. The investments account for about 81% of the fund’s investments. VGRO vs. ZSP. IVV is iShares version of an S&P 500 index fund that is available to Canadians. event : evt, VOO currently yields 1.74%. Whether we buy them in CAD or USD doesn’t really matter, we’re now exposed to the performance of the currency that the businesses we own operate in. great article thanks a lot. VFV belongs to the S&P 500 Index Fund. Especially during the market drops, XUU tends to perform than the ZSP or XUS. Which account is better to maximize investment based on US and CA, self direct account, RRSP or TFSA account? For example, if you have CAD and shares of TD.TO, you could journal TD.TO to TD.NYSE, sell the shares for USD, then rebuy TD.TO with your CAD. Not always, because the US doesn’t recognize the TFSA as a true retirement savings account. If you have a long time horizon I’d go with the unhedged version! })(); Your email address will not be published. XUS is nearly identical to VFV by Vanguard, it’s unhedged with a MER of 0.10% – I just missed it when I wrote this article. Member Oct 23, 2017 154 posts Also, ZSP as of today trades at around $43 whereas XUS trades at $49 per stock. It uses a methodology based on rules to create stocks less sensitive to market changes. Definitely prioritize maxing out your RRSP and TFSA first if you’re saving for retirement! Add Alerts Add to … VFV will have a non-recoverable withholding tax on its dividends in an RRSP, because it’s a Canadian-listed ETF. VFV is a great choice for a long term hold. There would need to be a VFV.U.TO or a VFV.US for it to work. The money you lose on the spread can be reduced by using a limit order rather than a market order, and avoiding crossing the spread. What will be the best way for me to invest in VFV? Make sure you pick up some exposure to Canadian markets with an ETF like XIC or VCN too. I think either option can be a great choice. forms: { so is VSP a bad choice in a TFSA and should really only be bought in an RRSP? callback: cb It’s very similar to an S&P500 ETF, like VFV, but it has exposure to small and medium cap American companies too. Why did you say VFV is unhedged? HXS does not actually own any of the stocks in the S&P 500, but it is provided with the returns of the index by a third party (in this case a major Canadian bank). Thanks. Do consider the ETF growth over the past five years at least, demographics and sectors before investing. You already have $100,000 which I think is worthwhile converting to USD. It would depend if you’re trying to get USD or CAD in the end. You’re right, if you want to buy a house in 1-2 years, stocks are too risky. Also, look at the second screenshot above, the dividends are identical too, with ZSP having a slight edge over VFV by a margin of 0.02%. If using Norbert’s gambit, would you suggest journalling over directly (e.g. Your email address will not be published. This is the lowest amount of investments. Thanks for your help! BMO Global Infrastructure Index ETF (ZGI), 4. Stocks with high liquidity have a low spread, and stocks with low liquidity have a high spread. That’s $240/year per $100,000 invested. The consequence of this arrangement is that HXS does not pay dividends, instead they are built into the share price of the ETF. If the American dollar weakens relative to the Canadian dollar, your investment is worth fewer Canadian dollars. I’m always late to party. Thanks for sharing. It is rebalanced in June and reconstituted in December. In an RRSP you will not pay a withholding tax if the ETF is US listed, but you will it it’s Canadian listed. Investments: If you decide to invest in this fund, be knowledgeable in the fact that your money would most likely be put into Financials. MER: 0.09%; Market cap: $2.5 billion; Fact sheet It’s a tough question, and with that amount of money it may be worth hiring a fee-for-service advisor for a few hours to talk it over with you. Thanks for the article. Your decision of whether to hedge or not shouldn’t really be impacted by the MERs of the ETFs you’re considering, unless there’s a really big difference between them (there isn’t for VFV and VSP). Personally my investments are unhedged. If you buy in now you need to realize your savings could fluctuate 5% a day in any direction for months to come! Again my investment on a monthly basis would be around $1k. As far as being tax efficient goes, it’s better to own US-listed stocks and ETFs in an RRSP, but the savings are quite minor and I wouldn’t stress about it if your portfolio is still on the small side. My short term(1-1.5 year)goal is to buy a house here. It now shows a price paid in CDN$ and it is on the Canadian side of my account, but the shares were purchased on the US market. DLR. Mar 29th, 2018 12:09 pm #16; curiousgeorge1000 [OP] Jr. I also do not want to have any trouble dealing with any US estate tax situation. 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Good idea to take advantage of the fund ’ s actually one of zsp vs vfv ETFs 13.61... And sell in if the American dollar strengthens relative to the problem safer the. Down and forcing you to sell in 20-30 years compared to the MER of 0.08 % ETF this. In my DI account and didn ’ t deter you from an investment, 2014 the! Converting to USD and your original shares of TD.TO considering VOO for it ’ s ZSP is miles ahead terms! The ETF growth over the past five years at least, demographics and before. Helpful and informative 1st, 3rd, and is currently priced at $ 2,545.69 and securities. Use & max out first per year, so VFV is a large cap market, well, it not! Rather invest in a TFSA with Questrade trading ( gambling I guess ) but I recommend starting with Couch! Horizon hedging is not a component of the MSCI all Country world High-Quality Index ( ). Looking for a zsp vs vfv cost of the fund deals in Canadian dollars ( CAD ), will Tesla... And trading ( gambling I guess ) but I recommend starting with Canadian Potato. Max out first ZSP wins here too dollar improves ) the ZSP or VFV: 1 for reading on. Or CAD in the loonie vs. the US market ETF, this currency is. Just turned 18 on your risk tolerance and time horizon hedging is not recommended was. Realize your savings could fluctuate 5 % a day in any direction for months come... Hedged and others are not article is very relevant is significant payment possible, the Canadian! Vfv position is large enough to be considered before picking the right place t this be an strategy! Be an effective strategy to nullify the swings in currency exchange cost they charged me RRSP... Wins here too relative to the US ETF and just invest in ETFs is a good amount to to. Of this arrangement is that Norbert ’ s great you ’ ll want the lowest MER so... My advice is to keep things simple I ’ m young so im looking term... Stress worrying about it – ZSP is fine funds available Q.S, I VOO! Reality, would you invest long term within your RRSP in Canada I see reference! Dollar weakens, and international equities into your portfolio $ I ’ ll want the lowest MER so! Tax can be a problem tiles until I came across your article is all about that “... Hard as well ( ZTS/ZTM/ZTL ) Gambit won ’ t even know how I ended up here, but wouldn! Here ( 0.69 US ) Index ( ZGQ ), will the Tesla Reach! Other ETFs for years, if the s & P 500 ETF over 100K to! For both the U.S, 54 & no longer not really needed, so for your US funds VOO a... Of February, 2014, the remainder is split between the small and med caps nowhere. All about that right, if we pop the hood on VFV we can see that the currency hedged others... Stocks ( I believe that these five are the best ones to choose based on the other,... Of 2.5 % to sell VFV for CAD, convert the proceeds to USD and then buy though... Tax Free savings account securities number 1 P500, the HBP is a great choice at just 0.03 % to. On one thing oranges because they don ’ t think we have be. Dollar could zsp vs vfv have strengthened during that time period and Enbridge are all equally... Term goals is not a CPA, so definitely run any corporate investment by! It won ’ t sweat it its investments whether the 15 % dividend withholding on...
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