“Spring Is Nature’s Way of Saying “Let’s Party”” – Robin Williams
Declining Gold, Oil Prices Push TSX, Loonie Lower
Declining commodity prices pushed the Toronto stock market to a lower close Friday, while south of the border investors remained buoyed by recent news that the U.S. Federal Reserve will likely slow its pace of interest rate hikes. The Toronto Stock Exchange’s S&P/TSX composite index lost some 124 points to about 13,497 as oil and gold prices trended lower. The loonie also traded lower, down 0.29 of a U.S. cent at 76.70 cents US.
In commodities, the April contract for North American benchmark crude oil was down 76 cents at US$39.44 a barrel, while the much more heavily traded May contract fell 52 cents to $41.14.
May natural gas shed two cents to $1.99 per mmBtu, April gold lost $10.70 to US$1,254.30 an ounce, while May copper slipped one cent to US$2.28 a pound. In New York, the Dow Jones industrial average rose 120.81 points to 17,602.30, while the broader S&P 500 added 8.99 points to 2,049.58 and the Nasdaq advanced 20.66 points to 4,795.65.
File Tax On Time
Tax day, otherwise known as “scramble to punch in those last few numbers” day, falls on a Saturday, meaning Canadians get a two day grace period until Monday May 2, to file their taxes. But take a day too long and you could wind up with a hefty tax bill. Late filers will be hit with a penalty of five per cent of their 2015 balance owing and an additional one per cent of the balance owing for each full month the tax return is late up to a maximum of 12 months. Repeat offenders, those who’ve been hit with a late-filing penalty on previous returns for 2012, 2013, or 2014, could get hit with a 10 per cent late fee plus an additional two per cent of the 2015 balance owing for each full month the return is late up to 20 months.
According to the latest figures from the Canada Revenue Agency, 18 million Canadians, nearly two thirds of the tax filers in 2013, collectively owed more than $185 million in taxes.
Here’s a tip: Don’t lie
False statements or omissions can also get you into trouble. According to the CRA, you may have to pay a penalty if you “knowingly or under circumstances amounting to gross negligence, have made a false statement or omission on your 2015 return.” The penalty starts at $100 but can go up to 50 per cent of the understated tax and/or “the overstated credits related to the false statement or omission.” But there can be relief for some late or non-filers in the form of the Voluntary Disclosures Program.
As long as CRA is not looking for the return, hasn’t demanded it be filed or sent out any correspondence or indicated that they’ve been looking for any money or payment you could file the return under the Voluntary Disclosure Program.
Weekly Market Wrap Up as of March 18 2016
The TSX closed at 13497, down -25 points or -0.18% over the past week. YTD the TSX is up 3.92%.
The DOW closed at 17602, up 389 points or 2.26% over the past week. YTD the DOW is up 1.02%.
The S&P closed at 2050, up 28 points or 1.38% over the past week. YTD the S&P is up 0.29%.
The Nasdaq closed at 4796, up 47 points or 0.99% over the past week. YTD the Nasdaq is down -4.21%.
Gold closed at 1256, up -10.00 points or 0.32% over the past week. YTD gold is up 18.60%.
Oil closed at 41.13, up 2.66 points or 6.91% over the past week. YTD oil is up 11.01%.
The USD/CAD closed at 1.300634, down -0.0227 points or -1.72% over the past week. YTD the USD/CAD is down -6.00%.
The MSCI closed at 1643, up 46 points or 2.88% over the past week. YTD the MSCI is down -1.20%.
The Euro Stoxx 50 closed at 3060, down -14 points or -0.46% over the past week. YTD the Euro Stoxx 50 is down -6.36%.
The FTSE closed at 6190, up 50 points or 0.81% over the past week. YTD the FTSE is down -0.83%.
The CAC closed at 4463, down -30 points or -0.67% over the past week. YTD the CAC is down -3.75%.
DAX closed at 9951, up 120.00 points or 1.22% over the past week. YTD DAX is down -7.37%.
Nikkei closed at 16725, down -214.00 points or -1.26% over the past week. YTD Nikkei is down -12.13%.
The Shanghai closed at 2955, up 145.0000 points or 5.16% over the past week. YTD the Shanghai is down -16.50%.
Sources: Bloomberg; Investment Executive; advisor.ca,