TSX FINISHES MARCH UP 4.9% DESPITE LOSSES TO END THE WEEK
The S&P/TSX Composite closed the week at 13,440.44, and as March came to a close, the TSX enjoyed its strongest monthly advance since October of 2011 by posting a 4.9% gain. At a 2.7% gain year-to-date, Toronto’s main index remains behind only New Zealand’s index as the world’s best 2016 performer.
The Thursday and Friday TSX losses were led, as usual, by drops in crude oil and resources such as gold.
Oil fell below $37USD per barrel, wiping out much of it’s gains year-to-date. Comments by Saudi Arabia’s deputy crown prince, Mohammed bin Salman, were a major reason for the drop, as he stated Saudi Arabia won’t freeze output unless other major oil producers do so. Meanwhile, world-wide oil production continues at between 1-2 million barrels per day of surplus. As weather warms with the change to Spring, demand could wane. Add all these factors together, and further drops in oil’s valuation is a very real possibility.
Strong US jobs numbers for March – our southerly neighbour added 215,000 jobs – paced expectations by about 10,000, improving the overall outlook about the US economy. Adding to the positive US news was speculation about a sooner-than-expected rate hike by the Federal Reserve.
Naturally, US jobs and Fed rate hike news weighed on gold, and the metal was down by 1% before settling at $1,223.50USD at market close. For the first quarter of 2016, gold has surged to a 16% increase in price. This represents the strongest quarterly rise in decades.
TAX TIME HAS COME AGAIN
Usually, the deadline for individuals not self-employed is April 30th. However, in years – such as 2016 – where April 30th falls on a weekend or holiday, the CRA considers your return to be filed on time if they receive the return/payment on the next business day. The 2016 exception date is Monday, May 2nd.
Self-employed persons must still pay any balances outstanding on/before May 2nd, but they can file their return on or before June 15th.
If you are the executor of the estate for a deceased person who died in 2015, you might have to file a 2015 tax return for that person.
Some helpful links:
Sources: Globe Advisor, Canada Revenue Agency Website