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Demers Valeurs mobilières inc.
615 René-Lévesque West
Suite 1120
Montréal  QC  H3B 1P5
Canada

Family Patrimony

• All residences used by the family. Beware, only the flat used by the family inside an income building is included in this category;
• The furniture used by the family;
• The motor vehicles used for family transportation;
• The money and rights accrued during the marriage (or civil union) in a pension plan. This includes the Québec Pension Plan, the pension plan at work, RRSPs and other plans.

Year End Planning: A Few Answers

The end of the year is always a good occasion to take an overall look at financial issues. With the new year just around the corner, here are some ideas for you to consider.

1. Do You Have a Plan?

A good way to reach your goals is to have more than one. Take the time to identify them. Whether it is to purchase a cottage, to take a trip, to put money aside towards your children's education or a comfortable retirement, to take the time to sit down and give some thought to the means you have to actually reach those goals is probably your best investment!

2. Get Rid of Your Debts…

... and more particularly those with high interest rates or those that do not give you any tax relief because you cannot deduct the interests you pay from your income tax. Act now!

3. Save

Your debts are paid off, now it's time to save. Do it wisely (and mostly regularly) even if you have to start modestly. To save does not mean borrowing to contribute to your RRSP. To save money means to put aside part of your monthly income towards future projects. Get started!

4. Optimize Your Tax Status

Contribute to your own RRSP or your spouse's, acknowledge your losses, restructure your debts that are not tax deductible by transforming them into loans that are, accumulate your tax receipts. Consult a professional!

5. Reduce Your Expenses

Reduce your number of credit cards, bank accounts, life insurance policies, self-administered RRSP and credit margins. By doing so, you will reduce your administration and transaction fees. Also, it will be simpler for you to manage your affairs.

The Old Age Security Pension: A Few Answers

The Old Age Security Pension is a monthly benefit granted to most Canadians. To receive it, one must make a request to Human Resources Development Canada. 

To receive the Old Age Security Pension, you must be a Canadian resident and have reached the age of 65. If you live outside of Canada, you can receive the Old Age Security Pension under certain conditions. 

Calculation of the Pension 

You are entitled to a full pension if you have lived in Canada for at least 40 years after reaching the age of 18 years old or if you were born before July 1952 and have lived in Canada for a certain amount of time. Otherwise, you will only be entitled to a pension in proportion with the number of years spent in Canada. 

The maximal amount of the pension is $471.76 per month and the pension is indexed according to the consumer price index. It is possible to have one's pension deposited directly in one's bank account in Canada or the United States thanks to the direct deposit service. 

The Taxation Aspect 

The Old Age Security Pension is fully taxable and does not give the right to the $1,000 deduction for pension income. Pensioners with a personal income of more than $60,806 will have to reimburse some of their pension. 

In the same way as the QPP pension, the Old Age Security Pension cannot be seized in case of insolvency.

Other Aspects 

In addition to the Old Age Security Pension, low income pensioners are entitled to other benefits such as the Guaranteed Income Supplement and Allowance. The maximum amount under the Guaranteed Income Supplement is $560.69 per month.

The Québec Pension Plan: A Few Answers

Everyone who contributed to the Québec Pension Plan (Régie des rentes du Québec) can receive, upon retirement, the pension paid by the Québec Pension Plan (QPP). A request must be made to the Plan. The amount of the pension depends on several variables, such as the retirement age and the contributions made into the Plan.

If one stops working or agrees with his employer to reduce his salary, one can receive a pension from the QPP starting at age 60. However, the amount will be lower than the full pension that would be paid to a person who has reached the age of 65. After 65 years old, a worker can receive a pension even if he keeps working, whatever his working income. 

Calculation of the Pension 

The amount of the pension is calculated according to the working revenues registered in the name of the beneficiary since 1966 or since his 18th birthday. It varies according to the age reached when he starts receiving his pension. However, a certain number of months with a lower income may be deducted from the submitted contribution period to allow for a larger pension. 

The method of calculation of the amount of the pension is complex. One can ask the Québec Pension Plan for an estimation of the amount of his pension, however, it actually corresponds to 25% of the revenues on which one has paid a contribution during his working life. 

The amount of the pension varies according to the pensions’ annual indexation and according to the new contributions paid by the beneficiary who goes back to work. 

Maximum Pension According to the Age at Retirement in 2005 

The Taxation Aspect

The QPP pension is fully taxable and does not give the right to the $1,000 deduction for pension income. Contrary to the old age security pension, the QPP pension is non-refundable if a certain income bracket is reached. The QPP pension cannot be seized in a case of insolvency and one can receive it even if living abroad. It is possible to receive a statement of our contributions by contacting the QPP.

Stéphan Morin, CA
June 2005

Stéphan Morin is a Chartered Accountant and an investment adviser. He specializes in the management of financial assets and focuses on investment strategies to increase the return in a safe manner.

The Canada Education Savings Plan: A Few Answers

The Education Savings Plan is a savings incentive program aimed at financing the postsecondary education of a child under the age of 21. According to the Canada Revenue Agency, over two million children have taken advantage of the Canada Education Savings Grant!

First, the benefits of such a plan start with the setting up of an education plan for our children. Secondly, the government of Canada helps us, thanks to the Canada Education Savings Grant and the Canada Learning Bond. Lastly, the revenues accumulated in the plan and the governmental help will be taxed only once the child proceeds with his postsecondary education.

Types of Plans and Admissible Ceilings

A plan with multiple beneficiaries must foresee a family tie with the subscriber. For example, Maxime and his sister can be the beneficiaries of a plan initiated by their parents or grandparents. As for the single beneficiary plan, it is not necessary for the subscriber to be related by blood or adoption. In both cases, the plan reaches maturity 25 years after its inception.

One can contribute up to $4,000 per year per beneficiary. However, there is a cumulative ceiling of $42,000 per beneficiary.

The Canada Education Savings Grant

The grant amounts to 20% of the annual contribution made to the plan. The grant is limited to $400 per year and is paid to the plan.

Every child aged 17 years old or less can receive a grant as long as he is the named beneficiary, that he has a social insurance number, he must be a Canadian resident and there must be a contribution made to the plan.

Admissible Education Programs

The funds in the plan must serve to pay for the costs of an education program offered by a vocational school, cegep, university or certain educational establishments situated abroad. The costs may include school fees, school supplies, lodging and transport.

The Child Continues His Studies

The contributions remain the property of the parent. They are not taxable at the time of withdrawal and can be paid to either the parent or the child.

The revenues generated from the contributions and the grants are given to the child if he is registered in an admissible postsecondary education program. These payments are taxable in the name of the child.

The Child Does Not Continue His Studies

The money can be used for a sibling (brother or sister) who will continue his postsecondary education.

The contributions are returned to the subscriber and are not taxable at the time of the withdrawal. The grant is returned to the government.

Revenues generated by the contributions can be used to fill the room available in the annual contribution of the subscriber’s RRSP, up to a maximum amount of $50,000, as long as the plan has been in force for at least ten years. Otherwise, the revenues will be taxed as additional income.

Final Word

On a final note, it is necessary to remember that the contributions are not tax deductible, but they allow generating revenues shielded from taxation.

If the plan is started late, the grant is not completely lost. Each child accumulates grant contribution room that may be recuperated by planning upcoming contributions. 

Personally, I have two children. They are swamped with gifts on birthdays and other occasions, which all end up sooner or later in the closet. I believe in steering some of this into a CESP, in hope that one day I'll hear: "Dad, I registered in the Art Studies Program." 

Stéphan Morin, CA
March 2005

Stéphan Morin is a Chartered Accountant and an investment adviser. He specializes in the management of financial assets and focuses on investment strategies to increase the return in a safe manner.

Protection Mechanisms for Your Savings

We are always grateful for the confidence you show us by entrusting us with your financial assets. Besides this confidence, what are your means of protection?

Demers Valeurs mobilières inc. offers you three levels of protection, effective as soon as your account is opened. 

Level One: Financial Institution Insurance

All investment dealers must subscribe to an insurance protection called Financial Institution Insurance. This insurance policy covers the dealer and its clients against the following risks: embezzlement, loss of money and securities following a theft or burglary, forgery of cheques and other notes payable, and losses undergone following the purchase or sale of falsified, forged, lost or stolen securities.

Level Two: Canadian Investor Protection Fund 

The CIPF is a protection fund which was established by the investment industry to ensure the return of securities and cash balances in case the investment dealer is unable to proceed because it is bankrupt. This protection is similar to the deposit insurance offered by banks.

The protection is $1,000,000 CA for any combination of cash and securities. This coverage is automatic when you open an account with an investment dealer and there is no additional cost to be covered by the CIPF. 

The CIPF protects the clients of members against losses resulting from the bankruptcy of a member and not against losses resulting from market fluctuations or losses caused by the bankruptcy of the issuer of a security or deposit instrument held in your account, irrelevant of how big or small.

The total value of securities belonging to clients held by investment dealers exceeds 800 billion dollars. Since 1969, the losses, after deducting the amounts recovered, amount to only 37 million dollars and were all covered by the CIPF. 

Level Three: AIG

Of its own will, Demers Valeurs mobilières inc. subscribes a private insurance policy, through its financial service provider, known as the CIPF Excess Coverage. This additional protection gives our clients a coverage over and above the limit offered under the CIPF coverage. This insurance extends your coverage to $11,000,000 per account.

Other Measures

When you buy shares and bonds, the certificates are issued separately and kept exclusively in your name. You can confirm whether your securities are separate by examining your statement of account under the section securities in custody.

The monthly financial statements of investment dealers are examined by both provincial and federal financial regulating authorities. 

The annual financial statements of investment dealers must be audited by chartered accountants trained and approved by the financial regulating authorities. The audit files are reviewed by the financial regulating authorities. 

Finally, the regulating authorities proceed with two additional annual inspections. One concerns the financial aspect and the other compliance (for example: whether the client’s objectives are respected).

The Type of Dealer

An investment dealer that suggests a product little known by the general public with a return that does not seem reasonable considering its nature, can put at risk the safety of your entire portfolio as well as the safety of the firm.

When structures are not well defined, it leaves room for certain forms of abuse, as we were able to observe recently. It is therefore preferable to invest in known products, easy to exchange and easy to track down in financial pages.

Stéphan Morin, CA
September 2005

Stéphan Morin is a Chartered Accountant and an investment adviser. He specializes in the management of financial assets and focuses on investment strategies to increase the return in a safe manner.
Protection Mechanisms for Your Savings

We Are Looking for Doers!

When a company is rapidly expanding the way ours is, the doors are wide open for investment advisers who have both the talent and the guts required to seize an opportunity like this one.

Our business model lives up to the aspirations of the most demanding advisers... and beyond! The ambiance is extremely dynamic and the climate productive and decompartmentalized. Furthermore, our offices are right downtown.

As Vice President, Retail Business Development, I will be fully available to support you in this new adventure. The management team is approachable, the coaching is friendly and the means put at your disposal are highly advanced.

With us, there is no limitation. The market is yours. You're ambitious, great, so are we! The timing is good.

We are looking for doers and our proposal will surprise you!

Call me or send me an e-mail. Confidentiality guaranteed.

Thank you.

Éric Simard FCSI
Vice President
Retail Business Development
Tel.: 514.879.1729
Toll Free: 1.866.879.1702

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Specific Services Designed for You!

Demers Valeurs mobilières inc. has developed made to measure services at competitive prices, specifically designed to meet the needs of our institutional clients. As of the first meeting, the drive and efficiency of our team of experts will put you at ease. Whether it is for research or to exercise mandates, you will feel that your business is in good hands. Therefore, with the certainty that we will work in your interest, with self-assurance and rigour, you will have peace of mind when you use our services, whether it is for:

• Safekeeping of securities
• Securities dealings
  • Canadian stock markets
  • U.S. stock markets
  • NASDAQ, NASDAQ over the counter
  • European stock markets (London, Paris, etc.)
• Stock market business (liquid and non liquid assets)
• Technical and fundamental analyses 
  
• Expertise on the regulations governing the Canadian and U.S. stock markets
• Expertise on restricted securities
• Establishing exit strategies 
  
• Strategic advice on how to optimize capital management (cash flow)
• Professional advice on the administrative structure of your securities portfolio 
  
• Planning of interventions, meetings and presentations according to your needs
• Production of insider reports (on request)
• Gathering of financial, technical and current events information concerning the securities comprised in your portfolio

Our Expertise at your Service!

At Demers Valeurs mobilières inc. you will benefit not only from an expertise accumulated over the realization of many mandates, but also from a unique and excellent coaching resulting from our independent position. This is why over the years, several venture capital companies and institutional investors, from Canada and the United States, relied on us to help them with complex decision making, such as for the selection of their exit strategies on public securities. Demers Valeurs mobilières inc. also allows its clients to take advantage of its full discretion and incomparable customized approach by offering made to measure services such as the acquisition of researches conducted by Groupe investissement responsable (soft dollar service).

Solutions According to your Ambitions!

The advisers at Demers Valeurs mobilières inc. have the knowledge and qualifications required to properly define the issues faced by corporations, entrepreneurs and market intermediaries in terms of strategic capital management. When entering our office, you will be propelled into a professional universe where the understanding of your needs will be placed at the forefront. Whether it is to help you face the management of your liquid assets or your taxation obligations, such as the payment of capital tax, our staff will make it their responsibility to offer you the service and advice which will enable you to reach your objectives and carry out your projects. 

Make your Life Easier!

At Demers Valeurs mobilières inc. we know that your days are full. That is why we provide you with a risk control task force which has a thorough understanding of the peculiarities of corporate management, and demonstrates know-how and ingenuity when it is time to find solutions which are best suited for you. Our informed advice will quickly become an indispensable tool allowing to facilitate your work and simplify your life.

An Unconditional Commitment to You!

Our independent position in the market allows us to offer you an honest and transparent environment, where you will obtain the commitment that the suggested solutions will serve only your interests.

Simply Because It's You! 

For Demers Valeurs mobilières inc., strategic capital management is defined by the ability to listen and find solutions corresponding to the specific needs of our clients. We banish ready made solutions! The specialists whom you will meet at our office will be able to suggest dynamic and innovative solutions corresponding exactly to your expectations and situation. Guided by the vision and the intrinsic values of the company, as well as by the recommendations of our Investment Committee, our advisers will become precious allies within your investment strategies. 

Let's Evolve Together!

At Demers Valeurs mobilières inc. you will receive a customized service which will take into account your evolution. Completely aware that our clients' situation changes over time, the company is continuously on the look-out for new analysis methods, to improve our selection process and our supply according to your pace of life, possibilities and needs. 

We Work for your Benefit!

As an independent firm, Demers Valeurs mobilières inc. works only in your interest. Impartial and professional, the company profits only from the success of your portfolio. Therefore, your adviser’s main objective will always be to offer you the optimal customized solution that suits you best among the multiple and various ranges of products offered on the market. He will use all of his imagination, resourcefulness and know-how to find the solution that will give you the most satisfaction.

Myriam is a devoted organizer who distinguishes herself from others by her understanding of administration. Her friendly but rigorous personality guarantees us that she will conclude everything she starts.

With a secretarial training and about a year and half experience in business administration, Myriam is presently studying to become an investment adviser, following in the tracks of her colleagues.

At Demers Valeurs mobilières inc., Myriam is an administrative assistant in charge of account transfers. We are happy to see her growing within our mist.

Pierre Michel is both an entrepreneur and a versatile consultant. He knows how to combine his leadership and entrepreneurial views with his practical knowledge and work experience. He wants to bring his clients to grow in a comprehensive fashion and successfully combines safety and returns. He has served the interests of many clients worldwide and more particularly in Asia.

Coming from a financial planning background, with his great knowledge of bonds, Canadian and American shares, combined with his thorough knowledge of economics and the real-estate market, Pierre Michel is very shrewd when it comes to international markets and global investment opportunities.

Chez Demers Valeurs mobilières inc. il s'oriente vers les comptes de particuliers et est actif au sein du comité de placement de la firme. Nous sommes fiers de l'avoir dans notre équipe.

Pascale is a consultant who inspires confidence due to her integrity, honesty and transparency. Always devoted to the best interest of her clients, she is a great listener and is very empathetic. Whatever task she undertakes, she does it brilliantly.

With over six years of experience in the field, Pascale is recognized for her knowledge of ethical and responsible investment. For the past four years, she has been an executive member of the Montréal region chapter of the "Réseau des femmes d'affaires du Québec".

At Demers Valeurs mobilières inc., Pascale is an investment adviser and an active member of the company's Investment Committee. We appreciate her commitment and her passion for numbers.

François is an ethical, responsible man with irreproachable judgment. His economic and strategic viewpoints are always available for his clients and colleagues.

Founding member of the firm, François has 20 years experience within the industry.

As President of Demers Valeurs mobilières inc., he combines both his experience and his vast international business network, and supplies the firm with all the knowledge and necessary partners needed to meet the clients' requirements, while making sure that his strategic vision serves as guidance for the firm’s employees.

Robert is recognized across Canada for being a shrewd businessman, an upscale consultant and a first class financier. His approach is straightforward, honest and rational. To simply say that he is experienced, knowledgeable and creative is not enough. In some 40 years of career, he was the President of both the Montréal Exchange and the Québec Securities Commission, and also founded his own firm.

His fields of expertise include risk assessment and financial data interpretation, combined with a great knowledge of business law.

At Demers Valeurs mobilières inc., Robert is Chairman of the Board of Directors and acts as strategic adviser during special situations. We see him as an outstanding director, a mentor and a leader whose philosophy enabled the company to be successful from the start.

Introduction

It is because they were concerned with offering their clients honest and professional advice in strategic capital management that Messrs. Robert and François Demers started their own firm, Demers Valeurs mobilières inc. Inc., back in 1992.

With over 40 years of experience in the securities industry, Mr. Robert Demers is presently the Chairman of the company's Board of Directors. A lawyer by training, he has held the positions of President of the Securities Commission as well as of the Montréal Exchange, and has acted as CEO in numerous stock brokerage firms. During his career, he was also a member on various boards of directors of both local and international companies, such as Hydro-Québec and KSH.

With a financial training and over 20 years experience in the stock brokerage industry, Mr. François Demers has been the President of the company since 1998. Very involved in his field, he is presently a member of the Québec District Council of the Investment Dealers Association of Canada (IDA).

Demers Valeurs mobilières inc. Inc. is registered with the Autorité des marchés financiers du Québec as an independent stock brokerage firm with unrestricted practice, and is also a member of the Montréal Exchange, the IDA as well as of the Canadian Investor Protection Fund (CIPF), allowing to reassure investors. 

In order to reassure our clients even more Demers Valeurs mobilières inc. offers them different protection mechanisms:

Our first goal at Demers Valeurs mobilières inc. is to offer unparalleled expertise to our clients and the best customized service. To achieve this, all our employees share the same value system: 

Demers Valeurs mobilières inc. applies these same criteria in the selection of its partners. That is why the company has chosen Penson Services Financiers for the safekeeping and accounting of its clients' securities.

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