FidelityConnects: Closing the books on 2025 – Year-end tax strategies

[00:04:16] Pamela Ritchie: Hello, and welcome to Fidelity Connects. I'm Pamela Ritchie. As we approach year end advisors are navigating crucial deadlines that can impact client portfolios and tax outcomes. From RESPs and RDSPs contributions to RRSP strategies and FHSA opportunities, timing is everything for these acronyms. Are you helping clients optimize their TFSA withdrawals before the calendar flips, and what proactive steps can position them for success throughout 2026? Joining us here today to unpack some of the strategies surrounding these very important acronyms is Fidelity Director of Tax and Retirement Research, Jacqueline Power. Great to see you again, Jacqueline. Welcome.

[00:05:00] Jacqueline Power: Thanks so much. Really happy to be here.

[00:05:01] Pamela Ritchie: Delighted to have you here, particularly at this time of year because this is actually where it all hits, doesn't it? This is obviously the calendar flip. We'll invite everyone to send questions in for Jacqueline over the next half hour or so. Let's talk about all the things that happen at year-end anyway and always. What's new, though? There are a couple of circling things that have been either out of the budget, are they important, are they not? The trust story seems to have evolved and then devolved and then evolved and then devolved. Tell us a little bit about what's a bit new this year.

[00:05:33] Jacqueline Power: Yeah, for sure. I would say as far as the bare trust rules are concerned  we have a little more sort of an idea of what's going to happen in the future, which is quite nice, and a lot more exceptions, which is great. So first and foremost, important to know that as far as this reporting is required...

[00:05:51] Pamela Ritchie: And it is, just to sort of...

[00:05:53] Jacqueline Power: Pardon me?

[00:05:54] Pamela Ritchie: To actually sort of define it, bare trust is?

[00:05:58] Jacqueline Power: Essentially, a bare trust is a situation where there's an individual who is a legal owner but not the beneficial owner. Where we see this is really quite common would be situations like an in-trust for account. Parents set it up for a child, the money belongs to the child but the parent is the one who is legally the owner, but they're not the beneficial owner of it. Essentially, what the government did a few years ago is they threw this net out and it just went a little too far. They pulled in all sorts of trusts and were requiring reporting as far as some of these trusts were concerned.

[00:06:34] Pamela Ritchie: Did they want to know what was in them?

[00:06:35] Jacqueline Power: That's exactly, they wanted to get a sense for who the beneficiaries were, what assets were in there, that sort of thing, how large some of these accounts were. That was what they were trying to get a sense for. Essentially, what they realised is they went way too far. In many circumstances it just ended up being a situation where tiny little trusts were contacting CRA to get a trust number so that they could file their T-3 trust return. Essentially, what happened was that at the 11th hour, right before all of this reporting was to be done the government said, okay, we don't need to do this reporting. They kept pushing it off, they pushed it off to December 31st of this year and now they've pushed it off to December 31st of 2026. They've also provided many more exceptions. There's so much more clarity with respect to that. If we're looking at a small trust, $50,000 or less in assets, it can be invested in anything. The trustee does not need to be related to the beneficiary in that situation, the reporting is not required. Also, another thing is a trust where individuals are related, parents setting it up for a child. In that situation 250,000 is the amount that can be in that trust. It can be...

[00:07:56] Pamela Ritchie: Without reporting.

[00:07:58] Jacqueline Power: Exactly. It can be invested in anything but the trustee needs to be an individual and that individual needs to be related to the beneficiary.

[00:08:07] Pamela Ritchie: Meaning it can't be a numbered company or something like that.

[00:08:09] Jacqueline Power: Exactly. Another thing that's really nice too is with respect to real estate, in particular principal residences. They've made an exception with respect to that as well. What was happening was a lot of parents were being added on title on that principal residence for a child simply to help the child get the mortgage and...

[00:08:28] Pamela Ritchie: They were just underwriting the mortgage.

[00:08:29] Jacqueline Power: Exactly. What was happening there was that was being lumped in with these bare trust reporting rules as well. Now that's another exemption. As long as the two individuals are related, it's the individual's principal residence, then in that circumstance the reporting is not required there either.

[00:08:48] Pamela Ritchie: So it's gonna be less onerous and it's next year.

[00:08:50] Jacqueline Power: Exactly.

[00:08:51] Pamela Ritchie: That's sort of, I guess, the good news for those that are concerned about that. That said, we've got the end of the year approaching, we're in December, we go through all the deadlines for all the different government type investment vehicles that allow you to be more tax-efficient in the way you invest, the way you save. Let's go through them. What is sort of first and foremost in your mind? If you had to pick one what is the most important?

[00:09:14] Jacqueline Power: What I would say is understanding trade deadlines is really important. Anything that advisors want their clients to have sold, that transaction needs to be done by December 30th so that it can settle by December 31st. If it pushes into the next year then it's gonna fall into 2026. Where some of these deadlines are really important is if we're looking at an RESP, for instance. In that circumstance if somebody wants to be able to receive grant for 2025, again, that contribution has to be made by December 30th in order for them to be able to receive the grant. Where RESPs are interesting and sort of different than some other account types is if a child has never opened an RESP or hasn't received grant by the age of 15, that contribution needs to be made by December 30th of this year in order for them to receive grant. If they don't receive grant the year that they are 15, even if they make contributions when they're 16 or 17, they won't be eligible for grant at that point. That's definitely something that's important.

[00:10:25] DSPs as well, the Registered Disability Savings Plan, again, it follows year-end. If somebody wants to receive grant that contribution needs to be made by December 30th so it settles by the 31st. If somebody's 49 this year that's the last year that they can make contributions to the RDSP and receive grant for that. Again, they wanna be cognizant of that as well.

[00:10:50] Pamela Ritchie: That's really, really interesting, and you haven't even mentioned RRSPs in there because their deadline's a bit later, which is part of it. Should we go next to those that are thinking of buying a house in the next year or wanting to save for that and perhaps they've already set something up. Again, what do they need to do going into year-end?

[00:11:08] Jacqueline Power: Yeah, for sure. With the FHSA, that's been available since 2023 three, so if somebody's eligible for that, essentially, they have to be age 18, have to be considered a first-time home buyer and then they can set up this FHSA. With respect to that, annual contribution amounts are $8,000, lifetime contribution limit is $40,000.

[00:11:32] Pamela Ritchie: Does it help? Do you like this vehicle?

[00:11:34] Jacqueline Power: I really like it because it's a combination of the TFSA and the RRSP. What I mean by that is when contributions are made to the FHSA, like an RRSP you get a deduction for that. A lot of the time these are being set up for young Canadians so they may not want to use their deduction in the year that they receive it and they can carry that forward indefinitely. So that's something to keep in mind as well.

[00:11:59] Pamela Ritchie: When they do make more and their tax rate is higher then they can have it apply.

[00:12:04] Jacqueline Power: Exactly, because it would be more powerful to them at that point, for sure.

[00:12:08] Pamela Ritchie: It's interesting. There's that vehicle which, as you say, is recently set up in the last four years but then you've always had the piece of the RRSP that you can go into and dip into for buying your first home.

[00:12:19] Jacqueline Power: For sure, most definitely. That would be the Home Buyers' Plan.

[00:12:22] Pamela Ritchie: How do they compare?

[00:12:24] Jacqueline Power: They actually complement each other. They really do because it's allowing individuals to now be able to take more money out. With the Home Buyers' Plan it's $60,000 that they can take out.

[00:12:35] Pamela Ritchie: Of the RRSP.

[00:12:36] Jacqueline Power: Exactly. They're essentially borrowing money from their own RRSP. When it comes out there's no tax that applies at that point but then they do have to make repayments. Normally repayments start two years after the withdrawal is made. Normally at this time of year we're saying, you know, if somebody's buying a house in 2026 normally it would make sense for them to wait until 2026 to make the withdrawal because of the fact that you have to start payments two years after the withdrawal is made. This year's different. Essentially, what the government did is a couple budgets ago they extended the repayment period. They said if purchases were made between January 1st, 2022 and December 31st, 2025 they...

[00:13:20] Pamela Ritchie: So this is kind of coming out of the pandemic. This is the years where things have been all a bit up and down in terms of how people were contributing, making money and so on.

[00:13:28] Jacqueline Power: Exactly. They wanted to give people just a little more time. If somebody makes a withdrawal by December 31st of this year instead of having to start those repayments in 2027 they have an extra three years so they don't have to start the repayments until 2030. That might be a time where it goes against what we would normally say, like to wait until January, this is a year where it could make sense because it's pushing that repayment out.

[00:13:54] Pamela Ritchie: It's really interesting. You go across the country, across the province to speak with advisors all the time. How many questions do they get about all of these different vehicles? This must be a massive time of year, of course, for advisors for lots of different reasons but on some of these particulars that are different than they were a couple of years ago.

[00:14:11] Jacqueline Power: This would definitely be something, especially with so many people wanting to purchase homes but are finding it difficult to come up with money for down payments, that sort of thing. This is allowing them to have two vehicles. With the FHSA, if they end up maximizing that account that's $40,000 plus any growth. Where I was saying that it's similar to the TFSA is when that's withdrawn there's no tax. If it's a qualifying withdrawal that that's being made for then there's no tax that applies. So...

[00:14:44] Pamela Ritchie: Because you've been taxed on the way in.

[00:14:46] Jacqueline Power: No. You're not taxed at all. Now, if you're withdrawing money and it's not a qualifying withdrawal, maybe you're not purchasing a home then in that situation it is going to be taxable. There's also a provision that says that if somebody doesn't purchase a home within the 15 years that the account can be opened they can actually transfer that on a tax-deferred basis into their RRSP. They don't need RRSP contribution room. That's why I was saying it's a good account for somebody to have. Now, where they need to be careful is when they're opening the account they have to think about when they're planning to buy a house because of the fact that it can only be open for 15 years. If somebody's 18 years old, they don't think they'll buy a house until 35, they should wait a couple of years before they actually open it.

[00:15:37] Pamela Ritchie: At eighteen, who knows?

[00:15:38] Jacqueline Power: Well, exactly.

[00:15:40] Pamela Ritchie: But as you say, you'd be advised and the advisors will go ahead and do that. I'm curious about when we're talking about homes and houses and different vehicles and what you do at the end of the year, how much money is flowing from advisors working with the parents going to the kids to sort of help get some of these things going? A lot of this is generational and certain investors, if they're young wouldn't know about any of this except for their parents would let them know and those advisors attached to them.

[00:16:06] Jacqueline Power: Very much so. I think a lot of the time with an 18-year-old they're not going to be aware of the FHSA or the Home Buyers' withdrawal. I always encourage advisors to start to build that relationship with the next generation as early as possible.

[00:16:21] Pamela Ritchie: How do they do that? We've had lots of discussions about this but do you have any .... are they taking someone out to the driving range? What are you doing with eighteen-year-olds?

[00:16:30] Jacqueline Power: It all depends, right? I think it would start as inviting them to meetings with the parents and just starting to build that relationship. There are so many studies that have been done that are talking about once the parents pass away and the money goes to the next generation...

[00:16:47] Pamela Ritchie: It goes to the next, yeah.

[00:16:49] Jacqueline Power: Exactly. If the advisor doesn't have a relationship with the next generation then they're going to lose those assets. The earlier you can start to build that trust with them and have that strong that strong relationship the better.

[00:17:01] Pamela Ritchie: So you do see some of that. Going to the TFSA which has been around for some time now, we know what the amount is. I think it's seven grand for next year. Do you like this vehicle, and what do you find it's used for the most, for short term savings, long term savings, how does it work?

[00:17:18] Jacqueline Power: It really depends on...

[00:17:19] Pamela Ritchie: Retirement?

[00:17:20] Jacqueline Power: For all of those. It really depends on the individual. People like to have it as an emergency fund for many people. I mean, the great thing is that it's tax-free so the fact that you're able to have this money that's growing tax-free is amazing. If people have never opened an account, and they've been eligible since '09, they have $102,000 that they can contribute to the account. It can be really powerful. Sometimes we'll see it used for people who are worried about net income, OAS clawback, that sort of thing. A senior who wants to go on a trip but doesn't want to affect their net income they could make a withdrawal from the TFSA. It's not gonna be taxable. It allows them to have this extra money and not have to worry about OAS clawback or anything like that.

[00:18:07] Pamela Ritchie: Would you say that there's anything further on sort of knowing about this FHSA in terms of ongoing? We've they've expanded things, they're making this easier, we're also hearing a lot about government programs to build more housing. I'm sort of curious about what you hear on the affordability of houses generally. This is basically impossible in most cases. We keep hearing it might become easier. There are certain portions of the market that are not doing well. What is the discussion there?

[00:18:40] Jacqueline Power: It is still really difficult for young Canadians. I worry about my kids and are they ever going to be able to purchase a home? It is nice to see that the government is putting these programs together to try to make it easier for people to have down payments, that sort of thing. If they are using the FHSA and the Home Buyers' withdrawal together that is $100,000 plus whatever growth could be in the FHSA. If you have a couple that's $200,000 that you have as far as a down payment is concerned. That can be really quite powerful. The nice thing with the FHSA is they don't have to pay that back. It's not the same as with the Home Buyer's plan where they have to pay 1/15th of it back over...

[00:19:30] Pamela Ritchie: Along with their mortgage.

[00:19:32] Jacqueline Power: Exactly. Now, with the Home Buyers' Plan, if for some reason ... maybe their income is low and as a result they decide that they don't want to make a payment in a particular year, what happens is that's then taken in as income for that year. They have the opportunity to do that if they happen to be in a low tax bracket. Sometimes we'll find that with couples. Maybe one is a stay at home parent and for them sometimes it makes sense for them to take that payment as income rather than actually making the payment to their RRSP.

[00:19:58] Pamela Ritchie: Let's talk about RRSPs. It's obviously a longer deadline so it's not something that happens in a matter of weeks. That said, there's the contributions, there's the switching over to a RRIF account at a certain age, at 71 I think it is. Tell us a little bit about what you want to be thinking about now just in terms of that deadline approaching, but not for a couple of months.

[00:20:18] Jacqueline Power: Yeah, for sure. Essentially, a couple of things. They do have the first 60 days to make those contributions. They can choose if they want to use it in '25 or '26 if they made it in the first 60 days of '26. This year that falls on a Sunday so it's actually until March 2nd that they have to make those contributions so that can be helpful. Now, you talked a little bit about turning your RRSP to a RRIF at 71. With respect to that, what we're finding is more and more Canadians are working past age 71 so you're still accumulating RRSP contribution room but you don't have an RRSP. Say, for instance, there's somebody who's turning 71 this year, still has earned income for 2025 so theoretically they could make an RRSP contribution in 2026 but they they won't have an RRSP in 2026 because of the fact that they have to convert it. What some individuals will do, it's called a seniors over-contribution. They'll make one last contribution in 2025 based on what their contribution room is for 2026. It puts them into an over-contribution position. There is a penalty that applies, it's 1% per month so that's why they would do it in December instead of doing it earlier in the year. The nice thing is come January 1st that over-contribution disappears because they have that RRSP contribution room from their earned income this year.

[00:21:48] Pamela Ritchie: That's just a one year thing instead of a transition changeover type thing. Then after that?

[00:21:53] Jacqueline Power: After that...

[00:21:55] Pamela Ritchie: If you're earning income, I mean.

[00:21:57] Jacqueline Power: If they have a younger spouse then they could contribute to the younger spouse's spousal RRSP. That could be an opportunity for them as well. But if both spouses are are 71 and both spouses continue to work, unfortunately, they don't have an opportunity to continue to make those RRSP contributions.

[00:22:15] Pamela Ritchie: It's really interesting. Anything else to know? When you take a look at the spouse ... even if it becomes a RRIF you get to that point where both are 71 and the attribution there, let's go into that.

[00:22:28] Jacqueline Power: That's something that's really important. Essentially, any time that somebody makes a withdrawal out of a spousal RRSP if contributions were made in that year or the previous two years to a spousal RRSP any amounts that are withdrawn end up attributing to the contributor. That defeats the purpose of what they were setting it up for. What you want to do is make sure that you're very cognizant of when the last contributions went in before withdrawals start. Now, there is an exception. If they RRIF and they make the minimum withdrawal out of the RRIF  even if contributions went in the three years before that withdrawal it's still going to be taxable to the individual who made the withdrawal. But if they withdraw amounts above the minimum then that would attribute back to the contributor.

[00:23:17] Pamela Ritchie: Can't the withdrawal just be made by the other person? I mean, isn't that how you would do that?

[00:23:22] Jacqueline Power: The withdrawal is made by the inuitant of the account, yes, but if that withdrawal is above the RRIF amount, the RRIF minimum, that's why it would attribute back to the contributor.

[00:23:35] Pamela Ritchie: Something that happens perhaps a little bit before you get to the point of switching things over to a RRIF is the income splitting and how this works ultimately for, this is annuity payments for DB or DC, a couple of different types of pensions, do we have many of those pensions left [indecipherable]?

[00:23:52] Jacqueline Power: Not as many. There there are still some but, to your point, not as many as there were.

[00:23:59] Pamela Ritchie: Let's talk about income splitting because that's a very useful tool for a lot of people.

[00:24:03] Jacqueline Power: Oh, my goodness, definitely. With income splitting, it's weird because there are different rules depending on whether it's pension income that somebody's receiving or income that's coming from a RRIF or a LIF. Let's talk about pensions first. With that it can be split at any age. Once somebody starts receiving their pension payments from, say, a DB pension, up to 50% of that can be split with their spouse. Essentially, the nice thing is that it's done right on their tax returns so they don't have to contact the financial institution and ask them to do the income splitting there. It would be at the end of the year, they determine what both spouses have as far as income is concerned and then determine how much, like up to 50% should be split. The idea there is instead of having one spouse with a really high income, another spouse with a low income, it'll be a little more even between the two of them, so help from a tax perspective as far as the family unit as a whole is concerned.

[00:25:00] Pamela Ritchie: It's really interesting and something to be able to do that is really helpful. A couple of questions that have come in, some of them circle back to things that you've touched on but just with more detail. Do you have to have the funds in an FHSA or an HBP for 90 days before it can be withdrawn? Actually, they have different days.

[00:25:18] Jacqueline Power: They do. The Home Buyers' withdrawal, it does have to be in for at least 89 days so that's why that day 90, that's when the withdrawal could be made. The same rules don't apply for the FHSA. There's no minimum period of time that the money needs to be in the FHSA before it can be withdrawn.

[00:25:39] Pamela Ritchie: Would there be a reason that you just put it in for a hot minute and take it out?

[00:25:42] Jacqueline Power: To get the deduction.

[00:25:44] Pamela Ritchie: So that does happen.

[00:25:45] Jacqueline Power: Yeah, oh yeah.

[00:25:46] Pamela Ritchie: And that's used properly. Okay, great question. Another couple of them, do you have to pay back the FHSA withdrawals after a certain time? You touched on this too.

[00:25:55] Jacqueline Power: You do not. That's the great thing with the FHSA, does not need to be paid back.

[00:26:02] Pamela Ritchie: I don't know if this is too specific or not but let's ask you. If you don't buy a house within 15 years  can a client roll the funds into an RRSP and then open a new FHSA? You can roll them in.

[00:26:12] Jacqueline Power: You can roll into an RRSP but you wouldn't be able to open a new FHSA.

[00:26:18] Pamela Ritchie: That's that fifteen years, you really want to be cognizant of whether that's possible for you to buy a house inside of that. Those are great questions, all of these coming in. Let's go into charitable donations through the end of the year. A lot of people do this at the end of the year for lots of good reasons. Is the timing all the same? You gotta be there on the last tradable day of the year to make sure it goes through and settles?

[00:26:40] Jacqueline Power: Exactly. If the donation is not settled by December 31st they won't get their donation receipt and as a result won't get the credit. I would also recommend contacting the charitable organization if they want to do an in-kind donation because some of them will have...

[00:26:58] Pamela Ritchie: Which is?

[00:26:59] Jacqueline Power: That's if you're donating securities, stocks, bonds, mutual funds, anything, as long as it's being donated in-kind to charity. The capital gains inclusion rate on that is zero plus the individual gets a donation receipt for the full amount. The reason I was mentioning that is because a lot of the time the charity will have a cutoff date before December 31st because they need to be able to settle that trade so they'll need some time to do that. I would just encourage advisors to encourage their clients to reach out to any of those charitable organizations to see what their cutoff date would be for in-kind donations.

[00:27:38] Pamela Ritchie: I'm just curious, do they tend to settle them right away? Or they might not. I mean they might [crosstalk].

[00:27:41] Jacqueline Power:  I'm not sure how it would work from their perspective. As far as the individual is concerned, whatever the value is at the time that it ends up being donated to the charity that's the donation receipt that they would receive.

[00:27:56] Pamela Ritchie: Anything new about charitable donations? They've actually gone through a few years where there's been lots of audits and concerns and worries. Would you just have a piece of advice that you'd throw out there? I mean, you want to make sure it's an accredited, obviously, but is there anything beyond that?

[00:28:10] Jacqueline Power: You want to make sure that it's a charity that's registered with CRA and it should be fine. If it seems like it's not a reputable place then you would likely not want to donate there. Sometimes people will also do a lot of research, see how much of this donation is actually getting to the individuals who need it. Sometimes people will look to see, okay, is there a lot of admin and if it's large amounts of admin then maybe they'll want to find a different organization. Sometimes some of these admin fees can be quite high.

[00:28:50] Pamela Ritchie: In terms of international investing, whether this is through stocks, whether different types, there's obviously different forms that you have to fill in and report. The T1135, that's foreign property. That can also be stocks, that can be all kinds of things. Tell us about the reporting people might need to know. This has been a huge year for global equity investing, actually, unlike, well, maybe for at least a decade.

[00:29:15] Jacqueline Power: Essentially, what happens is if the cost of the investment at any time of the year is over $100,000 in foreign property then they will be required to do this T1135 reporting. If it's between 100,000 and 250,000 they're able to do the simplified reporting method. Essentially, on the T1135 form they just check off the boxes as to, you know, so it's very simple, very straightforward. If the property has a cost over $250,000...

[00:29:44] Pamela Ritchie: As in it's worth that much?

[00:29:47] Jacqueline Power: No, what the original cost of it was. In that circumstance they have to do the detailed reporting. Much more information is being requested as far as that's concerned. A question we get a ton is with respect to Canadian mutual funds. A Fidelity fund that's a global fund, do we have to do the reporting for that? It is not required. This is only for investments that are...

[00:30:13] Pamela Ritchie: Are outside of [crosstalk]...

[00:30:14] Jacqueline Power: Exactly. Not Canadian mutual funds. If it's a U.S. mutual fund then yes, but a Canadian mutual fund, no.

[00:30:20] Pamela Ritchie: How would you want to sort of talk about tax loss harvesting? It does seem like it's been such a gargantuan year for gains, actually, any little tax loss harvesting you could do might be really helpful. It seems to be a November story. We're in December, there's still time.

[00:30:37] Jacqueline Power: There is still time, most definitely. If there is something that's in a loss position then by all means, they could realize that loss. Essentially, the loss needs to be used in the year it's realized or it can be carried back for a maximum of three years and then carried forward indefinitely. Now, one thing that I do always like to mention when I'm talking about tax lost harvesting are the superficial loss rules. Essentially, with this what it says is if the individual themselves or someone who's affiliated with them repurchases the identical property 30 days before or 30 days after that loss was realized then the superficial loss rules kick in and then essentially the loss is denied in that situation.

[00:31:21] Pamela Ritchie: So you can't just sell it in November and come back in January.

[00:31:24] Jacqueline Power: Well, you could sell November and come back in January but not...

[00:31:27] Pamela Ritchie: Not December.

[00:31:27] Jacqueline Power: Exactly. You would just have to make sure you're waiting at least those 30 days. One thing that the government has said is that it has to be identical property. It's been determined that if somebody sells a corporate class fund and then purchases the same fund in a trust that's not considered to be identical property. That's a way to stay in a similar investment, just a different structure, and not have to worry about those superficial loss rules.

[00:31:55] Pamela Ritchie: What would you say is sort of a final thought? We're heading towards ... it's been an extraordinary year for lots of different investors, extraordinarily good in a lot of cases for certain types of investments, but there will always be a variety, what would you sort of hang 2025 as sort of a piece of advice that's either different or the same from most years?

[00:32:14] Jacqueline Power: It was a great year, right? As a result, I mean, I think it's just a matter of, you know, looking at at clients, seeing what makes sense in their situation. If it is possible to harvest some losses that would be amazing, right, but just also to be very cognizant of what all of the various cutoff dates are. You don't want a client to not be able to achieve something that they wanted to because of a delay or because they weren't able to  get to it quickly enough. Just have those conversations with clients, see what they need and go from there.

[00:32:47] Pamela Ritchie: Jacqueline Power, thank you for taking us through what we really need to know each and every year. Really appreciate your time.

[00:32:52] Jacqueline Power: My pleasure. Thanks for having me.

[00:32:53] Pamela Ritchie: That's Jacqueline joining us here in studio. Coming up on Fidelity Connects over the next days. We are dipping into next week. We'll go first of all to tomorrow but then we'll head to Monday by the end of this. As the U.S. gears up for a pivotal election year policy shifts and market movements are already taking shape. We have Denise Chisholm, who is Director of Quantitative Market Strategy, and Greg Lowman, he is Bice President of Digital Advocacy and Policy Communications. They're joining us tomorrow for a timely discussion on how political dynamics and legislative signals from the year 2025, sort of the off-year elections year, are setting the stage for what will be probably a pretty interesting 2026. That will be featuring live French interpretation on tomorrow's discussion about that.

[00:33:41] On Friday we wrap up the trading week with institutional portfolio manager for emerging markets, Abhijeet  Singh. He's going to discuss how he's navigating key themes shaping global markets from technological disruption to shifting geopolitical dynamics and also the rate story, of course, as well as what is top of mind for investors as we head into next year.

[00:34:00] Then to Monday, Fidelity Director of Global Macro, Jurrian Timmer. He will be back for his latest macro outlook to set you up for the week of trade ahead. Jurrien's webcast will feature live French interpretation on Monday next. Thanks for joining us here today. We'll see you soon. I'm Pamela Ritchie.