FidelityConnects: RRSP season in focus: Tax and retirement strategies for 2026

Speaker 1 [00:01:04] Hello and welcome to Fidelity Connects. I'm Glen Davidson. We're right in the thick of RRSP season and with tax returns just around the corner, clients are already asking the big questions, what's changed and what should I be prioritising for 2026? From tax efficient corporate class strategies to long awaited clarity on capital gains and bare trusts, this year brings both relief and complexity. So which tax shifts matter most right now and how can you advisors turn today's changes into timely, value-added planning conversations. Joining me now to break it all down are Fidelity Directors of Tax and Retirement Research, Michelle Munro and Jacqueline Power. Jacqueline, Michelle, wonderful to be here with both of you. 

Speaker 2 [00:01:44] Thanks so much for having us. Great to be here.

Speaker 1 [00:01:46] You're both very versatile because it's not just about tax season that you get to be on camera. You're doing things all year because there's so many different topics that you're specialists in. But here we are in the epicentre of what you do. It's tax season, so 2026 taxes. Michelle, let me go to you first. What's new for 2026?

Speaker 3 [00:02:06] I like how you say the epicentre of taxes. Here we are. So 2026, I don't know if I'd say it's new, but we've had a tax reduction. It's the lowest tax brackets reduced by 1% for the entire year. It means about $750 for a couple, but you know, I'm a tax accountant. Watch the pennies, let the dollars take care of themselves. I'll take that tax cut.

Speaker 1 [00:02:33] And why don't we go to you then, Jacqueline? Why don't talk about, this time last year, we're talking about the capital gains inclusion rate.

Speaker 2 [00:02:39] It's true, you and I have...

Speaker 1 [00:02:40] Quite controversial, right?

Speaker 2 [00:02:41] Yes, we've had lots of conversations about this and it's officially cancelled. So as we all know, that was just a massive upheaval for quite a few months, over a year I would say, lots of confusion as to what was going to happen. Was the two-thirds happening, was it not? So as of March 21st of last year, they officially cancelled it. And Prime Minister Carney does not seem to be a fan, so I do not anticipate that we will see that happening again anytime soon.

Speaker 1 [00:03:10] He has lots of other things on his plate.

Speaker 2 [00:03:12] Yes, he does.

Speaker 1 [00:03:13] So, let's go to you on bare trusts.

Speaker 3 [00:03:16] Okay, yes, so we've been talking about bare trust a fair bit. They've been in the news and sort of fluctuating a bit. So let's roll back. It was a 2020-ish time introduced, the government introduced new trust reporting rules and they were intended to be more informational, expanded reporting because they're trying to track people who are not being compliant. And in there, they said in a very small print that, oh yes, and we want bear trusts to file tax returns. So the expanded reporting came into play in 2023, as well as the community, tax community, was looking at, well, what does that mean for these bear trust rules? So some of the more common examples are, we have an ageing parent with adult child, joint, tenancy with right of survivorship. Is that a bear trust? Also, a parent with a, parent or grandparent with a in trust for account for a child or minor child, minor child specifically. Is that a bare trust? Where we have is where there's joint legal ownership, but only one party has that beneficial ownership. So at the last, getting back to at the last minute we were thinking we had to file these tax returns for 2023. Last minute the government said no they would kind of realise that they didn't want to get all of these tax returns

Speaker 1 [00:04:45] These are particularly useful for maybe a young person buying a house.

Speaker 3 [00:04:49] As well, yeah, so you could also have a young person who's buying a house, can't afford it on their own, need a parent to co-sign for that.

Speaker 1 [00:04:57] Likely more common these days.

Speaker 3 [00:05:01] So getting a parent to co-sign, and part of that mortgage requirement is to have a parent on legal title as well. So we see it in a lot of different places, and does that create a bare trust filing requirement?

Speaker 1 [00:05:15] Indeed. And Jacqueline, let's talk about some other exceptions.

Speaker 2 [00:05:18] Yeah, for sure. So essentially, because so many people were being brought into this net, essentially what they did is they've now said that for small trusts, so trusts that are less than $50,000, the trustee does not need to be related to the beneficiary. It can be invested in anything and this reporting will not be required from that perspective. There's also a trust when we're looking at, pardon me, related parties. So the trustee needs to be an individual. They need to be related to the beneficiary. The assets in the trust need to be less than $250,000. And in that case, reporting would not be required either. And then the final one, which is really good news, pardon me, is exactly what Michelle had mentioned with the parents who are being added on title on these properties. Originally that was requiring this sort of reporting. That's no longer required. So really nice to see that they are putting together some things that are helping individuals in the end and making the reporting a lot less. I think it's good for them as well because that would have required a lot of T3 Trust returns if all of this was being lumped in with it as well.

Speaker 1 [00:06:31] So it's really good on both sides. Very much so.

Speaker 3 [00:06:34] The carve out flow we don't and it's the government doesn't need all this information it's not getting at the what they're trying to target whose people who are not compliant who have offshore accounts and whatnot so the carboids I think will carve out I'd say 85 90 percent of the situations that advisors deal with

Speaker 1 [00:06:53] Well that's good, good for our advisors.

Speaker 3 [00:06:55] That's good.

Speaker 1 [00:06:55] Michelle, let's stay with you and we'll talk about corporate class. Can you, it's got a wonderful history in the industry with Fidelity. Can you just give us some background and then we'll get into what it's all about these days.

Speaker 3 [00:07:07] Well, a lot of things that we've been getting from our sales team and from advisors is talking about, well, what's going on with capital gains distributions. So let's just start with that because I think that's a hot topic. And so capital gain distribution, it's being paid. I want to make sure I get the right Wednesday, January 28th, which is the record date. That's the cash payment. And it will be of shareholders of at the close on the record date or shareholders at close on Tuesday, January 27th. So what does that mean? So there's a capital gains distribution and it's some of the classes within the class structure but not all of them. And so, okay, what does it mean? Well, does it means that people are paying double tax? No. It means it's a timing difference. So what that means is we're going to recognise that capital gain in 2026, and when the individual, the unit holder, eventually sells their position, well, that ultimate capital gain is going to be reduced, or if there's a capital loss, the capital loss will be increased.

Speaker 1 [00:08:20] And a bit of background, if you could remind our viewers about Capital Corporate Class.

Speaker 3 [00:08:24] Corporate class.

Speaker 1 [00:08:25] There's some history, yep.

Speaker 3 [00:08:26] Okay, so corporate class, we've been around for a long time. The advantages of corporate class. Well, first of all, they're for non-registered accounts. The advantages are that we have potentially lower distributions than the trust version, as well as the distributions themselves are only Canadian dividends as well as capital gains, which I just touched upon. So, not going to have a distribution of interest, foreign dividend income, watches. Ordinary income which is at least tax-efficient.

Speaker 1 [00:08:58] So certainly flexibility is key with corporate class. Jacqueline, let's go to you about why the distribution's in January? I thought that they were in November. How do we pick the dates?

Speaker 2 [00:09:08] Yes, so essentially the way that it works is that the year end is November, but we have 60 days after year end for us to be able to pay these capital gains dividends. So that's really beneficial because that throws it into the following year. So essentially with us paying it in January, it allows investors and advisors to have almost an entire year to be be able do any tax loss harvesting that they may want do or tax planning generally in an effort to be able to offset that capital gain. Now, if they're not able to offset it, the great news is, is this is 2026, right? So it's not included until they file their taxes in April of 2027. So it pushing that tax liability off a little bit. And because it's a capital gains distribution, as with any capital gain, only 50% of that will be taxable. Certainly more favourable. Very much so, yeah. Okay.

Speaker 1 [00:09:59] Okay, well that makes a lot of sense. Michelle, you touched on some of the advantages of corporate class, others that you can think of.

Speaker 3 [00:10:05] OK, so we'll do a bit of a deeper dive, because we have 88, 89 class funds in our class structure. There's a lot, so there's lots to choose from. Because the class structure is one taxable entity, and I know I'm getting technical, but that means we can pool all the income and expenses. And what that means is that's how we can get potentially lower distributions, as well as those more tax-efficient distributions. Only Canadian dividends as well as capital gain distributions. So there's deferred growth potential. One of the things I should touch upon is just this concept of trapped income. What that is is when there's more interest, foreign dividend income than can be offset by the expenses. And so that's something that Fidelity tracks very closely.

Speaker 1 [00:10:56] Dr. Jacqueline, I'd like to ask you about the health of corporate class.

Speaker 2 [00:10:59] Yeah, so we're really in a very fortunate position. We are extremely healthy, and that's because of the way that we've structured things, really from the get-go. We're very conscious of the amount of interest income, foreign income that's being generated within these funds to ensure that we have enough expenses to be able to offset them. As Michelle said, you know, we don't want to have trapped income, and I'm really happy to say that we did not have trapped in come for 2025. Because we had enough expenses to offset that interest in that foreign income within the structure. Also, we're by far the largest in the industry. We have about $95 billion. Well, that was at the end of November, so it's probably even higher by now at the end of the year. So that's really helpful too, because by the sheer size, it allows us to have more expenses and that sort of thing.

Speaker 1 [00:11:49] And Michelle, you talked about the 80 plus funds that are within corporate class. It's very important that the asset allocation be chosen correctly from a fund company, isn't it? Because, and can you touch a little on that? Because the more interest that we have, the more risk that there is for the health of the corporate structure. And so that's something that Fidelities always had a keen eye on.

Speaker 3 [00:12:09] And I think as a former salesperson, the sales team. Once a salesperson always a salesman. I know. Okay. You can take the man out of sales. You can't take the sales out of the man. Moving right along. Okay. Well, first of all, I want to circle back about trapped income. I want say explicitly that trapped income, trapped inside the class structure. Is an income tax expense, meaning that the class structure writes a check to the CRA. So that's an additional expense in addition to the MER, and that is a drag on performance. So this is why we care about that. So going back to your question is, well, a decade or so ago, what has Fidelity done that's unique or special, better, I would say, than our competitors, is it goes back to a decade or. More ago when we were coming up with our fund lineup in our class structure, we don't have 100% fixed income. The most waiting we'll have to fix for a balanced fund is 60% fixed income, 40% equity. And hindsight shows the wisdom and the foresight of doing that because our structure 2025, not having the trapped income. Now, 2026, we don't know what's going to happen. Markets are unpredictable, but we're in a really strong position.

Speaker 1 [00:13:41] Excellent, that's nice to hear. Jacqueline, let's talk about TacSmart Cash Flow.

Speaker 2 [00:13:45] Yes, so this is an excellent way for investors to receive additional income without affecting their net income. So essentially the way that it works is that investors are able to choose between five and eight percent that they would like to have as an annual distribution. So we determine what the NAV is at the beginning of the year and then essentially multiply that by the amount of units that they have to determine the five or eight percent that would apply. And then they will have this consistent cash flow that they're receiving on a monthly basis. That's assuming that they don't make any additional purchases and have additional units that are added in there. If they do, then that would increase what their payments would be. Now, I said it was tax efficient, so what makes it tax efficient is the fact that when they receive these distributions, they're predominantly return of capital or ROC. So because it's the individual's capital being returned to them, there's no tax that applies on that. Now of course there's a catch, so every time there's a rock distribution, the ACB of the fund will decrease by the amount of that rock distribution. So that when they eventually sell the investment, there will be a larger capital gain, but they have to keep in mind that they've had this tax-free cash flow over several years, plus they've deferred that capital gain over a long period of time as well.

Speaker 1 [00:14:58] And just to be clear, it's not that you have to be in one fund in this solution. You can be in multiple funds, and then the percentage withdrawal is calculated proportionately.

Speaker 2 [00:15:06] Very much so.

Speaker 1 [00:15:07] Exactly. Michelle, what are some of the benefits?

Speaker 3 [00:15:08] All right, yeah. So we've touched upon them. So I wanted to stress that these, again, TaxSmart Cash Flow is for non-registered accounts. It's providing that steady stream of cash flow, it's a monthly payout. It is predominantly return of capital, which is tax-free, it's a deferral of that capital gain, but that deferral could be years or decades into the future. Until you're in a lower tax bracket, conceivably. Conceivably, yeah

Speaker 1 [00:15:35] And then, Jacqueline, what type of client is this most beneficial for?

Speaker 2 [00:15:39] Yeah, and you sort of touched on it, what tax bracket they're in, so when they're in a higher tax bracket, at that point, this makes a lot of sense, because they're going to see a large savings. And other times, whether they're a higher-tax bracket now, or in the future as well. And that's another nice thing about this, is it can be turned on and off. So they can switch back in to just the regular series, and stop those payments. So that can be quite beneficial as well,

Speaker 1 [00:16:06] So the on-off switch is actually which series you're in. Exactly. And that's a simple switch. Correct. Michelle, who's it not useful for?

Speaker 3 [00:16:13] All right. So, again, we're thinking about our non-registered accounts, but if somebody has a low or no accrued capital gain in that position, well, they're in the same position as if they did a systematic withdrawal plan because they're not triggering a capital gain in that situation anyway. The other place we want to think about, as Jacqueline touched upon this, is what is the tax rate of the investor today? Is it a low tax Great. Then they're not going to get the same benefit or bang for their buck, if you will, as somebody who's in a high tax rate today. So we want to understand what is their tax rate today as well as thinking about what is the tax rate tomorrow.

Speaker 1 [00:16:55] Makes a lot of sense. Jacqueline, T-Series strategies.

Speaker 2 [00:16:59] Yeah, so where we find it works really well is for individuals in particular who are worried about different income tested benefits. So OAS is one that we hear a lot. So individuals, my mom is every year calling me and telling me how upset she is about her OAS clawback. So this is a great way for people like her to be able to receive additional income and not their net income. Because these payments, as I said, are all coming to them predominantly tax-free. So this allows them to have that greater amount of revenue that's coming to that.

Speaker 1 [00:17:29] And Michelle, some other strategies that we should talk about.

Speaker 3 [00:17:32] Talk about. So let's talk about a little bit more for rebalancing. So in our non-registered account position one we've done really well and but if you look over our overall portfolio now we're overweight. So sort of the traditional way as well we'd sell a little of that position one, trigger that game and rebalance into the other one. Well we can use tax smart cash flow on our position one. We can redirect that cash flow into position two, position three, and rebalance in a very tax-efficient way. And another way we could do that, and Jacqueline mentioned her mother going into retirement, typically, again, rebalancing their portfolio, typically more conservative. We can do that in a tax-sufficient way as well using tax mark cash flow.

Speaker 1 [00:18:22] Very interesting. Jacqueline, let's go to charitable giving.

Speaker 2 [00:18:25] Yeah, so that also fits really well, as far as tax smart cash flow is concerned, because a lot of people get upset, not upset, but they need to prepare themselves for that larger capital gain that will happen at the time that they eventually sell the investment. So if the investment, the ACB is ground down to zero, or maybe it's at a level where they're ready to sell some of the investment but don't want to have to have all of the tax at the time they sell it. What they can do is donate all or a portion of that investment in kind to charity. Because it's going in kind, capital gains inclusion rate on that would be zero, plus they get a donation receipt for the full amount donated. So not only did they have this tax-free cashflow when they were receiving those rock payments, but in addition, now they're getting no tax at the time that that donation is made, plus the donation received. So it ends up being a real win-win situation.

Speaker 1 [00:19:21] So many tax planning strategies. What are some other strategies for everything but.

Speaker 3 [00:19:26] I say you sound surprised a little bit that there's so many tax strategies. No, I think this is great.

Speaker 1 [00:19:32] For charitable giving, though, other strategies that you can think of.

Speaker 3 [00:19:34] Yeah, so we do have the charitable giving, so advisors who are interested in learning more about it, there's a marketing brochure that goes into more detail. It uses a $100,000 example. And some people might think, well, $100000, that's a lot of money, and it is a lot of money. But the strategy can also work with smaller dollar amounts. One of my friends, she has a position about $10,000, and what she's doing, and she's pretty tax-stabby. She's taking that position one using tax mark cash flow and a redirect option into position two, drawing down position one, drawing up position two. She knows in a few years she's going to make that donation and so she can do it in a much more tax efficient way and her plan is to donate position one those units and meanwhile she's building up position too so it's repeatable as well as she has the flexibility. She doesn't have to wait until position one is drawn down to a zero ACB. She can do it at any time. So I think there's a lot of power to the charitable gifting strategy. No doubt. And that if we have advisors who want to talk more, reach out to your Fidelity sales team and they can connect the advisor with us and Peter Bowen who's not here.

Speaker 1 [00:20:51] That's true. And you mentioned power. So Jacqueline, I'm going to go to you. Let's talk about our SP season thresholds. We need to be thinking about

Speaker 2 [00:20:59] Definitely. So I think many of us are aware that the maximum contribution is 18% of earned income. For 2026 that ends up being $33,810. Now as far as when those contributions can be made, we know it's the first 60 days, so normally that would take us to March 1st. This year March 1 is on a Sunday, so they have until March 2nd, which is the Monday, to make those contributions. What's beneficial about the first 60 days is investors can choose to use that deduction either in 2025 or in 2026. So it allows them some flexibility from that point of view. Now you asked about RSPs, but I'd also like to talk about TFSAs. So with this, our contribution limit is staying at 7,000 for 2026, all Canadians have the same contribution limit. So that's straight across the board. If advisors have investors who have never contributed to a TFSA and they've been eligible since 2009, they have $109,000 that they can now contribute to the TFSA. So it's interesting because when it was first launched, it seemed like, oh, contributions are so small, but now that it's been open for such a long period of time, it's actual substantial contribution limits now.

Speaker 1 [00:22:13] If I'm not mistaken, there was a time when TFSA limits were $10,000. I don't know if it was higher than that. I can't recall. Do you expect, just a guess, that these will increase on a yearly basis from 7,000 where it is right now?

Speaker 2 [00:22:27] So it all depends because it's inflation based. So it will increase at some point. Do I think they'll do another big chunk like that? I can always hope, but I don't, I haven't heard any rumblings to that effect at this point.

Speaker 1 [00:22:42] We can anticipate. Michelle, let's talk about, I think, what a lot of young investors sometimes wonder about. Should I start an RRSP or a TFSA?

Speaker 3 [00:22:51] Well, of course, when we started working, there was only the RRSP available, so there is more options, particularly to younger investors and people who are just starting out their career. So what we want to be thinking about is, well, what is your tax rate today? So then they're thinking, what's better, and what's your tax rate today, and then thinking about, well typically, early on in your career, your rates lower. So you're not concerned about getting the deduction that goes along with the RSP. So you probably prefer a TFSA over an RSP, as well as that TFSA, while it's more flexible. You can make a withdrawal for any reason. You can re-contribute it in a later year. So oftentimes, if it's a choice, TFSA or RSP for a younger investor, typically a TFS.

Speaker 1 [00:23:38] What about retirement or approaching retirement?

Speaker 3 [00:23:40] Okay so in retirement or approaching retirement now we're thinking okay well first of all we know and our audience knows about the option between a TFSA and an RSP but there's oftentimes that people in that age category because when we started working it was not available so if there's an education portion about that TFSA understanding well typically in this age category at the end of your career, the highest earnings years, so the RRSP is advantageous, because you're at the higher tax rate, get a deduction at more advantageous. As well as, well, then there's another component. I'm saying a lot of words to say it depends. But there's a another component that's saying, well, you know what, with saving in the RSP, as soon as I started working, now in a fortunate position where I have a very large RSP which may be sufficient for a retirement lifetime. So it's a balance. And I think that just having this conversation. With clients can really demonstrate that value.

Speaker 1 [00:24:52] Definitely case by case. Let's go to RESPs, Jacqueline.

Speaker 2 [00:24:55] Yeah, for sure. So with our ESPs, no annual contribution limit, lifetime contribution limit of $50,000. The great thing with our esps is the fact that individuals have the ability to receive grant. So it's 20% of the amount that somebody contributes annually, up to a maximum of $500 a year. Now if they want to catch up, they can catch up on $1,000 That's the maximum grant that the government will give in any given year. So, if somebody contributes $5,000, they could receive $1,000 with respect to grant.

Speaker 1 [00:25:29] And then there's the FHSA, which is not Fidelity Homesaving Account, but First Homesavings Account.

Speaker 2 [00:25:33] Exactly. So the FHSA is an excellent account type. This was launched in 2023, so still relatively new. Essentially the way that it works is there's a lifetime contribution limit of $40,000 and an annual limit that you're given every year of $8,000. Now this is different than some other account types. You don't begin accumulating contribution room until the the account is actually opened. And then once the account is opened, that carry forward, you're only able to catch up on two years of contribution, like catch up one year plus the current year. So the maximum contribution you could make in any given year is $16,000.

Speaker 3 [00:26:18] I just really want to stress that the FHSA, first home savings account, is the best account out there because you get a deduction, I know, you get deduction for the contribution as well as when that withdrawal is tax free if you're buying a qualifying home. And as well I think this is a good opportunity for advisors to connect with their client who are predominantly middle-aged and seniors. Are you thinking about this for your young adult children, grandchildren, what have you?

Speaker 1 [00:26:52] What's the receptivity, have you got an idea of how receptive the investing community has been for FHSAs?

Speaker 3 [00:26:58] Oh, I don't have any stats off the top of my head. But they're doing, they're viable. They're doing well. They're viable, and...

Speaker 2 [00:27:03] Yes. Yes.

Speaker 1 [00:27:04] Jacqueline, let's go to interest deductibility.

Speaker 2 [00:27:07] Yes, that's a hot topic at this time of year for sure. So if an individual is borrowing money to invest, now they have to have the, they have anticipate that they're going to receive either interest income, foreign income, dividend income from that investment, but they can invest, pardon me, and be able to deduct that interest. So that can be really quite beneficial to a lot of individuals.

Speaker 1 [00:27:34] And michelle any concerns about fidelity mutual funds

Speaker 3 [00:27:38] So, I want to stress here a little bit because there has to be a reasonable expectation of earning income, which Jacqueline said interest income, foreign income, Canadian dividend income will realise that we did not say capital gains. And so, the government in their literature says, well, if there's only an expectation of receiving capital gains, and they use the example of gold bullion, gold bar, Like, you're never going to get interest income from that. Well then that would not be eligible. So you're asking about our mutual funds and ETFs and mutual funds or trust funds as well as class funds. Are there any special concerns? And the short answer is no. All of our ETFs, all of our trust funds and even our class funds which only distribute capital gains and. Canadian dividends have a reasonable expectation of earning some income. I should point out that there's also special rules in Quebec. So in case anybody has Quebec clients.

Speaker 1 [00:28:42] Which many do. Many do. Jacqueline, spousal loans. Let's talk about that.

Speaker 2 [00:28:47] Yeah, so with spousal loans, a lot of Canadians don't realise that we can't just gift money to our spouse. So if we give money to a spouse, our spouse invests that money. Any investment income that's generated from that, it tributes back to the individual who gifted it. A way to get around that is through a spousa loan. So if there's one spouse who has a high income, other spouse who as a low income, we wanna sort of find a way to have more even income between the two of them. You can have the higher income earning spouse. Lend money to the lower income earning spouse. Now, it does need to be set up as a bonafide loan, so there would be a loan agreement in place, interest that's associated with that. The interest must be at least CRA's prescribed rate, which is currently 3%. And interest actually needs to exchange hands by January 30th every year. If it doesn't, then attribution's going to kick in. And also, when they're paying that interest, They want to make sure that they're paying it out of a bank account that's in the name of the borrower only, because if it's a joint account between the lender and the borrer, the government doesn't know exactly who's paying that interest.

Speaker 1 [00:29:51] Sneaky. Any other reminders, Michelle?

Speaker 2 [00:29:53] And again.

Speaker 3 [00:29:53] Want to stress the importance of having a paper trail. We're going to have a loan agreement between the spouses talking about what is the principal, what is the interest rate on that loan. We were talking, Jacqueline touched upon making sure that we're making that interest payment before January 30th. Well, I looked on the calendar. Did you know January 30 is a Saturday? So make sure it's done the Friday before. You just want to cross your T's and dot your I's.

Speaker 1 [00:30:25] In the interest of time, I'd love to jump to the federal budget. I didn't realise this, but we do a pre-budget submission. And here we are early in 2026. What does that mean, Jacqueline?

Speaker 2 [00:30:35] Yes, so essentially we're, I don't know of other financial institutions that do it, it's possible that they do, but we just want the government to understand what we're hoping to see in the budget. So every year we do one of these submissions with sort of our wish list as to what would be important to us.

Speaker 1 [00:30:51] So you obviously can't talk about everything at this point. And then you go into a budget lockup, not to be confused with a bad type of lockup. This is a good type of a lockup and we usually do a webcast after that, or sorry, that afternoon to talk about what's been discovered. Can you talk a little bit about this whole lockup scenario?

Speaker 3 [00:31:08] Well, we've all been to the lockup many times, and you know, we have to sign a confidentiality waiver. You go in through airport security with metal detectors, cell phone has to go away, it gets locked away, there's no Wi-Fi access. There are literally guards, they're armed guards, making sure no one's doing anything they shouldn't be. But it's also an opportunity to talk to Department of Finance individuals. And so we get to talk to them and see what they're thinking, looking at specific lines. That's a lot of sense. And we do do a budget webcast afterwards. This year it was Peter Bowen and myself. We did it live from the Hill. And so, we're always trying to do things a little bit differently. Unfortunately, there wasn't a whole lot of interest. Tax interesting things in the budget this year. Sometimes that's okay. That's okay, you're in. Sometimes it's okay.

Speaker 1 [00:32:00] I'm just amazed they have armed guards at the budget lock-up.

Speaker 3 [00:32:02] On the guards, I kid you not.

Speaker 1 [00:32:05] You've both provided a tremendous amount of information today. Thank you for that. You do that throughout the year, as I said at the outset. Michelle, could you just talk about how do our advisor partners get access to you, Jacqueline, and Peter?

Speaker 3 [00:32:17] Well, reach out to your Fidelity sales team. And we do advisor seminars, so a branch meeting. We also do dealership meetings, et cetera. We also to investor seminars. And we'll do those. We're travelling across the country. There was one month I was in Halifax one week, and the next week I was Victoria. So literally coast to coast. We travel coast to cost, so we'll do in-person as well as virtual over Zoom video.

Speaker 1 [00:32:46] Excellent. Jacqueline, Michelle, thank you so much for joining us today.

Speaker 3 [00:32:49] Great to be here, thank you.

Speaker 1 [00:32:50] And thank you for joining me today on Fidelity Connects. Coming up on the webcast tomorrow, we can't wait to host you virtually for our all day vision event. Join us for a day focused on what matters most, performance, perspective, and connection. You'll hear from Fidelity's investment experts, swap ideas with peers, and leave ready to take on 2026 with confidence. This all day virtual event will be presented in English and feature live French, Mandarin, and Cantonese audio interpretation. There's still time to register virtually. Visit Fidelity.ca for more information. And on Thursday, economist Don Drummond is back for his analysis on the Bank of Canada's first interest rate decision of 2026. This webcast will be presented in English with live French interpretation. And on Friday, we'll air a replay of our webcast with Fidelity Founder's Class Portfolio Manager, Tom Williams. If you missed our conversation last week, tune in and learn why founder-led businesses matter and how this strategy can support your conversations with clients seeking long-term growth potential. Thanks for watching, I'm Glen Davidson, take care.