As we move into October, the change of season brings a natural opportunity to review plans for the months ahead. In this edition, we share our latest market perspective, timely year-end planning reminders, and practical resources for investment, estate and insurance planning.

As always, we encourage you to focus on the topics most relevant to you and your family. If something raises a question about your own circumstances, we are here to help.

In This Edition

• Market Update - September 30, 2026

• Total Cost Reporting - Understanding Where Investment Costs Go

• Estate & Executor Preparedness

• Short Term Savings - Promotion

• RESP - A Good Time To Review Education Savings

• GIA versus GIC - What’s the Difference?

• Critical Illness Insurance - Planning Reminder

• Your Questions Answered - Understanding Financial Protection

National Day for Truth and Reconciliation

Office Closure - September 30

Market Update - September 30, 2026

Canadian investors continue to navigate a mixed economic environment. The Bank of Canada held its policy interest rate at 2.25% in September, while inflation remained at 3.0% in August. Higher energy costs, trade uncertainty and geopolitical developments continue to influence the outlook and investor sentiment. Political developments are also moving into focus, with B.C. local and provincial elections approaching in October and U.S. midterm elections following in November.

Election periods can bring changing headlines and uncertainty about future economic, tax and fiscal policies. For long-term investors, particularly those approaching or in retirement, it is important to distinguish these short-term developments from the objectives of a well-considered financial plan. Diversification, appropriate liquidity for upcoming income needs, and a strategy aligned with your time horizon, retirement income, tax and estate objectives can help provide perspective when markets fluctuate.

If your circumstances, retirement-income needs or financial goals have changed, we welcome the opportunity to review your plans with you.

Total Cost Reporting

Understanding Where Investment Costs Go

In our September issue, we introduced Total Cost Reporting (TCR) and what enhanced cost reporting will mean for investors.

This month, we are taking a closer look at fund expenses, how they are described, what they include and the services and responsibilities they help support.

Understanding MER, TER and FER

You may already be familiar with the Management Expense Ratio (MER). The MER reflects management fees and operating expenses associated with an investment fund.

Funds also incur a Trading Expense Ratio (TER). The TER represents transaction costs incurred when investments within the fund are bought and sold.

Together, these make up the Fund Expense Ratio (FER):

MER + TER = FER

The FER provides a more complete measure of a fund's ongoing expenses. Under enhanced Total Cost Reporting, these expenses will be more clearly reflected in annual reporting. This does not represent a new fee, it provides greater visibility into expenses already associated with an investment.

What Does the MER Help Support?

For segregated funds, the MER may support several organizations involved in providing and servicing the investment, including the insurer, investment or portfolio manager, Dealer/MGA, advisory firm and advisor.

These organizations perform different roles, which may include investment management, administration, insurance contract features and guarantees, regulatory oversight, technology, financial advice and ongoing service.

Because products and compensation arrangements vary, there is no single allocation that applies to every account. The illustration below provides a general example of how the MER may be distributed and the services it may help support.

For illustration purposes only. The allocation shown is an approximation of how the Management Expense Ratio (MER) may be distributed and the services it may help support. Actual fees, expenses, compensation arrangements, guarantees and services vary by insurer, investment option and contract. Refer to your contract and Fund Facts for information applicable to your investment.

Coming Next Month:

In the final part of our series, we will look more closely at the services and value supported by investment costs, including investment management, administration, financial advice, planning and ongoing service.

Estate & Executor Preparedness

Being organized can make it easier for a spouse, executor or family member to manage important financial and personal matters when the need arises. Whether you are reviewing your own estate information or helping a family member, the following resources may be useful.

Personal Information and Executor Guide

Sun Life's Personal Information and Executor Guide provides a structured way to organize important personal, financial and estate information. It can also help you consider whether your executor and family know where important documents are located and whom to contact when the time comes.

Personal Information & Executor Guide - Sun Life

When a Spouse Dies - A Practical Checklist

The death of a spouse can bring many financial and administrative responsibilities at an already difficult time. Sun Life's 10 Things You Need to Do When Your Spouse Dies provides a practical overview of some of the matters families may need to address.

When a Spouse Dies - Sun Life

MWFS Personal Digital Inventory

Estate preparation increasingly includes our digital lives. The MWFS Personal Digital Inventory provides a convenient way to identify online accounts, subscriptions, cloud storage, digital assets, loyalty programs and other digital services that an executor or trusted family member may eventually need to locate or manage.

Because this information may be sensitive, consider carefully what you record and where the inventory is stored. Avoid recording passwords, PINs, recovery codes or other security credentials in an unsecured document. Your executor or trusted person should know that the inventory exists and how it can be located when appropriate.

MWFS Personal Digital Inventory

If you have not reviewed your estate information recently, this may be a useful opportunity to confirm that your executor, beneficiaries and important financial information remain current.

Short-Term Savings Update - Promotion

Manulife 3.0% Advantage Account Promotion Extended

For funds that need to remain readily accessible, a high-interest savings account can play a useful role in managing short-term savings, upcoming expenses and cash reserves.

Manulife Bank has extended its current Advantage Account promotional offer to October 30, 2026.

The promotion currently provides a 3.00% promotional interest rate on qualifying net new deposits to a new personal, non-registered Canadian-dollar Advantage Account opened during the promotional period.

The promotional period continues for 730 days (two years) from account opening on qualifying net new deposits up to $500,000.

Manulife Bank - Advantage Account Promotion

Please refer to Manulife Bank's current offer terms and conditions for complete eligibility requirements, rates and conditions.

RESP - A Good Time to Review Education Savings

With the school year underway and year-end approaching, this can be a good time for parents and grandparents to review education savings for children and grandchildren.

A Registered Education Savings Plan (RESP) can help families save for post-secondary education while providing access to government education savings incentives for eligible beneficiaries.

The basic Canada Education Savings Grant (CESG) generally adds 20% on the first $2,500 contributed annually, up to $500 of basic CESG for the year. Unused basic CESG room may also carry forward, subject to eligibility requirements and limits.

If you already have an RESP, consider reviewing your contributions, beneficiaries and available grant opportunities before year-end.

For more information about how RESPs work:

GIAs versus GICs -

What’s the Difference?

Many investors are familiar with Guaranteed Investment Certificates (GICs) but may be less familiar with Guaranteed Interest Accounts (GIAs) available through insurance contracts.

Although both can provide guaranteed-interest options, their features and the contracts through which they are offered can differ.

Equitable Life has prepared an overview explaining GIAs and some of the differences between GIAs and GICs:

Equitable Life - GIAs versus GICs

If you are considering guaranteed-interest options, your Macnaughton & Ward Financial Account Manager can help explain the features and considerations that may be relevant to your circumstances.

Critical Illness Insurance - Planning Reminder

A serious illness can create financial pressures beyond medical expenses, including time away from work, caregiving and other unexpected costs. Critical illness insurance may provide a benefit when the policy requirements for a covered condition are met.

If you already have coverage and your circumstances have changed, this may be a useful time to review whether the policy continues to reflect your needs.

Your Questions Answered

Understanding Financial Protection

Q: My mother is 78 years old and is in a care home. She has segregated funds purchased through my Macnaughton & Ward Financial Services Account Manager, as well as accounts with a bank, credit union and  brokerage firm. I have power of attorney for her. If one of the financial institutions holding her money were to become insolvent, what protection might apply?

A: This is an important question because different financial products and institutions are covered by different protection frameworks. There is no single form of protection, deposit or investment insurance that applies to everything your mother owns.

The first step is to identify what she owns, where each asset is held and how each account is registered. From there, the applicable protection can be considered.

Segregated Funds - Assuris

Segregated fund contracts are issued by life insurance companies. If a member life insurer fails, Assuris protection may apply to eligible contractual guarantees, subject to its protection rules and limits.

Learn more about Assuris protection

Bank Deposits - CDIC

The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits held at member institutions if the institution fails. Eligible deposits are generally insured separately up to $100,000, including principal and interest, in each applicable insurance category at each member institution.

Stocks, bonds, mutual funds, ETFs and cryptocurrencies are not CDIC-insured deposits.

Learn more about CDIC deposit protection

B.C. Credit Union Deposits - CUDIC

Eligible deposits at B.C.-authorized credit unions are protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). CUDIC currently provides protection for 100% of eligible deposits, with no dollar limit on the eligible deposit amount.

Federal credit unions are instead covered under CDIC.

Learn more about CUDIC protection

Investment Accounts - CIPF

The Canadian Investor Protection Fund (CIPF) may provide protection for eligible client property, such as cash or securities, that is missing and not returned following the insolvency of a member firm, subject to CIPF's coverage terms and limits.

CIPF does not protect against normal investment losses or declines in market value.

Learn more about CIPF coverage

What Does This Mean for Your Mother?

The protection that may apply depends on the financial institution, type of product, account ownership or registration, and how the assets are held.

Rather than assuming all accounts receive the same protection, consider reviewing where your assets are held and which protection framework may apply to each.

A Reminder for B.C. Residents

October is an election month in British Columbia. Remember to make your voice heard and cast your vote in the upcoming local and provincial elections.

B.C. Local Elections: October 17, 2026
B.C. Provincial Election: October 24, 2026

Visiting Us? Reserve Your Parking in Advance  

Planning to drop by our office? We’re happy to offer complimentary parking for your visit, no need to pay at the meter.

Simply call us at (604) 581-9121 before you leave home to reserve your space. Provide your license plate number and we’ll register it for the duration of your appointment.

It’s quick, easy and ensures a stress-free visit. We look forward to seeing you!