Podcast
Tax Filing vs. Tax Strategy
Will Simpson and Greg Wise
May 1, 2026
Tax season is over. Now is the time to turn last year’s return into next year’s strategy.
April delivered a decisive risk-on move across global equities. The S&P 500’s +10.5% advance was the best monthly return since 2020, fuelled by renewed enthusiasm in mega-cap technology and communications names. The NASDAQ rose +15.3% thanks to markets rotating back into growth namely anything tied to AI. Internationally, Japan’s Nikkei led the charge at +16.1%, while the FTSE All-World Index climbed +10.0%, underscoring the breadth of the rally beyond North America. The Canadian dollar strengthened notably, moving from ~1.39 to ~1.36 against the U.S. dollar, as broad USD weakness provided a tailwind to emerging market and international returns.
On the domestic side, the S&P/TSX Composite gained a more modest +3.7%, with the heavy lifting done by Health Care (+13.0%) and Financials (+10.1%). The laggards were centered around gold miners as Materials fell -5.3% despite gold holding near US$4,615/oz, suggesting profit-taking in miners after a strong trailing run. Bond markets were relatively steady as Canadian 10-year yields edged up to 3.54% and U.S. 10-years to 4.37%. Bitcoin joined the risk-on move with a +12.1% advance, reinforcing the month’s broader theme of appetite for growth and risk assets.
As always, if you have any questions about your portfolio or know someone who could benefit from a second opinion, we are always happy to help.
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