Our April meeting via Zoom was, as always, very interesting. We revisited why we meet each month and apart from our social contacts, we share a common interest and enjoy each other’s varied opinions in order to keep relevant and engaged.
Topics Covered
Tax Benefits for New Housing
We addressed the new tax benefits for new homes. Although we are not in the market for new homes at this stage of our lives, this new benefit gives us an opportunity to help our grandchildren when they are of working age. We can give a grandchild $8,000 each year so that the can put this money in a home buyer account, which then gives them a tax deduction and non-taxable savings.
Housing and Rentals
Our immigration rate has risen substantially since Trudeau came into office with new immigrants migrating to the three major Canadian cities – Toronto, Vancouver and Montreal. However, provisions have not been made to supply housing to this increase in population. If we are to continue with successful immigration, plans must be in place to house and train, if necessary, these immigrants to ensure that these people will have good paying jobs.
Review of Our Holdings
We discussed our holdings that have dropped significantly over the past year and decided:
Shopify – Down 36% in past year
Hold – Reason – good potential and well-managed company. Will look at the possibility of buying more if it reaches $500.
Netflix – Down 26% in past year
Sell 30 shares at $344. – Reason – Stiff competition. We have made a profit of $12,500 and will look at future purchases if it drops to the $250 range.
Newflyer – Down 40% in past year
Hold – Reason – New buses have not been in demand due to Covid. We believe that the market will rebound and investments are now being made in the electric bus/truck industry. Relatively small holding.
New Purchase
Stella Jones – Buy 400 shares at $38.34
Comeco – Put on watch list
The largest uranium company in Canada is now coming back into favour. The question is should we buy into it now? It is up 88% in past year. Bruce Power and Darlington are being refurbished; Europe needs power to cut ties with Russia; we need to cut fossil fuel consumption; but is that enough of a reason? Disposal of waste material is an issue and we foresee a long development time to overcome obstacles. We agree that it would be a good purchase if we were planning on keeping it for a long period of time but decided against buying it now.
Next Meeting
Our next meeting will be held on Tuesday, May 10th at 2:00 pm via Zoom. This will be our last meeting of the season and time to wrap up our portfolio for the summer.
Probus Club of Kingsway-Islington 