News and articles

The Good, The Bad, The Ugly Newsletter

Hey Cam, our first video together, what do you think?

It's going to be fun.

Yeah. 2024 was a wonderful year.

On a personal note, I was lucky enough to trick my best friend in to marry me before she got her

cataract surgery done and I look forward to you all meeting her.

Secondly, the families we care for just had a real good year.

We ran with four models.

The rates of return this year ran from 9% if you only had 35% in the stock market up to our most

aggressive model, which is 90% in the stock market and it achieved 17% return.

I couldn't be happier when our clients are doing great, I'm having a really good day.

It you know, This is why we do it at this stage of our life is for all of you folks and I'm so happy to see

you all doing so well.

Many of you are in our balance model could because you're retired and it's only 60% in the stock

market and even it had achieved 12% return this year.

Now your returns might vary slightly, you know, depending on if you did a bunch of withdrawals and

deposits throughout the year.

Now the stock market has been great for a couple of years, so it's tempting for investors and advisors

to get too euphoric and follow the herd and go all in and let's just buy tech stock or we'll go out and

buy one of the 20,000 types of cryptocurrencies.

You know, I was reading some great headlines the other day around that regarding the euphoria of, of

having a new president and how bullish the world is that we have a new president in case except, of

course, the people that really don't like Mr. Trump, they're not too bullish.

But yeah, most of the world is though, they know he's pretty business friendly.

So here, here's some headlines that that I was reading.

The president will lower tax and be business friendly and was elected on a platform of protectionism

and tariffs which will make the United States really strong.

Interest rates have been lower to stimulate the economy.

Reserve requirements that banks have been reduced.

So the money supply in the United States has increased by 60% to get consumers to borrow and buy

and get the economy rock and rolling margin account balances of people boring to buy.

Stocks are at record levels.

This all gives us a feeling of prosperity when it comes to the stock market.

So people have started to speculate or gamble in the investment world, real estate is also doing really

well as FOMO or the fear of missing out.

The president has also announced deportation of a million or more illegal immigrants back to Mexico.

That makes Americans believe that they're going to have more jobs, less than unemployment.

Everything like that. It sounds pretty good eh, Cam?

The math is starting to match the Cinderella economy.

U.S. economic headlines are indeed positive under the Trump presidency, at least in my world.

So the attitude of advisors in my world is let's rock'n'roll.

However, I tricked you again here.

These, these headlines, I listed above, even though they sound exactly like today, they're not from

today.

They're actually from the 1920s when Herbert Hoover was president in the roaring 20s.

And those indeed were all the things that he did.

President Hoover placed tariffs and deported 1.8 million people Back to Mexico.

At that time he called it the Great Repatriation.

Hoover's bull market was followed as you know-the Roaring 20s was incredible bull market where the

stock market quadrupled.

Unfortunately, it was followed by an 89% market crash.

The stock market stayed down for 20 years and created the Great Depression.

7000 U.S. banks failed and unemployment hit 25%.

That's quite a bit more than the three to 6% unemployment we have today.

Yeah, that's a pretty dooming gloom scenario.

Yeah, I guess you're taking the bad side of the good, bad and ugly.

I've taken the old guy-bad side.

I have to be optimistic. I'm just a little bit younger than you are.

Yeah, I've got no choice.

Well, Mr. Trump and all the investment advisors, I think, Cam, need to read their history books before

going all in, because President Trump, if he fulfills all his provinces, he's about to do exactly what

President Hoover did.

But am I predicting a stock market crash?

No, no, I'm not, because no one knows if the market's going to crash.

You can't get run over by a train you can see coming.

So no one knows what's going to happen under the Trump presidency.

It may be the best stock market in the world.

It might have a crash. You know.

What are your thoughts?

You know what, with all those stars aligning like President Hoover's, it's really hard to say.

The history does rhyme.

It doesn't always mirror itself.

But there's a lot of differences between now and 1929, obviously.

Got to look at the other side of the coin.

I'll take the good half of the good and bad ugly today.

You know, back in 1929, there was no Federal Reserve or Bank of Canada.

There's no social safety Nets like EI.

There was no old age security or Canada Pension Plan.

There certainly wasn't a Canadian Deposit Insurance Corp or the Canadian Investor Protection Fund.

So there's all those backstops that are in place nowadays.

If there was a Fed Reserve back in 29, I have a hard time feeling that, that Great Depression actually

would have happened.

Yeah, that's true, right.

So, but stock markets do predict the future.

They're always leading indicators on the economy.

And AI is going to be increasing productivity, similar to the 1990s tech boom.

So there is a lot of optimism going there.

If President Trump does fall through those promises like lowering interest rates, cutting taxes,

increasing oil supply, deregulating the business world, then all of that is all catalysts for increased

corporate profits and with that, increased stock prices.

You know, I think I think he'll do that.

I really do.

Because you know what, he likes to make money.

So that's why I think he will do a lot of that stuff.

Yeah.

What did he say last time he made a civilian office?

“How's your 401ks doing?”

Yeah, Yeah.

And you can bet he's shorting and longing some investments on his own.

But anyways, you didn't hear it here.

I don't have a clue what Donald Trump's doing. So.

But no, Cam's right.

Technology is a huge inflection point.

I lived through it in the 90s and saw a crash in 2000, obviously.

But it's even more staggering this time than it was in the 90s.

I think in 1900, for example, it took 150 years to double all human knowledge on the planet.

1945 it took 25 years.

In 2020, we were excited because it was taking two days only to double all human knowledge on the

planet.

Guess what it is today, 12 hours.

Every 12 hours all human knowledge on the planet is doubling.

If that's not going to have an effect over, a positive effect over corporations and corporate profit, I

don't really know what will.

The markets might be a little overheated.

We're starting to see some crazy crap recently.

For example, it's Sotheby’s’ auction the other day, on November 8th, a crypto investor, Justin Son,

paid the Italian artist Mauricio Cartland $6.2 million for a beautiful piece of art entitled The Comedian.

Now, you know, you might be going taken for a ride of your piece of art.

It's called The Comedian.

Yeah, no doubt.

And yes, it is a banana. Duct tape to a wall.

It's a $6.2 million banana.

It was reported that after he bought it, he tore it off the wall and ate it.

Did you bring your lunch?

Got a banana in there?

No Riley eats all the bananas.

I'll bring the duct tape.

So as always, we're going to have to participate the best in your plan, but prepare for the worst when

we see crap like this going on.

As always, we remain cautious so we don't damage your family or send you back to work.

If you are retired, we will not mark a time around this kind of background noise as the Federal Reserve

may continue with the soft landing.

And you would miss wonderful years.

You really would.

So we're not going to get cute and go to the sidelines, but we're prepared.

The stock market has dropped roughly every five years for 100 years, and they'll do so.

They'll continue to do so long after I'm not on this planet or you're not on this planet too.

But remember the other side of the coin is when the stock market rises, it rises 80% of the time and it

only drops 20% of the time.

And remember 80% of your investment success will be termed by not getting too euphoric in the

good times like now and gamble instead of invest.

And on the other side, not capitulating and selling at the bottom when your investments are having

bad times.

The markets has corrected every five years, we know it'll come again.

So guess what we're going to do?

We're going to take advantage of opportunities when that happens.

The third piece of good news that we want to share with you today is that, as you know, we moved to

a new fantastic home, namely National Bank.

Yes, thank you, everybody.

From all of us here at the Gustafson-Lienau Advisory Group, from the bottom of our hearts, Brad and I

can't thank you enough for moving with us.

When advisors move an institution, a financial institution, typically it takes about 12 to 16 months to

move all of the clients over.

And there's only about 50 to 70% of the clients will follow their advisors during those changes.

And we are so, so honored that effectively 100% more client families have come with us, except for

one that we're actually going to be meeting with this week here to have a have a sit down.

So thank you again for signing all of those documents and DocuSign and working through that

arduous process with us.

We know how much work it was to go through those mountains of paperwork because guess who

also had to sign all those forms too?

This guy right here.

So you broke a lot of records, and I'll show you this graph here.

We actually tracked our transition process.

Couple things about it.

First off, the title is Bee Gees because that's what National Bank had for a code name for our team.

They like to stick to a theme of rock bands or old bands I guess, and it seemed fitting that we were the

Bee Gees.

We care for about 150 families, including children as well.

So that leads to about 225 couples.

And here's the results.

90% of you gave us the verbal yes within that first week that you're going to work with us continually.

And all clients except for the one family that we're still up to meet with have completed paperwork

and their hard earned savings have all been moved over here by day 70.

So during this transition, there was some eyebrows even the President of National Bank Financial

Wealth Management called us and said we did not know that a move could be completed this fast.

Now we're still cleaning up a few items for some of you.

However, as a couple weeks ago, we're resuming normal operations and we started to meet with the

referrals, start to continue on our regular review cycle and continue with all of the regular financial

planning after this interruption.

So stay tuned.

Early next year, Brittlyn is going to be announcing the details of a big red carbon event for you and all

of your families to attend.

Brittlyn is currently interviewing some venues as we speak.

We're going to need a big place to house all everybody.

You know, I feel it's really weird when you're talking a long time like that because I'm sitting here

nodding that you're talking now.

You know how I feel.

Kind of reminds you when we're watching the Prime Minister or someone standing beside the

nodding.

So all kidding aside, there's quite a few reasons we moved.

Some of you asked, you know, why the heck did you guys go through this?

And you know, I'm moving at my age was the last thing I wanted to do.

There's many reasons we moved.

Number one, size and safety.

National Bank over here, managed $653 billion or way over half a trillion dollars.

Stable history equals a stable future.

The bank's 165 years old and, and the independent wealth division where we work, where we reside is

122 years old.

And no, I wasn't there when the doors came.

I promise.

The most important thing which I got in writing, you know, I'm too old to be told what to do.

So the most important thing that I wanted writing was autonomy.

So we're free.

We know for sure we are free to operate independently from the bank.

We do not have to use their investments.

We can use the 60 any of the 68,000 investments out there that we want and continue to run the

business the way we want to and the way we've always ran it in an ethical client centric man.

Well that was so, so very important.

We know without all of you that we don't have jobs.

Therefore, the ability to continue white glove services paramount.

It was paramount in our decision to move.

National Bank will be a good partner in that goal.

I did, I did quite a lengthy due diligence on that for the last several years

Now National Bank is ranked #1 every year in the JD Powers Client Service survey.

And this was very important to me.

This, this graph as well as many other things, safety.

You know, all the banks and, and financial institutions I interviewed, they all had cyber walls like any

other business.

What's unique is National Bank has also employed hackers to play defense against other hackers to

give that extra level of safety to your money.

And, and that sure made me feel really, really safe.

Yeah.

And coming over here, the entire team did follow us except for one person.

So we need to search across Canada, find somebody to fill those shoes and we're very grateful that

we've found someone with even more experience actually to run our paperwork processing and the

compliance desk.

So last month, Tracy Spence, you may see some emails coming in from her already has moved from

Toronto to take over our vacant desk here on the team.

A little bit about her.

She has 30 years’ experience in this role.

She's been a past winner of the highest performance award with one of her past employers.

She's worked at several banks and including National Bank in the past and fits in and shares with the

team the love of the clients and the higher purpose of caring for families.

Most importantly, she does laugh at Brad's dad jokes as well, too.

That's a must to try and fit in here.

Good timing.

Yeah.

So we have yet to get some new head shots done up.

So we'll be bringing Tracy in here shortly so you can get a a quick look at her and and put a face to

the name.

“Hi, I'm Tracy.

I'm very excited to meet all of you.”

But presently, the team in no particular order.

Many of you know Brittlyn already, she's our operations manager and really the circus leader.

We've got Jeremy who's our experienced plan writer with years of planning experience and he even

worked at banks before, lending experience as well too.

Augustine's our support member for anything administrative wise when it comes to your accounts and

now Tracy here as well, obviously joining in too.

So big team to be able to continue that white glove service approach.

I want to close also and back up what Cam said.

Thank you, thank you, thank you so much.

I'm personally humbled that you all followed us.

It, it's a heck of a compliment.

Thank you so, so much.

I also want to thank the team, though obviously they work side by side with Cam and I on many

weekends and well into the evening during this process till I started to lose my voice.

They made fun of me because I had a bag of throat lozenges behind my desk during the transition,

but they backed me up through all of that.

I'm also very proud of a man who's like a son to me, which is, which is Cam right here.

He stepped up and took possession of the administrative part of the practice through this move and

freed me up to work on the business, making it a Better Business instead of getting buried in the

business and the paperwork and admin minutia of the practice.

And I'd like I've, I've told some of you and I happy to announce to all of you that I've changed the

name of our business from Gustafson Associates to Gustafson-Lienau Advisory Group.

I guess that stands for GLAG

I Google GLAG, there's nothing bad.

We're OK.

We're not going to get sued.

I'm glad that it doesn't mean anything shifty or anything.

I sure hope not.

I didn't think about that.

Also, our legal department is putting the finishing touches on a succession contract as we speak to

ensure if I fall ill or croak on you, that Cam will take you and your family over the finish line for the rest

of your entire life.

And that sounds like a small thing, but it gives me a giant amount of comfort.

I was in a car accident on the highway the Callaway park in 19…

Sorry, 2021. See, that's why I need a successor.

I forget what century it is, and that's probably the post-concussion.

Yeah, so.

But it was in 2021 during COVID and I'm sitting on the side of the highway in the ditch waiting for an

ambulance and thinking “what about my family? What about the clients? What about the practice?”

And it gave me a lot of comfort to know that if Cam was here and it would be all OK if anything bad

happened to me after that accident.

So it means a lot to me to have an honorable partner like Cam.

Thank you to him for your continued mentorship.

It's seven years now on the team and I, I couldn't be more grateful and happier for working with you

and everything I've learned and, and getting to know all of you as well too.

Like our clients, it's feels like one giant family and something that we love to do on a day in and day

out.

And that's the reason why we come to work every day.

So from all of us at the Gustafson-Lienau Advisory Group, we want to say thank you very much and

wish you all a wonderful holiday season.

“Happy Holidays and Happy New Year to everyone.”

National Bank Financial - Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF. NBF is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA). 

National Bank Financial Ranked #1 for Advised Investor Satisfaction by J.D. Power 2 years in a row

Economic news

Economic Impact

To keep you informed and stimulate your thinking, Stéfane Marion and Denis Girouard take a look at economic news and share their perspectives in our monthly informative videos.

Hello, everyone. Welcome to Economic Impact. It's October 14, 2025. I am with Stéfane Marion, our Chief Economist. Hello, Stéfane. A bit different today. You know, in absence of economic news and then the weight of the budget of Mr. Carney, we're going to talk about performance, but also gold.

So, we have a U.S. government shutdown, we're still waiting for a budget in Canada, China and the U.S. are still going at it with tariff threats. But in the meantime, new all time high for equities as of last week, Denis. So, the absence of news seems to be good news for markets. I can't promise we're going to end the year at a record high. It's been a fantastic year, up more than 30% since April. So, let's keep an eye on the next few weeks. As I say, I think there's going to be more volatility.

And all assets are performing well also.

Yeah.

Which is unusual.

In the meantime, Denis, if you want to look at it from an asset class perspective, you couldn't go wrong this year. So, it's a fantastic vintage for a Canadian investor. This is total returns expressed in Canadian dollars. So, we've had, you know, good performance for the Canadian dollar year to date, but up more than 20% for emerging markets. Look at the S&P TSX, up more than 20%. But as I said, you couldn't go wrong this year because every asset classes were up. The only ones not beating inflation would be a Canadian bond market and obviously cash. But all in all, a good vintage for Canadian investors.

And for the first nine months, the S&P and TSX are doing quite well if you compare to the past.

Well, 20.7% for the S&P TSX, 8% for the S&P 500. If you put this in perspective, more than 20% in nine months for the S&P TSX doesn't happen very often, Denis. Last time it happened, you have to go back to 2009 as the economy was rebounding from the Great Financial Crisis. Prior to that, you have to go back to the 2000's, just before the bursting of the NASDAQ bubble, so, fantastic performance. So, let's not be too greedy as investors either, right?

Yeah. And not only that, but all sectors inside the TSX did well.

All sectors delivered positive returns, except for healthcare. But I have to say that, you know, beating the index, 3 sectors beat the index, IT, banks, but the one that had the most leverage on the overall index was materials, up more than 76%, and, within materials, gold stocks were up more than 100%.

And now gold stocks represent a lot inside, you know those indices.

Some people will say, well, it's a record. It's not there yet, Denis. So roughly 11% of the S&P TSX.

Very close though.

The market cap is gold stocks. Going back to the 1970s, the only other instance where we surpassed the current level would have been in 2012. Remember back then people were fearing the debt crisis in the Eurozone. My view, Denis, I do have a strong conviction that we will probably exceed the all-time high in the next few weeks just because of the geopolitical backdrop.

We are at the high right now at $4000 U.S. and the gold.

You're right. So, if you go back to, and if you express this, because I wasn't sure if you were talking about in 2025 dollars, but you were, $4000. If you go back to the 1970s and if you express everything in 2025 dollars, in 1980, yeah, gold prices was lower in nominal terms, but in 2025 dollars it was the equivalent of $2800. Can you believe it's only at the beginning of this tear we were still below $2800 and now we're at more than $4000. So, the question is, is there still upside for gold? If you want still upside, you need more buyers, right?

And there's a lot of buyers. The world is buying gold right now.

Everyone seems to be buying gold. But I think that where it becomes interesting is that there's an institutional demand for gold and central banks are accumulating gold. They own now 36,000 tons of gold, which now represents roughly 1/4 of their total assets. So, and in the meantime, not everyone, that's the global average. If you can look at a country like Germany is at 70%, but a country like China, which is a big central bank, they still own less than 7% of the total assets in gold.

Yeah, which is very unusual. But now, they own more gold than treasuries.

At the global level, you're right. That 26% seems high, but if you put it in perspective going back to the 1970s, it's still much lower than what we saw there in the 1970s. But you are right to say that they are, the central banks, the institutional demand is diversifying out of U.S. treasuries. And now for the first time since the early 1990s, the central banks own more gold than U.S. treasuries. So, that's part of this whole geopolitical backdrop uncertainty. These central banks are big. If they're not sure about whether the U.S. will still have a dominant role in global financial markets, there they are diversifying and they're not buying Bitcoin, they're buying gold as opposed to U.S. treasuries.

They're buying gold, but they want to buy more.

So, you could say at 26% that they had enough. And there's a survey, there's an interesting survey that's published every year and for the first time since the survey has been available, we reached a new all-time high about, you know, the so-called willingness of these central banks to accumulate more gold. And now we have 43% of these banks saying, you know what, I might still buy more over the coming year. So, that's the point of today's presentation. There's demand for gold, people are asking us what's happening. What characterizes the current cycle for gold is this institutional demand coming from these central banks.

Yeah. We're going to change the subject a little bit. It seems that tariffs bring a lot of money and from Trump's pocket.

True. And that puts uncertainty on inflation and that is also a source of demand for gold because these central banks are saying, well, clearly the U.S. wants to disengage from the global supply chain or they want to reindustrialize, it might cost more. And at the end of the day, this old, you know, tariff collection now, Denis, which really started in June, now reaches $360 billion annualized in Q3. Don't forget, Denis, we said it last month, we're going to end the year at $500 billion of tariff collection. So, that is also part of the reason these central banks are saying, well, that might put more pressure on inflation, lower U.S. dollar. Buy gold because of this uncertainty.

Well, thank you, Stéfane, and thank you all for continuing to listen to us. But above all, don't miss our next meeting in November. Thank you.

5 • 4 • 3 Market Outlook

5 minutes, 4 graphs, 3 key takeaways! Discover a fresh focused quarterly review of markets, the economy and investments with expert Louis Lajoie from our CIO Office.

Hello everyone. Today, September 4, we're going to take a few minutes to look back on the key events that have happened over the summer months for the economy, for markets, as well as what this all likely implies for investors going forward.

Without further ado, we must say that we have enjoyed a remarkably clement summer on the financial markets with for instance equities remaining well anchored on an upward trend, now up by about 13% year to date and even almost 18% for Canadian equities, which continue to outperform, thanks notably to good returns on the part of the materials sector. But what really stands out from the last, the last few months is just how little volatility we saw across financial assets with bonds, for instance, still treading water, but also even on the currency front, which for the most part have essentially consolidated their recent moves or moves from earlier in the year in the case of the Canadian dollar, that's a gain against the U.S. dollar.

So quite a contrast with the extreme volatility from earlier in the year, a contrast that can be largely explained by the fact that the most severe fears that were stoked by the arrival of the U.S. economic agenda have simply not materialized into actual economic data. For instance, inflation continues to largely send the same signal message it was saying earlier before the arrival of tariffs, with for instance Canadian inflation around 2% and U.S. inflation higher, in their case around 3%. So that remains something to keep a close eye on.

But behind these figures, there seems to be a shift in the backdrop, an inflationary backdrop. When you ask U.S. small businesses what is your most important problem right now, you see that the answer is less so inflation as before and increasingly so poor sales that are becoming problematic. And that is an important change in the backdrop because the more sales top line growth is problematic, the more, the higher the chances that eventually that will result into layoffs. And that explains effectively the tight relationship between poor sales and the unemployment rate. So, we'll have to keep a very close eye on how the labour market will evolve over the coming months.

And, accordingly, how the U.S. Federal Reserve will adjust its policy stance against these changing conditions. We are already starting to see a bit of a change in tone, a change in guidance, with President Powell, for instance, saying that the balance of risks appears to be shifting, essentially opening the door to rate cuts. Now that may seem insignificant as a statement, but bear in mind that equity markets and financial markets are entirely focused on the future, not present conditions. And that's why policy guidance is absolutely crucial for financial markets. And effectively, if you look at the last few years, very often key turning points in equity markets were not at key turning points in present conditions in the economy, but at key turning points in policy guidance, mostly from the Fed. But that's also the phenomenon that we have witnessed with the tariffs policy earlier in the year. And for as long as global economic activity remains relatively decent, as we expect, that change in tone at the Fed could actually help support equities to keep staying on an upward trend.

All right, three takeaways for today. Again, as I was saying earlier, the last few months, essentially the relative calm after the tariff storm, given that that storm didn't produce as many damages as initially feared, although the economy is definitely transitioning towards greater pressure on labour markets, which will likely lead to a change in interest rates towards the downside south of the border, a few rate cuts. For investors, what this all mean is summer is over. What I mean by that is we should reasonably expect volatility to pick up at some point. That would be entirely normal. But nonetheless, there is still grounds for optimism given resilient earnings growth and, again, a more favourable policy backdrop.

That's it for today. Thank you for listening and we will talk again in December.

A businessman, standing in a downtown area, smiling whilst looking at his phone.

Week at a Glance

The experts at National Bank Financial give a detailed analysis on how the stock markets and fixed income markets have performed every week.

Finance in focus

Invest in you challenge featuring the ambassador Jessica Moorhouse.

Invest in you Challenge
Watch these short videos and discover practical tips and tools that can help you succeed at every stage of your life as a woman.

Two women sitting together looking at a laptop.

Thought leadership
Dive into articles and videos from our experts  that redefine the trends of the industry

A woman and man sitting at a desk looking at a large document together.

Savings and investments
Discover our investment options that will help you realize your projects or prepare for the unexpected

Economic analysis

A woman sitting in her living room reviewing the financial offers and products.

Weekly Economic Watch

This publication keeps you posted on a wide range of economic and financial indicators affecting the local, North American and global markets. It includes brief commentaries on economic and financial news items.

A couple sitting at their dining room table looking at a laptop together.

Vision

Looking for reliable financial analysis? The Economics and Strategy Group provide a detailed report on interest rates, bonds, the stock market and portfolio strategy.

A man sitting at a table writing in a notebook with a laptop in front of him.

Monthly Economic Monitor

Explore a regional overview with our monthly monitors covering Canada, the United States and the world, each offering forecasts tailored to its area's economic outlook.

A woman sitting at a desk overlooking a city, working on a tablet with two other computers behind.

Monthly Equity Monitor

Experts from National Bank summarize the current state of stock markets globally in this monthly report.

Investment strategy

Investment strategy brown glass building visual.

Investment Strategy

This quarterly publication informs you of global economic conditions, asset allocation recommendations and economic forecasts.

A person using a calculator at a desk with many documents on it.

Asset Allocation Strategy

What’s moving in the financial market and how does that impact your investments? National Bank Investments provides a portfolio strategy across asset classes.

Federal and provincial budgets 

The Canadian flag flowing at sunset representing the federal budget.

Federal Budget

Learn how the Canadian Government plans to execute the annual economic agenda in this year's federal budget.

Three people sitting at a table reviewing their client's investment documents.

Alberta Budget

Our experts examine your province's budget and the financial updates related to it.

Guides and tools

Investing Guide - we're here to answer your questions. A multigenerational sitting in a field laughing and talking to each other.

Investing Guide

This reference guide contains a wealth of practical information and tools to help you plan your projects. Download it to your desktop to enjoy all the features.

Tax and investment guide - a hand holding a form.

Tax and Investment Guide

Find everything you will need to successfully file your taxes in our comprehensive tax and investment guide.

Myths and realities by National Bank Investments.

Myths and Realities

Looking for reliable financial analysis? The CIO Office of National Bank Investments provides a detailed report on interest rates, bonds, the stock market and portfolio strategy.

Graphic elements in different colors and text in red saying quick facts.

Quick Facts

Find the amounts of the different government plans (CPP, QPP, OAS), the TFSA, RRSP and RESP contribution limits, and the link to the different tax tables.

Fraud prevention

A person and a shield to represent fraud protection at the bank.

Find out how to protect yourself against fraud.

Read our tips

National Bank Financial received the highest score in the J.D. Power 2024 Canada Full-Service Investor Satisfaction Study and in the advised segment of the J.D. Power 2025 Canada Investor Satisfaction Studies, which measures the satisfaction of investors who may engage with any financial advisor(s). For J.D. Power award information, visit jdpower.com/awards.

Contact us

Get contact information for our team members and find out where our offices are.