2019-2020 Trustee Annual Report on the English and Wabigoon Rivers Remediation Trust
Get information on the financial affairs and disbursement of funds from the English and Wabigoon Rivers Remediation Trust for the 2019-2020 reporting period.
As required by the English and Wabigoon Rivers Remediation Funding Act, 2017, the 2019-2020 English and Wabigoon Rivers Remediation Trustee Annual Report was prepared by BMO Trust Company. It includes an audited financial statement of the Trust prepared by Ernst and Young Global Limited entitled: “English and Wabigoon Rivers Remediation Trust: Financial Statements March 31, 2020”. The English and French versions of this report have been posted on Ontario.ca as provided by BMO Trust Company. Please direct any questions regarding the report to English and Wabigoon Rivers Remediation Panel Secretariat at EWRRP.Secretariat@ontario.ca.
ISSN 2561-892X
Report cover
English and Wabigoon Rivers Remediation Trust
May 26, 2020
Ministry of the Environment, Conservation and Parks
Attention: Melissa Thomson, Assistant Deputy Minister - Drinking Water and Environmental Compliance Division
135 St. Clair W 8th Floor
Toronto ON M4V 1P5
Ministry of the Environment, Conservation and Parks
Attention: Indra Prashad, Chair of the English and Wabigoon Rivers Remediation Panel
40 St. Clair W 5th Floor
Toronto ON M4V 1M2
Grassy Narrows First Nation Chief and Council
General Delivery
Grassy Narrows ON P0X 1B0
Wabaseemoong Independent Nations Chief and Council
General Delivery
Whitedog ON P0X 1P0
Eagle Lake First Nation Chief and Council
PO Box 1001
Migisi Sahgaigan ON P0V 3H0
Wabauskang First Nation Chief and Council
PO Box 339
Ear Falls ON P0V 1T0
Wabigoon Lake Ojibway Nation Chief and Council
70 Main Street
RR 1 Site 115
Box 300
Dryden ON P8N 2Y4
Dear Sir/Madam,
We are pleased to provide our Annual Report for the period April 1, 2019 to March 31, 2020 and enclose the following in English and French:
- Account Summary Report outlining the financial affairs of the Trust prepared by BMO Trust Company.
- Report of Disbursement of Trust Property prepared by BMO Trust Company.
- Audited Financial Statements prepared by Ernst & Young LLP.
Please contact me should you have any questions.
Yours truly,
Steve Partridge
Vice-President Indigenous Trust Services - Eastern Canada
BMO Trust Company
(519) 667-1154
1-844-204-0515
steve.partridge@bmo.com
Account Summary Report
Reporting Period: April 1, 2019 to March 31, 2020
Account Summary
| Account Number | Account Type | Asset Type | Account Name | $ Value on March 31, 2020 |
|---|---|---|---|---|
| 865-31550 | Trust | Investable | English and Wabigoon Rivers | 74,757,862.71 |
| 865-31550 | Trust | Miscellaneous | English and Wabigoon Rivers | 10.00 |
| Total Account | 74,757,872.71 |
Income Transaction Activity
| Inflows | $ Current Period | $ YTD |
|---|---|---|
| Interest | 0.00 | 0.00 |
| Dividends | 0.00 | 0.00 |
| Fund Distributions | 0.00 | 0.00 |
| Return of Capital | 0.00 | 0.00 |
| Contributions | 0.00 | 0.00 |
| Transfer From Capital | 0.00 | 0.00 |
| Total Inflows | 0.00 | 0.00 |
| Outflows | $ Current Period | $ Fiscal YTD |
|---|---|---|
| Fees | 0.00 | 0.00 |
| Sales Tax | 0.00 | 0.00 |
| Disbursements and Withdrawals | 0.00 | 0.00 |
| Transfer to Capital | 0.00 | 0.00 |
| Total Outflows | 0.00 | 0.00 |
Capital Transaction Activity
| Inflows | $ Current Period | $ YTD |
|---|---|---|
| Interest | 1,483,108.32 | 405,670.94 |
| Dividends | 0.00 | 0.00 |
| Fund Distributions | 0.00 | 0.00 |
| Return of Capital | 0.00 | 0.00 |
| Contributions | 84,499.39 | 0.00 |
| Transfer From Income | 0.00 | 0.00 |
| Total Inflows | 1,567,607.71 | 405,670.94 |
| Outflows | $ Current Period | $ Fiscal YTD |
|---|---|---|
| Fees | (51,455.33) | (12,687.20) |
| Sales Tax | (6,689.20) | (1,649.34) |
| Disbursements and Withdrawals | (6,851,201.23) | (411,209.39) |
| Transfer to Income | 0.00 | 0.00 |
| Total Outflows | (6,909,345.76) | (425,545.93) |
| Security Transactions | $ Current Period | $ Fiscal YTD |
|---|---|---|
| Sale of Investments | 128,156,585.05 | 23,500,122.90 |
| Purchase of Investments | (145,773,893.25) | (29,711,392.91) |
| Maturities of Investments | 22,888,302.00 | 6,270,012.00 |
| Corporate Actions | 0.00 | 0.00 |
| Total Security Transactions | 5,270,993.80 | 58,741.99 |
| Pending Transactions | $ Current Period |
|---|---|
| Pending Sales | 0.00 |
| Pending Purchases | 0.00 |
| Total Pending Transactions | 0.00 |
Additional Information
This BMO Private Banking statement is your custodial account statement from BMO Trust Company. Where BMO Private Investment Counsel Inc. (BPICI) is the portfolio manager for the account(s), this is also your portfolio management account statement from BPICI.
All information is reported on a settlement date basis in Canadian Dollars unless otherwise noted.
® Registered trade-mark of Bank of Montreal, used under licence.
For important disclosure on this statement see the terms and conditions booklet or the client account agreement for this/these account(s).
Account Holdings Report
Reporting Period: April 1, 2019 to March 31, 2020
Capital Preservation
Cash & Equivalents - Canadian
| Security | Quantity | $ Market Price | $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | % Yield |
|---|---|---|---|---|---|---|---|---|---|
| Capital Canadian Dollar | 57,679.5 | 1.00 | 57,679.50 | 0.00 | 57,679.50 | 0.00 | 0.08 | 0.12 | 0.01 |
| Security | Quantity | $ Market Price | $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | % Yield |
|---|---|---|---|---|---|---|---|---|---|
| Coast Capital Savings Inc D/N 08-04-2020 | 5,150,000 | 99.98 | 5,149,162.61 | 0.00 | 5,125,486.00 | 23,676.61 | 6.89 | 10.53 | 2.08 |
| Van City Savings Credit Union BDN D/N 22-04-2020 | 6,300,000 | 99.95 | 6,296,633.91 | 0.00 | 6,267,366.00 | 29,267.91 | 8.42 | 12.88 | 2.09 |
| Government of Canada T-Bill 20-08-2020 | 4,650,000 | 99.90 | 4,645,255.61 | 0.00 | 4,577,912.39 | 67,343.22 | 6.21 | 9.50 | 2.73 |
| Government of Canada T-Bill 17-09-2020 | 5,000,000 | 99.86 | 4,992,962.50 | 0.00 | 4,920,450.00 | 72,512.50 | 6.68 | 10.22 | 1.73 |
| Canada T-Bill 12-11-2020 | 5,650,000 | 99.79 | 5,638,295.46 | 0.00 | 5,560,754.00 | 77,541.46 | 7.54 | 11.54 | 2.11 |
| Toronto Dominion Bank BDN D/N 19-11-2020 | 7,000,000 | 99.29 | 6,950,323.80 | 0.00 | 6,868,470.00 | 81,853.80 | 9.30 | 14.22 | 1.92 |
| Government of Canada T-Bill 10-12-2020 | 5,650,000 | 99.76 | 5,636,376.72 | 0.00 | 5,553,837.00 | 82,539.72 | 7.54 | 11.53 | 1.77 |
| Province of Ontario T-Bill 30-12-2020 | 4,600,000 | 99.62 | 4,582,543.92 | 0.00 | 4,522,398.00 | 60,145.92 | 6.13 | 9.38 | 1.80 |
| Province of Ontario T-Bill 03-02-2021 | 4,950,000 | 99.56 | 4,928,273.96 | 0.00 | 4,866,543.00 | 61,730.96 | 6.59 | 10.08 | 1.72 |
| $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | |
|---|---|---|---|---|---|---|
| Total Cash | 57,679.50 | 0.00 | 57,679.50 | 0.00 | 0.08 | 0.12 |
| Total Short-Term Notes & Paper | 48,819,828.49 | 0.00 | 48,263,216.39 | 556,612.10 | 65.30 | 99.88 |
| Total Cash + Equivalents – Canadian | 48,877,507.99 | 0.00 | 48,320,895.89 | 556,612.10 | 65.38 | 100.00 |
Fixed Income - Canadian
| Security | Quantity | $ Market Price | $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | % Yield |
|---|---|---|---|---|---|---|---|---|---|
| Government of Canada 2.00% 01-11-2020 Unsecured | 7,150,000 | 100.97 | 7,278,857.78 | 59,550.68 | 7,191,022.09 | 28,285.01 | 9.74 | 28.13 | 0.33 |
| Security | Quantity | $ Market Price | $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | % Yield |
|---|---|---|---|---|---|---|---|---|---|
| Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note | 5,000,000 | 100.03 | 5,021,177.12 | 19,767.12 | 4,997,382.00 | 4,028.00 | 6.72 | 19.40 | 1.73 |
| Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note | 3,000,000 | 100.06 | 3,013,750.82 | 11,835.62 | 2,996,591.25 | 5,323.95 | 4.03 | 11.64 | 1.68 |
| Bank of Nova Scotia 3.270% 7 Year Senior Unsec Deposit Note 11-01-2021 | 7,000,000 | 101.11 | 7,128,208.59 | 50,796.99 | 7,100,687.53 | (23,275.93) | 9.53 | 27.54 | 1.82 |
| Royal Bank of Canada Senior Unsecured 2.860% 04-03-2021 Deposit Note | 3,400,000 | 100.91 | 3,438,360.41 | 7,459.51 | 3,486,475.97 | (55,575.07) | 4.60 | 13.29 | 1.86 |
| $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | |
|---|---|---|---|---|---|---|
| Total Federal Government Bonds | 7,278,857.78 | 59,550.68 | 7,191,022.09 | 28,285.01 | 9.74 | 28.13 |
| Total Corporate Bonds | 18,601,496.94 | 89,859.24 | 18,581,136.75 | (69,499.05) | 24.88 | 71.87 |
| Total Fixed Income – Canadian | 25,880,354.72 | 149,409.92 | 25,772,158.84 | (41,214.04) | 34.62 | 100.00 |
| $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | |
|---|---|---|---|---|---|---|
| Total Cash + Equivalents – Canadian | 48,877,507.99 | 0.00 | 48,320,895.89 | 556,612.10 | 65.38 | 100.00 |
| Total Fixed Income – Canadian | 25,880,354.72 | 149,409.92 | 25,772,158.84 | (41,214.04) | 34.62 | 100.00 |
| Total Capital Preservation | 74,757,862.71 | 149,409.92 | 74,093,054.73 | 515,398.06 | 100.00 |
Miscellaneous
| Security | Quantity | $ Market Price | $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | % of Class | % Yield |
|---|---|---|---|---|---|---|---|---|---|
| Serial number FTT1464961 | 10 | 1.00 | 10.00 | 0.00 | 10.00 | 0.00 | 0.00 | 100.00 | 0.00 |
| Total Miscellaneous | 10.00 | 0.00 | 10.00 | 0.00 | 0.00 | 100.00 |
| $ Market Value Including Accrued Income | $ Accrued Income | $ Cost | $ Unrealized Gain (Loss) | % of Account | |
|---|---|---|---|---|---|
| Total Capital Preservation | 74,757,862.71 | 149,409.92 | 74,093,054.73 | 515,398.06 | 100.00 |
| Total Miscellaneous Assets | 10.00 | 0.00 | 10.00 | 0.00 | 0.00 |
| Total Account Market Value | 74,757,872.71 | 149,409.92 | 74,093,064.73 | 515,398.06 | 100.00 |
Securities Regulations require a report of account holdings to be issued at least quarterly.
U.S. Securities are reported in Canadian Dollars using an exchange rate of USD/CAD 1.4124 where applicable.
"Cost" also referred to as the "book cost", is the total amount paid to purchase the security, including any transaction charges related to the purchase, adjusted for reinvested distributions, returns of capital and corporate reorganizations.
'ND' denotes a value that cannot be determined at this time.
'N/AV' denotes a value that is not currently available.
Unless otherwise indicated, assets are held in Nominee name, BMO Trust Company holds all mutual funds in its name and BMO Nesbitt Burns holds all other securities in its name.
Please note that trust account statements might differ from investment management statements with regards to asset class schemas. Investment management statements will be decisive for the determination of investment holdings.
Account Transactions Report
Reporting Period: April 1, 2019 to March 31, 2020
Capital Activity
Inflows
| Date | Description | $ Amount +/- |
|---|---|---|
| 02-04-19 | Toronto Dominion Bank Senior Unsecured 1.693% 02-04-2020 Deposit Note, 6,000,000 PV | 50,790.00 |
| 15-04-19 | Government of Canada T-Bill 25-07-2019, 5,000,000 PV | 0.00 |
| 17-04-19 | Government of Canada T-Bill 25-07-2019, 5,000,000 PV | 43,850.00 |
| 17-04-19 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 5,000,000 PV | (23,671.23) |
| 22-04-19 | Interest on cash balance | 1.37 |
| 30-04-19 | Van City Savings Credit Union BDN D/N 30-04-2019, 5,100,000 PV @ 1.00 | 27,132.00 |
| 30-04-19 | Government of Canada T-Bill 25-07-2019, 1,100,000 PV | 10,296.00 |
| 10-05-19 | Government of Canada T-Bill 19-09-2019, 100,000 PV | 995.32 |
| 15-05-19 | Province of Ontario T-Bill 19-06-2019, 4,400,000 PV | 35,596.00 |
| 15-05-19 | Government of Canada T-Bill 19-09-2019, 5,100,000 PV | 51,934.55 |
| 17-05-19 | Government of Canada T-Bill 19-09-2019, 1,650,000 PV | 16,950.85 |
| 22-05-19 | Interest on cash balance | 75.00 |
| 06-06-19 | Province of Ontario Treasury Bill 07-08-2019, 4,950,000 PV | 28,858.50 |
| 13-06-19 | Government of Canada T-Bill 19-09-2019, 6,250,000 PV | 72,332.78 |
| 24-06-19 | Interest on cash balance | 0.23 |
| 25-06-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 200,000 PV | 614.00 |
| 26-06-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 200,000 PV | 624.00 |
| 08-07-19 | Government of Canada T-Bill 12-12-2019, 50,000 PV | 609.50 |
| 10-07-19 | Government of Canada T-Bill 12-12-2019, 5,900,000 PV | 72,452.00 |
| 15-07-19 | Bank of Nova Scotia Senior Unsecured 2.270% 13-01-2020 Deposit Note, 5,000,000 PV | 56,750.00 |
| 17-07-19 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 5,000,000 PV | 48,000.00 |
| 22-07-19 | Interest on cash balance | 0.96 |
| 22-07-19 | CIBC Senior Dep Notes 20-01-2020, 6,000,000 PV | 49,800.00 |
| 23-07-19 | Bank of Nova Scotia Senior Unsecured 2.270% 13-01-2020 Deposit Note, 5,000,000 PV | 3,109.59 |
| 23-07-19 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.130% 15-06-2020, 5,000,000 PV | (11,087.67) |
| 26-07-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 5,800,000 PV | 26,970.00 |
| 01-08-19 | Government of Canada T-Bill 12-12-2019, 3,400,000 PV | 45,492.00 |
| 06-08-19 | Government of Canada T-Bill 12-12-2019, 50,000 PV | 683.00 |
| 16-08-19 | Government of Canada T-Bill 12-12-2019, 250,000 PV | 3,542.50 |
| 22-08-19 | Interest on cash balance | 4.96 |
| 29-08-19 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 1,400,000 PV | (3,166.68) |
| 29-08-19 | Government of Canada T-Bill 12-12-2019, 2,400,000 PV | 35,496.00 |
| 30-08-19 | Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note, 1,000,000 PV | (2,382.19) |
| 03-09-19 | National Bank of Canada Senior Unsecured 1.742% 03-03-2020 Deposit Note, 5,000,000 PV | 43,550.00 |
| 09-09-19 | Government of Canada T-Bill 09-01-2020, 8,000,000 PV | 91,931.57 |
| 11-09-19 | Government of Canada T-Bill 09-01-2020, 1,900,000 PV | 21,947.75 |
| 18-09-19 | Government of Canada T-Bill 09-01-2020, 2,550,000 PV | 30,221.18 |
| 23-09-19 | Interest on cash balance | 45.02 |
| 02-10-19 | Toronto Dominion Bank Senior Unsecured 1.693% 02-04-2020 Deposit Note, 6,000,000 PV | 50,790.00 |
| 02-10-19 | Government of Canada T-Bill 30-04-2020, 300,000 PV | 1,711.81 |
| 07-10-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV | 306.30 |
| 11-10-19 | Government of Canada T-Bill 30-04-2020, 4,950,000 PV | 29,729.88 |
| 22-10-19 | Interest on cash balance | 3.44 |
| 24-10-19 | Van City Savings Credit Union 24-10-2019 BDN Discount Note, 5,800,000 PV @ 1.00 | 27,608.00 |
| 24-10-19 | Government of Canada T-Bill 30-04-2020, 500,000 PV | 3,308.02 |
| 25-10-19 | CIBC Senior Dep Notes 20-01-2020, 4,000,000 PV | 17,646.03 |
| 25-10-19 | Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note, 4,000,000 PV | (20,882.19) |
| 31-10-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV | 353.30 |
| 31-10-19 | Toronto Dominion Bank Senior Unsecured 1.693% 02-04-2020 Deposit Note, 6,000,000 PV | 8,070.74 |
| 31-10-19 | Toronto Dominion Bank Senior Unsecured Note 2.563% 24-06-2020, 6,000,000 PV | (54,349.64) |
| 05-11-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV | 359.80 |
| 08-11-19 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.130% 15-06-2020, 5,000,000 PV | 42,600.00 |
| 08-11-19 | Bank of Nova Scotia 3.270% 7 Year Senior Unsec Deposit Note 11-01-2021, 5,000,000 PV | (53,753.42) |
| 08-11-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV | 367.30 |
| 21-11-19 | Toronto Dominion Bank Senior Unsecured Note 2.563% 24-06-2020, 7,000,000 PV | 73,730.14 |
| 22-11-19 | Interest on cash balance | 86.02 |
| 26-11-19 | Government of Canada T-Bill 30-04-2020, 100,000 PV | 820.60 |
| 04-12-19 | Government of Canada T-Bill 30-04-2020, 5,300,000 PV | 45,293.99 |
| 05-12-19 | Government of Canada T-Bill 25-06-2020, 100,000 PV | 0.00 |
| 09-12-19 | Government of Canada T-Bill 25-06-2020, 100,000 PV | 711.03 |
| 18-12-19 | Government of Canada T-Bill 20-08-2020, 5,600,000 PV | 23,259.02 |
| 20-12-19 | Government of Canada T-Bill 25-06-2020, 2,250,000 PV | 16,965.74 |
| 23-12-19 | Interest on cash balance | 59.38 |
| 30-12-19 | Government of Canada T-Bill 25-06-2020, 3,750,000 PV | 0.00 |
| 30-12-19 | Government of Canada T-Bill 23-07-2020, 300,000 PV | 0.00 |
| 31-12-19 | Government of Canada T-Bill 25-06-2020, 3,750,000 PV | 30,301.23 |
| 31-12-19 | Government of Canada T-Bill 23-07-2020, 300,000 PV | 1,992.00 |
| 13-01-20 | Bank of Nova Scotia 3.270% 7 Year Senior Unsec Deposit Note 11-01-2021, 5,000,000 PV | 81,750.00 |
| 14-01-20 | Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note, 5,000,000 PV | 46,250.00 |
| 16-01-20 | Government of Canada T-Bill 23-07-2020, 3,200,000 PV | 0.00 |
| 17-01-20 | Government of Canada T-Bill 23-07-2020, 3,200,000 PV | 24,512.00 |
| 17-01-20 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 6,400,000 PV | 61,440.00 |
| 17-01-20 | Province of Ontario T-Bill 04-03-2020, 4,600,000 PV | 54,970.00 |
| 22-01-20 | Interest on cash balance | 27.68 |
| 22-01-20 | Van City Savings CU BDN D/N 22-01-2020, 6,300,000 PV @ 1.00 | 29,988.00 |
| 04-02-20 | Government of Canada T-Bill 20-08-2020, 50,000 PV | 337.14 |
| 05-02-20 | Province of Ontario T-Bill 03-06-2020, 4,950,000 PV | 54,549.00 |
| 12-02-20 | Government of Canada T-Bill 20-08-2020, 400,000 PV | 2,819.09 |
| 24-02-20 | Interest on cash balance | 3.40 |
| 27-02-20 | Government of Canada T-Bill 20-08-2020, 50,000 PV | 406.14 |
| 04-03-20 | Royal Bank of Canada Senior Unsecured 2.860% 04-03-2021 Deposit Note, 3,400,000 PV | 48,620.00 |
| 23-03-20 | Interest on cash balance | 0.49 |
| Date | Description | $ Amount +/- |
|---|---|---|
| 29-11-19 | Cash receipt, Return-unspent funds Wabauskang GIS Database Mgmt & Research Jan 8/19 | 84,499.39 |
| $ Amount | |
|---|---|
| Total Interest | 1,483,108.32 |
| Total Contributions | 84,499.39 |
| Total Inflows | 1,567,607.71 |
Outflows
| Date | Description | $ Amount +/- |
|---|---|---|
| 08-04-19 | Ongoing Trustee Fee | (12,983.81) |
| 08-07-19 | Ongoing Trustee Fee | (12,884.26) |
| 07-10-19 | Ongoing Trustee Fee | (12,900.06) |
| 13-01-20 | Ongoing Trustee Fee | (12,687.20) |
| Date | Description | $ Amount +/- |
|---|---|---|
| 08-04-19 | HST - GST reg# 134448521RT0001 | (1,687.90) |
| 08-07-19 | HST - GST reg# 134448521RT0001 | (1,674.95) |
| 07-10-19 | HST - GST reg# 134448521RT0001 | (1,677.01) |
| 13-01-20 | HST - GST reg# 134448521RT0001 | (1,649.34) |
| Date | Description | $ Amount +/- |
|---|---|---|
| 01-04-19 | payment from account, paid to Wabaseemoong Independent Nation, payment as per Direction dated Mar 27, 2019 | (53,764.86) |
| 01-04-19 | payment from account, paid to Eagle Lake Band No. 27, payment as per Direction dated Mar 27, 2019 | (20,766.77) |
| 12-04-19 | payment from account, paid to Wabauskang First Nation, Payment as per Direction dated April 10, 2019 | (18,633.58) |
| 12-04-19 | payment from account, paid to Wabauskang First Nation, Payment as per addendum Direction dated April 10, 2019 | (3,450.00) |
| 10-05-19 | payment from account, paid to BMO Asset Management Inc. , BMO Asset Mgmt fee-Jan1/19 to Mar31/19 | (33,596.45) |
| 13-05-19 | payment from account, paid to WABIGOON LAKE OJIBWAY NATION, payment as per Direction dated May 7, 2019 | (50,000.00) |
| 21-05-19 | payment from account, paid to Grassy Narrows First Nation, as per direction dated May 15/19 | (877,135.82) |
| 21-05-19 | payment from account, paid to Wabaseemoong Independent Nations , as per direction dated May 15/19 | (792,758.47) |
| 20-06-19 | payment from account, paid to Ernst & Young LLP, E&Y 2018 T3 Trust Return | (847.50) |
| 21-06-19 | payment from account, paid to Ernst & Young LLP, E&Y 2018 Audit | (8,189.68) |
| 26-06-19 | payment from account, paid to Wabauskang First Nation, as per direction dated June 24/19 | (109,909.86) |
| 26-06-19 | payment from account, paid to Wabaseemoong Independent Nations, as per direction dated June 24/19 | (88,930.98) |
| 26-06-19 | payment from account, paid to Wabigoon Lake Ojibway Nation, as per direction dated June 24/19 | (213,128.06) |
| 07-08-19 | payment from account, paid to BMO Asset Management, BMO Asset Mgmt fee-Apr1/19 to Jun30/19 | (33,487.32) |
| 19-08-19 | payment from account, paid to Eagle Lake Band No. 27, payment as per Direction dated Aug 15, 2019 | (230,890.84) |
| 12-09-19 | payment from account, paid to Grassy Narrows First Nation, As per direction dated Sept 9/19-ANA | (850,000.00) |
| 12-09-19 | payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Sept 9/19-WLON | (109,125.95) |
| 03-10-19 | payment from account, paid to Wabauskang First Nation, As per direction dated Sept 30/19-WFN | (7,500.00) |
| 03-10-19 | payment from account, paid to Wabaseemoong lndepent Nation, As per direction dated Sept 30/19-WIN | (188,586.00) |
| 03-10-19 | payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Sept 30/19-WLON | (75,179.45) |
| 03-10-19 | payment from account, paid to Eagle Lake Band No. 27, As per direction dated Sept 30/19-ELFN | (119,417.79) |
| 05-11-19 | payment from account, paid to BMO Asset Management, BMO Asset Mgmt fee-Jul1/19 to Sep30/19 | (33,557.83) |
| 27-11-19 | payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Nov 21/19-WLON | (54,562.97) |
| 27-11-19 | payment from account, paid to Wabaseemoong Independent Nation, As per direction dated Nov 21/19-WIN | (27,081.00) |
| 27-11-19 | payment from account, paid to Wabauskang First Nation, As per direction dated Nov 21/19-WFN | (76,253.80) |
| 27-11-19 | payment from account, paid to Wabauskang First Nation, As per direction dated Nov 21/19-WFN | (109,909.86) |
| 27-11-19 | payment from account, paid to Grassy Narrows First Nation, As per direction dated Nov 21/19-ANA | (38,924.40) |
| 23-12-19 | payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | (10,577.09) |
| 23-12-19 | payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | (6,750.00) |
| 23-12-19 | payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | (198,803.10) |
| 23-12-19 | payment from account, paid to Grassy Narrows First Nation, As per Direction dated Dec 18/19-ANA | (678,049.44) |
| 23-12-19 | payment from account, paid to Eagle Lake First Nation, As per Direction dated Dec 18/19-ELFN | (310,776.46) |
| 23-12-19 | payment from account, paid to Wabaseemoong Independent Nation, As per Direction dated Dec 18/19-WIN | (683,526.30) |
| 23-12-19 | payment from account, paid to Wabigoon Lake Ojibway Nation, As per Direction dated Dec 18/19-WLON | (325,920.21) |
| 08-01-20 | payment from account, paid to Morneau Shepell, Invoice 1070725 SIP Consultation | (5,233.31) |
| 24-01-20 | payment from account, paid to Morneau Shepell, Invoice 1105897 SIP Amendments | (3,088.86) |
| 05-02-20 | payment from account, paid to BMO Global Asset Mgmt, BMO GAM fee BM218 Inv 8808 Oct 1/19 - Dec 31/19 | (37,355.05) |
| 13-02-20 | payment from account, paid to Grassy Narrows First Nation, As per Direction dated Feb 10/20-ANA | (44,454.00) |
| 13-02-20 | payment from account, paid to Wabaseemoong Independent Nation, As per Direction dated Feb 10/20-WIN | (317,103.39) |
| 24-02-20 | payment from account, paid to Morneau Shepell , Invoice 1118405 SIP Revisions | (3,974.78) |
| Description | $ Amount |
|---|---|
| Total Fees | (51,455.33) |
| Total Sales Tax | (6,689.20) |
| Total Disbursements and Withdrawals | (6,851,201.23) |
| Total Outflows | (6,909,345.76) |
Security Transactions
| Date | Description | $ Amount +/- |
|---|---|---|
| 17-04-19 | Government of Canada T-Bill 25-07-2019, 5,000,000 PV @ 99.548 | 4,933,550.00 |
| 30-04-19 | Government of Canada T-Bill 25-07-2019, 1,100,000 PV @ 99.607 | 1,085,381.00 |
| 10-05-19 | Government of Canada T-Bill 19-09-2019, 100,000 PV @ 99.396 | 98,400.68 |
| 15-05-19 | Province of Ontario T-Bill 19-06-2019, 4,400,000 PV @ 99.832 | 4,357,012.00 |
| 15-05-19 | Government of Canada T-Bill 19-09-2019, 5,100,000 PV @ 99.419 | 5,018,434.45 |
| 17-05-19 | Government of Canada T-Bill 19-09-2019, 1,650,000 PV @ 99.428 | 1,623,611.15 |
| 06-06-19 | Province of Ontario Treasury Bill 07-08-2019, 4,950,000 PV @ 99.704 | 4,906,489.50 |
| 13-06-19 | Government of Canada T-Bill 19-09-2019, 6,250,000 PV @ 99.558 | 6,150,042.22 |
| 25-06-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 200,000 PV @ 99.842 | 199,070.00 |
| 26-06-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 200,000 PV @ 99.847 | 199,070.00 |
| 08-07-19 | Government of Canada T-Bill 12-12-2019, 50,000 PV @ 99.278 | 49,029.50 |
| 10-07-19 | Government of Canada T-Bill 12-12-2019, 5,900,000 PV @ 99.287 | 5,785,481.00 |
| 23-07-19 | Bank of Nova Scotia Senior Unsecured 2.270% 13-01-2020 Deposit Note, 5,000,000 PV @ 100.184 | 5,009,200.00 |
| 01-08-19 | Government of Canada T-Bill 12-12-2019, 3,400,000 PV @ 99.397 | 3,334,006.00 |
| 06-08-19 | Government of Canada T-Bill 12-12-2019, 50,000 PV @ 99.425 | 49,029.50 |
| 16-08-19 | Government of Canada T-Bill 12-12-2019, 250,000 PV @ 99.476 | 245,147.50 |
| 29-08-19 | Government of Canada T-Bill 12-12-2019, 2,400,000 PV @ 99.538 | 2,353,416.00 |
| 09-09-19 | Government of Canada T-Bill 09-01-2020, 8,000,000 PV @ 99.471 | 7,865,748.43 |
| 11-09-19 | Government of Canada T-Bill 09-01-2020, 1,900,000 PV @ 99.477 | 1,868,115.25 |
| 18-09-19 | Government of Canada T-Bill 09-01-2020, 2,550,000 PV @ 99.507 | 2,507,207.32 |
| 02-10-19 | Government of Canada T-Bill 30-04-2020, 300,000 PV @ 99.041 | 295,411.19 |
| 07-10-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV @ 99.083 | 49,235.20 |
| 09-10-19 | CIBC Senior Dep Notes 20-01-2020, 2,000,000 PV @ 99.94 | 2,006,167.67 |
| 11-10-19 | Government of Canada T-Bill 30-04-2020, 4,950,000 PV @ 99.071 | 4,874,284.62 |
| 24-10-19 | Government of Canada T-Bill 30-04-2020, 500,000 PV @ 99.132 | 492,351.98 |
| 25-10-19 | CIBC Senior Dep Notes 20-01-2020, 4,000,000 PV @ 99.9414 | 3,997,656.00 |
| 31-10-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV @ 99.177 | 49,235.20 |
| 31-10-19 | Toronto Dominion Bank Senior Unsecured 1.693% 02-04-2020 Deposit Note, 6,000,000 PV @ 99.9204 | 5,995,224.00 |
| 05-11-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV @ 99.19 | 49,235.20 |
| 08-11-19 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.130% 15-06-2020, 5,000,000 PV @ 100.1479 | 5,007,395.00 |
| 08-11-19 | Government of Canada T-Bill 30-04-2020, 50,000 PV @ 99.205 | 49,235.20 |
| 21-11-19 | Toronto Dominion Bank Senior Unsecured Note 2.563% 24-06-2020, 7,000,000 PV @ 100.409 | 7,028,630.00 |
| 26-11-19 | Government of Canada T-Bill 30-04-2020, 100,000 PV @ 99.291 | 98,470.40 |
| 04-12-19 | Government of Canada T-Bill 30-04-2020, 5,300,000 PV @ 99.325 | 5,218,931.01 |
| 09-12-19 | Government of Canada T-Bill 25-06-2020, 100,000 PV @ 99.076 | 98,364.97 |
| 18-12-19 | Government of Canada T-Bill 20-08-2020, 5,600,000 PV @ 98.847 | 5,512,172.98 |
| 20-12-19 | Government of Canada T-Bill 25-06-2020, 2,250,000 PV @ 99.119 | 2,213,211.76 |
| 31-12-19 | Government of Canada T-Bill 25-06-2020, 3,750,000 PV @ 99.173 | 3,688,686.27 |
| 31-12-19 | Government of Canada T-Bill 23-07-2020, 300,000 PV @ 99.038 | 295,122.00 |
| 14-01-20 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.090% 09-09-2020, 2,000,000 PV @ 100.089 | 2,016,324.11 |
| 15-01-20 | National Bank of Canada Senior Unsecured 1.742% 03-03-2020 Deposit Note, 5,000,000 PV @ 99.982 | 5,031,076.44 |
| 17-01-20 | Government of Canada T-Bill 23-07-2020, 3,200,000 PV @ 99.14 | 3,147,968.00 |
| 17-01-20 | Province of Ontario T-Bill 04-03-2020, 4,600,000 PV @ 99.774 | 4,534,634.00 |
| 04-02-20 | Government of Canada T-Bill 20-08-2020, 50,000 PV @ 99.124 | 49,224.86 |
| 05-02-20 | Province of Ontario T-Bill 03-06-2020, 4,950,000 PV @ 99.439 | 4,867,681.50 |
| 12-02-20 | Government of Canada T-Bill 20-08-2020, 400,000 PV @ 99.154 | 393,798.91 |
| 27-02-20 | Government of Canada T-Bill 20-08-2020, 50,000 PV @ 99.262 | 49,224.86 |
| 02-03-20 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 3,400,000 PV @ 100.063 | 3,410,190.22 |
| Date | Description | $ Amount +/- |
|---|---|---|
| 17-04-19 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 5,000,000 PV @ 99.84 | (4,992,000.00) |
| 30-04-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 6,200,000 PV @ 99.535 | (6,171,170.00) |
| 02-05-19 | Government of Canada T-Bill 19-09-2019, 50,000 PV @ 99.36 | (49,680.00) |
| 15-05-19 | Province of Ontario T-Bill 04-03-2020, 4,600,000 PV @ 98.579 | (4,534,634.00) |
| 15-05-19 | Government of Canada T-Bill 30-04-2020, 5,000,000 PV @ 98.382 | (4,919,100.00) |
| 06-06-19 | Province of Ontario T-Bill 03-06-2020, 4,950,000 PV @ 98.337 | (4,867,681.50) |
| 13-06-19 | Government of Canada T-Bill 30-04-2020, 6,350,000 PV @ 98.54 | (6,257,290.00) |
| 10-07-19 | Government of Canada T-Bill 25-06-2020, 6,000,000 PV @ 98.364 | (5,901,840.00) |
| 17-07-19 | Government of Canada T-Bill 25-06-2020, 100,000 PV @ 98.423 | (98,423.00) |
| 23-07-19 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.130% 15-06-2020, 5,000,000 PV @ 100.202 | (5,010,100.00) |
| 26-07-19 | Van City Savings Credit Union 24-10-2019 BDN Discount Note, 5,800,000 PV @ 99.524 | (5,772,392.00) |
| 01-08-19 | Government of Canada T-Bill 23-07-2020, 3,500,000 PV @ 98.374 | (3,443,090.00) |
| 29-08-19 | Royal Bank of Canada Senior Unsecured 1.920% 17-07-2020 Deposit Note, 1,400,000 PV @ 100.052 | (1,400,728.00) |
| 30-08-19 | Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note, 1,000,000 PV @ 99.999 | (999,990.00) |
| 09-09-19 | Government of Canada T-Bill 20-08-2020, 8,050,000 PV @ 98.423 | (7,923,051.50) |
| 13-09-19 | Toronto Dominion Bank Senior Unsecured Note 2.563% 24-06-2020, 1,000,000 PV @ 100.495 | (1,010,567.54) |
| 18-09-19 | Government of Canada T-Bill 20-08-2020, 2,550,000 PV @ 98.459 | (2,510,704.50) |
| 09-10-19 | Bank of Nova Scotia 5 Year Senior Deposit Notes 2.090% 09-09-2020, 2,000,000 PV @ 100.157 | (2,006,575.62) |
| 11-10-19 | Government of Canada T-Bill 17-09-2020, 5,000,000 PV @ 98.409 | (4,920,450.00) |
| 24-10-19 | Van City Savings CU BDN D/N 22-01-2020, 6,300,000 PV @ 99.524 | (6,270,012.00) |
| 25-10-19 | Canadian Imperial Bank of Commerce 1.850% 14-07-2020 Deposit Note, 4,000,000 PV @ 99.9348 | (3,997,392.00) |
| 31-10-19 | Toronto Dominion Bank Senior Unsecured Note 2.563% 24-06-2020, 6,000,000 PV @ 100.4234 | (6,025,404.00) |
| 08-11-19 | Bank of Nova Scotia 3.270% 7 Year Senior Unsec Deposit Note 11-01-2021, 5,000,000 PV @ 101.499 | (5,074,950.00) |
| 21-11-19 | Toronto Dominion Bank BDN D/N 19-11-2020, 7,000,000 PV @ 98.121 | (6,868,470.00) |
| 04-12-19 | Canada T-Bill 12-11-2020, 5,550,000 PV @ 98.414 | (5,461,977.00) |
| 18-12-19 | Government of Canada T-Bill 10-12-2020, 5,650,000 PV @ 98.298 | (5,553,837.00) |
| 31-12-19 | Government of Canada 2.00% 01-11-2020 Unsecured, 4,000,000 PV @ 100.196 | (4,020,990.68) |
| 14-01-20 | Bank of Nova Scotia 3.270% 7 Year Senior Unsec Deposit Note 11-01-2021, 2,000,000 PV @ 101.26 | (2,025,737.53) |
| 15-01-20 | Coast Capital Savings Inc D/N 08-04-2020, 5,150,000 PV @ 99.524 | (5,125,486.00) |
| 17-01-20 | Government of Canada 2.00% 01-11-2020 Unsecured, 3,150,000 PV @ 100.214 | (3,170,031.41) |
| 17-01-20 | Province of Ontario T-Bill 30-12-2020, 4,600,000 PV @ 98.313 | (4,522,398.00) |
| 22-01-20 | Van City Savings Credit Union BDN D/N 22-04-2020, 6,300,000 PV @ 99.482 | (6,267,366.00) |
| 22-01-20 | Government of Canada T-Bill 20-08-2020, 150,000 PV @ 99.052 | (148,578.00) |
| 05-02-20 | Province of Ontario T-Bill 03-02-2021, 4,950,000 PV @ 98.314 | (4,866,543.00) |
| 07-02-20 | Canada T-Bill 12-11-2020, 100,000 PV @ 98.777 | (98,777.00) |
| 02-03-20 | Royal Bank of Canada Senior Unsecured 2.860% 04-03-2021 Deposit Note, 3,400,000 PV @ 101.133 | (3,486,475.97) |
| Date | Description | $ Amount +/- |
|---|---|---|
| 30-04-19 | Van City Savings Credit Union BDN D/N30-04-2019, 5,100,000 PV | 5,072,868.00 |
| 26-07-19 | Van City Savings Credit Union BDN D/N 26-07-2019, 5,800,000 PV | 5,773,030.00 |
| 24-10-19 | Van City Savings Credit Union 24-10-2019 BDN Discount Note, 5,800,000 PV | 5,772,392.00 |
| 22-01-20 | Van City Savings CU BDN D/N 22-01-2020, 6,300,000 PV | 6,270,012.00 |
| Description | $ Amount |
|---|---|
| Total Sale of Investments | 128,156,585.05 |
| Total Purchase of Investments | (145,773,893.25) |
| Total Maturities of Investments | 22,888,302.00 |
| Total Security Transactions | 5,270,993.80 |
Transactions involving the sale or transfer of securities as shown on this statement are disclosed to the appropriate taxation authorities on a yearly basis. The resulting income or capital gains must be reported on your annual tax return.
Please keep this statement for income tax purposes.
Securities Regulations require a report of account transactions to be issued at least quarterly.
Please review your statement carefully and let us know within 45 days if any item(s) on this report appears incorrect. While every reasonable effort is made to provide the information set out in this statement, BPICI makes no guarantee for the accuracy of this information, including the average cost on individual securities or exact value of securities or other assets at the time of transfer.
Glossary
Refer to statement guide for a more comprehensive glossary of key terms.
Annualized Returns represent the compounded average performance returns of your Portfolio or Account, per year, for the period of time being reviewed. However, returns for time periods under 1 year are not compounded. This information allows you to easily compare returns across different investments or accounts, over different periods of time. For example, while a 3-year annualized return of 5% means that an investment effectively provided an average return of 5% a year, it does not provide insight into how widely returns fluctuated from year to year.
Asset Class is a grouping of securities that exhibit similar characteristics and attributes (such as risk levels, geography or industry) and often behave similarly in the marketplace. Your statement presents two broad asset classes: Capital Preservation and Capital Appreciation. Each asset class is further divided into sub-asset classes, in order to help you understand the diversification of your investment holdings.
BPICI refers to BMO Private Investment Counsel Inc.
Calendar Year Returns represent the performance of your Portfolio or Account over an individual calendar year (January 1 to December 31), stated as the percentage gained or lost per dollar invested on January 1.
Cost of a security held in your Account typically represents the book value which is the total amount you paid to purchase the security, including any transaction charges related to the purchase, and adjusted for reinvested distributions, returns of capital and corporate reorganizations. In certain circumstances, cost may be represented as a market value or a blend of book value and market value.
Investment Value Added is the difference between what you deposited in your Account or Portfolio (referred to as "Cumulative Net Invested" over time, meaning contributions less disbursements and withdrawals) and your Account or Portfolio’s ending investment value for the period.
Miscellaneous Assets typically represent personal assets such as holding companies, jewellery and real estate. These assets are not being managed by BPICI, and they are not investable via standard investment management channels. These assets are being reported on your statement in order to present you a more holistic view of your assets. Miscellaneous Assets are typically excluded from any performance return information presented in your statement.
Money-Weighted Returns calculations take into account the timing and size of Contributions, Disbursements and Withdrawals into or out of your Portfolio or Account. Money-Weighted Returns (MWR) represent your personal rates of return on your investments and are specific to you. As opposed to Time-Weighted Returns, Money-Weighted Returns cannot be used to objectively measure the performance of your investment manager relative to capital markets returns or to another investment manager.
Nominee Name as referenced in the Account Holdings Report means that unless otherwise indicated in this statement, all of your assets are held in "Nominee name" by a BMO custodian. As our client, you are the owner of the investment but in order for BPICI to facilitate trading on your behalf, the investment is registered in 'Nominee Name'. For your mutual fund holdings the 'Nominee' is BMO Trust Company, and for all other securities it is BMO Nesbitt Burns.
Performance Analysis is a section of your statement (if applicable to your Account or Portfolio) that presents the performance of your investments in percentage terms (i.e. the gains and losses of each investment over a specified period of time, including realized and unrealized capital gains and losses, plus income from investments). There are two Return Calculation methods used by BPICI: Time-Weighted and Money-Weighted.
Portfolio means all of the accounts covered by this statement. The Portfolio Summary Report, which is presented at the beginning of your statement, if applicable, provides an aggregated view of your accounts, and is followed by individual Account Summary Reports, for each Account in your Portfolio.
Since <date> refers to the date on which we started certain calculations provided in your statement. In the Value Over Time sections of your Summary Reports, the 'Since <date>' refers to the date on which you opened your account, whereas for a Portfolio, it refers to the earliest account open date of all the accounts included in the Portfolio. In the Performance Analysis section the 'Since <date>' refers to the start date of a particular performance return calculation.
Time-Weighted Returns calculations do not reflect the impact of Contributions, Disbursements and Withdrawals into or out of your Portfolio or Account. As such, as opposed to Money–Weighted Returns, Time-Weighted Returns (TWR) can be used to objectively measure the performance of your investment manager relative to capital markets returns or to another investment manager.
Disbursement of Trust Property
For the period April 1, 2019 to March 31, 2020
| Date | Transaction Type | Transaction Description | $ Amount |
|---|---|---|---|
| 4/1/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nation, payment as per Direction dated Mar 27, 2019 | -53,764.86 |
| 4/1/2019 | Disbursements and Withdrawals | Payment from account, paid to Eagle Lake Band No. 27, payment as per Direction dated Mar 27, 2019 | -20,766.77 |
| 4/12/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, Payment as per Direction dated April 10, 2019 | -18,633.58 |
| 4/12/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, Payment as per addendum Direction dated April 10, 2019 | -3,450.00 |
| 5/10/2019 | Disbursements and Withdrawals | Payment from account, paid to BMO Asset Management Inc., BMO Asset Mgmt fee-Jan1/19 to Mar31/19 | -33,596.45 |
| 5/13/2019 | Disbursements and Withdrawals | Payment from account, paid to WABIGOON LAKE OJIBWAY NATION, payment as per Direction dated May 7, 2019 | -50,000.00 |
| 5/21/2019 | Disbursements and Withdrawals | Payment from account, paid to Grassy Narrows First Nation, as per direction dated May 15/19 | -877,135.82 |
| 5/21/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nations, as per direction dated May 15/19 | -792,758.47 |
| 6/20/2019 | Disbursements and Withdrawals | Payment from account, paid to Ernst & Young LLP, E&Y 2018 T3 Trust Return | -847.50 |
| 6/21/2019 | Disbursements and Withdrawals | Payment from account, paid to Ernst & Young LLP, E&Y 2018 Audit | -8,189.68 |
| 6/26/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, as per direction dated June 24/19 | -109,909.86 |
| 6/26/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nations, as per direction dated June 24/19 | -88,930.98 |
| 6/26/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabigoon Lake Ojibway Nation, as per direction dated June 24/19 | -213,128.06 |
| 8/7/2019 | Disbursements and Withdrawals | payment from account, paid to BMO Asset Management, BMO Asset Mgmt fee-Apr1/19 to Jun30/19 | -33,487.32 |
| 8/19/2019 | Disbursements and Withdrawals | Payment from account, paid to Eagle Lake Band No. 27, payment as per Direction dated Aug 15, 2019 | -230,890.84 |
| 9/12/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Sept 9/19-WLON | -109,125.95 |
| 9/12/2019 | Disbursements and Withdrawals | Payment from account, paid to Grassy Narrows First Nation, As per direction dated Sept 9/19-ANA | -850,000.00 |
| 10/3/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per direction dated Sept 30/19-WFN | -7,500.00 |
| 10/3/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nation, As per direction dated Sept 30/19-WIN | -188,586.00 |
| 10/3/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Sept 30/19-WLON | -75,179.45 |
| 10/3/2019 | Disbursements and Withdrawals | Payment from account, paid to Eagle Lake Band No. 27, As per direction dated Sept 30/19-ELFN | -119,417.79 |
| 11/5/2019 | Disbursements and Withdrawals | Payment from account, paid to BMO Asset Management, BMO Asset Mgmt fee-Jul1/19 to Sep30/19 | -33,557.83 |
| 11/27/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabigoon Lake Ojibway Nation, As per direction dated Nov 21/19-WLON | -54,562.97 |
| 11/27/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nation, As per direction dated Nov 21/19-WIN | -27,081.00 |
| 11/27/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per direction dated Nov 21/19-WFN | -76,253.80 |
| 11/27/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per direction dated Nov 21/19-WFN | -109,909.86 |
| 11/27/2019 | Disbursements and Withdrawals | Payment from account, paid to Grassy Narrows First Nation, As per direction dated Nov 21/19-ANA | -38,924.40 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | -10,577.09 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | -6,750.00 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabauskang First Nation, As per Direction dated Dec 18/19-WFN | -198,803.10 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Grassy Narrows First Nation, As per Direction dated Dec 18/19-ANA | -678,049.44 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Eagle Lake First Nation, As per Direction dated Dec 18/19-ELFN | -310,776.46 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nation, As per Direction dated Dec 18/19-WIN | -683,526.30 |
| 12/23/2019 | Disbursements and Withdrawals | Payment from account, paid to Wabigoon Lake Ojibway Nation, As per Direction dated Dec 18/19-WLON | -325,920.21 |
| 1/8/2020 | Disbursements and Withdrawals | Payment from account, paid to Morneau Shepell, Invoice 1070725 SIP Consultation | -5,233.31 |
| 1/24/2020 | Disbursements and Withdrawals | Payment from account, paid to Morneau Shepell, Invoice 1105897 SIP Amendments | -3,088.86 |
| 2/5/2020 | Disbursements and Withdrawals | Payment from account, paid to BMO Global Asset Mgmt, BMO GAM fee BM218 Inv 8808 Oct1/19-Dec31/19 | -37,355.05 |
| 2/13/2020 | Disbursements and Withdrawals | Payment from account, paid to Wabaseemoong Independent Nation, As per Direction dated Feb 10/20-WIN | -317,103.39 |
| 2/13/2020 | Disbursements and Withdrawals | Payment from account, paid to Grassy Narrows First Nation, As per Direction dated Feb 10/20-ANA | -44,454.00 |
| 2/24/2020 | Disbursements and Withdrawals | Payment from account, paid to Morneau Shepell, Invoice 1118405 SIP Revisions | -3,974.78 |
| 1/13/2020 | Fees | Ongoing Trustee Fee | -12,687.20 |
| 4/8/2019 | Fees | Ongoing Trustee Fee | -12,983.81 |
| 7/8/2019 | Fees | Ongoing Trustee Fee | -12,884.26 |
| 10/7/2019 | Fees | Ongoing Trustee Fee | -12,900.06 |
| 1/13/2020 | Sales Tax | hst - gst reg# 134448521RT0001 | -1,649.34 |
| 4/8/2019 | Sales Tax | hst - gst reg# 134448521RT0001 | -1,687.90 |
| 7/8/2019 | Sales Tax | hst - gst reg# 134448521RT0001 | -1,674.95 |
| 10/7/2019 | Sales Tax | hst - gst reg# 134448521RT0001 | -1,677.01 |
| Total | -6,909,345.76 |
English and Wabigoon Rivers Remediation Trust Financial Statements
Independent auditor’s report
March 31, 2020
To the Trustee of the English and Wabigoon Rivers Remediation Trust
Opinion
We have audited the financial statements of the English and Wabigoon Rivers Remediation Trust [the “Trust”], which comprise the statement of financial position as at March 31, 2020, and the statement of revenue and expenses and changes in net assets and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Trust as at March 31, 2020, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Trust or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Trust’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Signed
Ernst & Young LLP
Chartered Professional Accountants
Licensed Public Accountants
Toronto, Canada
May 27, 2020
Statement of financial position
As at March 31
| 2020 $ | 2019 $ | |
|---|---|---|
| Investments, fair value [note 3] | 74,757,873 | 79,805,814 |
| Net assets Unrestricted |
74,757,873 | 79,805,814 |
See accompanying notes
Statement of revenue and expenses and changes in net assets
| 2020 $ | 2019 $ | |
|---|---|---|
| Investment income | 1,614,361 | 1,429,159 |
| 2020 $ |
2019 $ |
|
|---|---|---|
| Disbursements | 6,641,005 | 6,623,355 |
| Administrative expenses | 21,297 | |
| 6,662,302 | 6,623,355 |
| 2020 $ |
2019 $ |
|
|---|---|---|
| Deficiency of revenue over expenses for the period | (5,047,941) | (5,194,196) |
| Net assets, beginning of year | 79,805,814 | 85,000,010 |
| Net assets, end of year | 74,757,873 | 79,805,814 |
Statement of cash flows
| 2020 $ |
2019 $ |
|
|---|---|---|
| Deficiency of revenue over expenses for the year | (5,047,941) | (5,194,196) |
| Cash used in operating activities | (5,047,941) | (5,194,196) |
| 2020 $ |
2019 $ |
|
|---|---|---|
| Decrease (increase) in investments, net | 5,047,941 | (79,805,814) |
| Cash provided by (used in) investing activities | 5,047,941 | (79,805,814) |
| 2020 $ |
2019 $ |
|
|---|---|---|
| Net decrease in cash during the period | (85,000,010) | |
| Cash, beginning of the year | 85,000,010 | |
| Cash, end of the year |
See accompanying notes
Notes to financial statements
March 31, 2020
1. Description and purpose of the trust
The English and Wabigoon Rivers Remediation Trust [the “Trust”] is a trust established pursuant to the English and Wabigoon Rivers Remediation Funding Act, 2017, which came into force on December 14, 2017. The Trust was settled by the Province of Ontario by the payment of an initial contribution of $10 and a further contribution of $85,000,000 on March 23, 2018. The Trust is a charitable purpose trust under the laws of Ontario and is a tax exempt organization under paragraph 149(1)(l) of the Income Tax Act.
The Trust was established to provide funding for the remediation of contaminants in the English and Wabigoon Rivers, including:
- Preventing and reducing the risk of a discharge of contaminants;
- Reducing the presence, concentration or bio-availability of contaminants, including their presence and concentration in fish;
- Post-remediation monitoring and other remediation activities that may be specified by the Minister;
- Costs or reimbursement of expenses related to activities of the English and Wabigoon Rivers Remediation Panel [the “Panel”] and approved persons from other Indigenous communities, including their remuneration;
- Administration of the Trust, including the remuneration of the Trustee;
- Supporting community engagement in connection with the work of the Panel; and
- Any additional activities or matters that are identified as eligible for funding.
2. Summary of significant accounting policies
These financial statements were prepared in accordance with Part III of the CPA Canada Handbook – Accounting, “Accounting Standards for Not-for-Profit Organizations,” which sets out generally accepted accounting principles for not-for-profit organizations in Canada and includes the significant accounting policies summarized below.
Revenue recognition
The Trust follows the deferral method of accounting for contributions. Unrestricted contributions are recognized as revenue when initially recorded in the accounts. Externally restricted contributions are deferred when initially recorded in the accounts and recognized as revenue in the year in which the related expenses are recognized.
Investment income earned is recorded in the statement of revenue and expenses and changes in net assets.
Financial instruments
Investments reported at fair value consist of short-term notes and paper and any investments in fixed income securities that the Trust designates upon purchase to be measured at fair value. Transaction costs are recognized in the statement of revenue and expenses and changes in net assets in the period during which they are incurred.
All transactions are recorded on a trade date basis.
Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and short-term deposits with a term to maturity of 90 days or less at the date of purchase. Cash and cash equivalents held for investing rather than liquidity purposes are classified as investments.
Disbursements
Disbursements are recorded as expenses when approved by the Panel and disbursed from the Trust.
3. Investments
Investments consist of the following:
| 2020 $ | 2019 $ | |
|---|---|---|
| Canadian cash and cash equivalents | 57,689 | 128,434 |
| Canadian short-term notes and paper | 48,819,829 | 57,612,854 |
| Canadian corporate bonds | 25,880,355 | 22,064,526 |
| Total | 74,757,873 | 79,805,814 |
As at March 31, 2020, short-term notes and paper consist of treasury bills and deposit notes maturing between April 8, 2020 and February 3, 2021. Canadian corporate bonds bear interest between 1.85% to 3.27% and mature between July 14, 2020 and March 4, 2021.
As at March 31, 2019, short-term notes and paper consist of treasury bills and deposit notes maturing between April 20, 2019 and January 9, 2020. Canadian corporate bonds bear interest between 1.69% to 2.27% and mature between January 20, 2020 and April 2, 2020.
4. Financial instruments
The Trust is exposed to various financial risks through transactions in financial instruments.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Trust’s deposits are held with a highly-rated financial institution.
Interest rate risk
The Trust is exposed to interest rate risk with respect to its investments in fixed income investments because the fair value will fluctuate due to changes in market interest rates.
5. COVID-19
In March 2020, the outbreak of the novel Coronavirus ["COVID-19"] was declared a pandemic by the World Health Organization and has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures have caused material disruption to business globally, resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness and governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions.
As a result of this pandemic, the fair value of the Trust’s investments has been negatively impacted as at March 31, 2020. As the markets continue to evolve, there continues to be volatility and as such, it is not possible to reliably estimate the potential future impact on the Trust as it relates to the valuation of the investment portfolio.
Management continues to closely monitor developments in the COVID-19 pandemic. While the potential future impact on the Trust of a persistent pandemic cannot be reasonably be determined at this time, the Trust does not anticipate any significant adverse impact to its current operations.