S&p/tsx composite index

History

Stock trading in Canada dates to 1852, with the creation of the Toronto Stock Exchange. At its beginning, only 18 stocks were traded on the exchange. In 1977, the exchange implemented its Computer Assisted Trading System (CATS), and in the same year the TSE300 Toronto Stocks index was created. At that time, the index included stocks from the top 300 companies in Canada across 14 sectors, and it was introduced at a base level of 1,000 points.

In 2002, the Toronto Stock Exchange launched its own corporate shares in a public offering, and the TSE300 was replaced by the S&P/TSX Composite Index, under management by Standard & Poor’s Indices division of McGraw Hill Financial publishers. Under the new management, the index covered 10 sectors and the number of stocks covered became variable. In its starting year, the S&P/TSX included 223 stocks among more than 1,500 listed on the Toronto Stock Exchange. As of 2016, it included 235 stocks.

The S&P/TSX index is maintained by the S&P/TSX Canadian Index Committee, which has discretion to alter rules, policies and the index composition methodology. The committee is comprised of three members representing the Toronto Stock Exchange and four members representing S&P Dow Jones Indices. The committee is chaired by a member designated by S&P Dow Jones Indices and its meetings are held monthly.

According to Standard and Poor’s Indices, changes to S&P/TSX are generally only made as part of a quarterly review. The index committee, however, may choose to review and add a security to any of the indices in between quarterly review periods.

What Is the S&P/TSX Composite Index?

The S&P/TSX Composite Index is a capitalization-weighted equity index that tracks the performance of the largest companies listed on Canada’s primary stock exchange, the Toronto Stock Exchange (TSX).

It is the equivalent of the S&P 500 index in the United States, and as such is closely monitored by Canadian investors. Since the S&P/TSX Composite Index is comprised of Canada’s largest and most prominent companies, it is often used as a barometer for the health of the Canadian economy.

Key Takeaways

• The S&P/TSX Composite Index is a benchmark equity index that tracks around 250 of Canada’s largest public companies.
• It is viewed as a barometer of the Canadian economy and is analogous to the S&P 500 Index in the United States.
• Companies must maintain strict liquidity and market capitalization requirements in order to remain part of the index.
• As of Q2 2022 the total market cap of the index (in U.S. dollars) is over $2.75 trillion—roughly 70% of the entire Toronto Stock Exchange.
• The S&P/TSX Composite Index serves both as a benchmark and an investable index, accessible to individual investors mainly through ETFs and mutual funds that track it.

Historical Facts About the S&P/TSX Composite Index

Criteria for Listing on the S&P/TSX Composite Index

In order for a security to be eligible for inclusion in the S&P/TSX Composite index, it must meet several different criteria. These include the following:

• The security must represent a weight of at least 0.05% of the index after the QMV (Quoted Market Value) of the security has been included in the index float capitalisation when based on the VWAP (Volume Weighted Average Price) noted over the last 3 trading days of the end of the month before the quarterly review takes place.
• The security must have a VWAP of at least CA$1 during the previous 3 months, and over the final 3 trading days of the month end before the holding of the quarterly review.
• The liquidity of the security must be 0.50 when measured by float turnover (i.e. the total amount of shares that have been traded at all trading venues in Canada over the last year divided by the float-adjusted shares remaining outstanding when the period comes to an end).
• The company should be either established, formed or incorporated in Canada, and the Toronto Stock Exchange must be the primary stock exchange for its listing.

There are some kinds of securities that are not eligible to be included in the index, including the following:

• Preferred shares
• Securities that represent mutual fund corporations
• Exchangeable shares
• Instalment receipts
• Warrants
• Any other securities that have been deemed as inappropriate at a meeting of the index committee.

The S&P/TSX Composite Index has a rule that restricts any component’s weighting to a maximum of 10%, regardless of its market capitalisation.

Companies Listing on the S&P/TSX Composite Index

Many of Canada’s best-known companies are represented on the S&P/TSX Composite Index. Of the 10 sectors represented, the one with the biggest weighting is the financial industry at around 35%, with energy coming in second at about 21%. Currently, the sector with the lowest weighting is the healthcare industry, which has a weighting of less than 1%. The top listings of the S&P/TSX index currently include

• The Royal Bank of Canada
• The Toronto Dominion Bank
• The Bank of Nova Scotia
• Suncor Energy Inc.
• Canadian National Railway Company
• Bank of Montreal
• Enbridge Inc.
• BCE Inc.
• TransCanada Corporation
• Canadian Natural Resources Ltd.

Other educational materials

• FTSE AIM All-Share Index
• FTSE All-Share Index
• Japanese Exchange Group (JPX)
• LSE – London Stock Exchange
• NASDAQ
• New York Stock Exchange (NYSE)

Recommended further readings

• The ethical mutual fund performance debate: New evidence from Canada. Bauer, R., Derwall, J. and Otten, R., 2007. Journal of Business Ethics, 70(2), pp.111-124.
• Financial Conditions Indices for Canada. Gauthier, C., Graham, C. and Liu, Y., 2003. Bank of Canada. Photocopy.

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History of the S&P/TSX Composite Index

The S&P/TSX Composite Index developed out of an earlier index, the TSE 300. The TSE 300 was launched by the Toronto Stock Exchange in 1977 (TSE was a previous acronym for the exchange). Modeled on the S&P 500, it included a fixed number of equities: 300, to be exact. Hence, the name Standard & Poor’s (now S&P Dow Jones Indices) assumed control of the index in 2002, changing its name.

Over the years, the exact number of the companies in the index has fluctuated, and the composition of the index has changed. At first, mining and oil companies dominated—reflecting resource-rich Canada. In the 21st century, that began to shift, and when the S&P/TSX composite index deleted 17 resource companies in 2014, and added 16 mostly non-resource firms in 2015, it made headlines. In 2016, financial companies comprised 20% of the index; in 2021, they comprise 31.7%—the largest sector.

The index registered steady growth since its launch in 1977. In recent years, it has also experienced a few big crashes, including most notably at the beginning of 2020, during the outbreak of the COVID-19 pandemic. The index eventually bottomed out in March 2020 and has since been performing at unprecedented levels. On March 9, 2022 the S&P/TSX Composite Index reached an all-time closing high of 22,087.

How Much Does It Cost to Get Listed on the TSX?

Listing fees for the Toronto Stock Exchange (TSX) range from $10,000 — $200,000; $7,500 — $40,000 for the TSX Venture Exchange. The exact amount is determined by the market value of the company at the point of listing.

How Many Stocks Are in the S&P TSX Composite Index?

The S&P/TSX Composite Index generally has 230 to 250 stocks at any one time. It doesn’t maintain a fixed number. As of Q2 2022, there were 239 constituents.

Финансовая система

Нефинансовый долг

2022: Совокупный нефинансовый долг

Сопоставление показателей за 1 квартал 2022 г. и второй квартал 2008 г.

Динамика объемов нефинансового долга с сентября 2004 г. по март 2022 г.

Инфляция

2022

Рост инфляции до 7,7% — рекорда с 1983 года

Годовая инфляция в Канаде по итогам мая 2022 г. ускорилась до 7,7% с 6,8% в апреле, следует из данных статистического центра страны. Таким образом, показатель стал рекордным с января 1983 года, когда годовая инфляция в Канаде составляла 8,2%.

2021: Рост инфляции до 4,8%

Инфляция потребительских цен в Канаде в декабре 2021 г. достигла 4,8%, самого высокого уровня с 1991 года.

Фондовый рынок

2021: Рекордный объём IPO с 2006 года

Растущие фондовые рынки и процветающий технологический сектор способствовали наибольшему за 15 лет количеству IPO канадских компаний в первом квартале 2021 г.

В августе 2022 г было объявлено, что Канада выдаст Украине кредит почти на $350 млн для закупки топлива на фоне военной спецоперации России. После этого общий объем займов, предоставленных Оттавой Украине, достигнет $1,5 млрд. Как утверждали в Раде, кредит рассчитан на 10 лет под 1,6%.

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National Accounts	Last	Frequency	Range
Forecast: GDP PPP Per Capita (PPP Intl $)	66,221.645 2027	yearly	1980 — 2027
Forecast: Nominal GDP Per Capita (USD)	65,954.515 2027	yearly	1980 — 2027
Forecast: Real GDP Growth (%)	1.701 2027	yearly	1980 — 2027
GDP Deflator Growth (%)	9.8 Jun 2022	quarterly	Mar 1962 — Jun 2022
GDP per Capita (USD)	54,032.764 2022	yearly	1971 — 2022
Gross Fixed Capital Formation (USD mn)	124,577.054 Jun 2022	quarterly	Mar 1957 — Jun 2022
Gross National Product (GNP) (USD mn)	554,449.633 Sep 2022	quarterly	Mar 1961 — Sep 2022
Gross Savings Rate (%)	27.5 Sep 2022	quarterly	Mar 1961 — Sep 2022
Investment: % of GDP (%)	28.9 Sep 2022	quarterly	Mar 1961 — Sep 2022
Nominal GDP (USD mn)	537,887.3 Sep 2022	quarterly	Mar 1957 — Sep 2022
Nominal GDP Growth (%)	11.077 Sep 2022	quarterly	Mar 1958 — Sep 2022
Private Consumption Expenditure (USD mn)	291,667.177 Sep 2022	quarterly	Mar 1961 — Sep 2022
Private Consumption: % of GDP (%)	52.9 Sep 2022	quarterly	Mar 1961 — Sep 2022
Public Consumption Expenditure (USD mn)	112,598.900 Mar 2022	quarterly	Mar 1961 — Mar 2022
Public Consumption: % of GDP (%)	19.6 Sep 2022	quarterly	Mar 1961 — Sep 2022
Real GDP Growth (%)	3.9 Sep 2022	quarterly	Mar 1962 — Sep 2022
Total Trade of Goods & Services: % of Nominal GDP (%)	69.902 Jun 2022	quarterly	Mar 1961 — Jun 2022

Production	Last	Frequency	Range
Gold Production (kg)	170,000.000 2021	yearly	1990 — 2021
Industrial Production Index Growth (%)	1.1 Oct 2022	monthly	Jan 1958 — Oct 2022
Minerals Production (Metric Ton)	505,241,837.000 2020	yearly	2009 — 2020
Motor Vehicle Production (Unit)	1,115,002.000 2021	yearly	1997 — 2021
Silver Production (Metric Ton)	295.051 2020	yearly	1986 — 2020

Sales, Orders, Inventory & Shipments	Last	Frequency	Range
New Orders Growth (%)	17.7 Sep 2022	monthly	Jan 1993 — Sep 2022

Construction and Properties	Last	Frequency	Range
House Prices Growth (%)	5.1 Oct 2022	monthly	Jan 1982 — Oct 2022
Nominal Residential Property Price Index (2010=100)	251.794 Mar 2022	quarterly	Mar 1970 — Mar 2022
Nominal Residential Property Price Index Growth (%)	15.637 Jun 2022	quarterly	Mar 1971 — Jun 2022
Real Residential Property Price Index (2010=100)	190.445 Jun 2022	quarterly	Mar 1970 — Jun 2022
Real Residential Property Price Index Growth (%)	7.522 Jun 2022	quarterly	Mar 1971 — Jun 2022
Building Permits (Unit)	32,394.000 Oct 2022	monthly	Jan 2018 — Oct 2022

Government and Public Finance	Last	Frequency	Range
Consolidated Fiscal Balance: % of GDP (%)	-1.8 Jun 2022	quarterly	Jun 1993 — Jun 2022
Forecast: Government Expenditure (CAD bn)	1,399.486 2027	yearly	1980 — 2027
Forecast: Government Net Debt (CAD bn)	2,983.212 2027	yearly	1980 — 2027
Forecast: Government Revenue (CAD bn)	1,381.306 2027	yearly	1980 — 2027
Government Debt: % of GDP (%)	71.3 2022	yearly	1962 — 2022
National Government Debt (USD mn)	1,473,046.8 2022	yearly	1962 — 2022
Tax Revenue (USD mn)	20,245.146 Sep 2022	monthly	Jan 1996 — Sep 2022
Consolidated Fiscal Balance (USD mn)	-1,617.063 Sep 2022	monthly	May 1992 — Sep 2022
Tax Revenue: % of GDP (%)	11.7 Sep 2022	quarterly	Mar 1996 — Sep 2022

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2020: Канадские власти компенсируют компаниям 75% зарплат, чтобы они не увольняли людей

11 апреля 2020 года в Канаде приняли законопроект о субсидировании заработной платы в попытке стабилизировать экономику страны, пострадавшей из-за коронавируса COVID-19, который премьер-министр Джастин Трюдо назвал самой большой проблемой своего поколения.

Палата общин, одна из составляющих парламента Канады, согласовала пакет антикризисной помощи предприятиям, пострадавшим от коронавируса. Объём программы составляет 73 млрд канадских долларов ($52 млрд).

В Канаде приняли законопроект о субсидировании заработной платы в попытке стабилизировать экономику страны, пострадавшей из-за коронавируса COVID-19, который премьер-министр Джастин Трюдо назвал самой большой проблемой своего поколения

В соответствии с законопроектом, из бюджета Канады будут выделены средства на компенсирование компаниям 75% зарплат, чтобы они не сокращали работников. На каждого сотрудника выделяется до 847 канадских долларов ($607) в неделю.

Субсидии будут выплачиваться в течение двух-пяти недель. Это должно остановить массовую волну сокращений: за последние недели за экстренной материальной помощью обратились около 5 млн канадцев — каждый четвертый работник в стране.

Линия фронта находится повсюду, — заявил Джастин Трюдо, сравнивая борьбу с коронавирусом с войной. — Каждый из нас должен сыграть свою роль, помогая защитить нашу страну от угрозы, с которой она сейчас сталкивается.

Премьер-министр сказал, что Канада находится на пороге сильного экономического спада со времён Великой депрессии — экономического кризиса 1929 – конца 1930-х годов.

Правительство также увеличит налоговые льготы для предприятий малого, среднего и крупного бизнеса, предоставив более $10 млрд дополнительной поддержки. Некоторые предприятия смогут претендовать на крупные кредиты.

К 12 апреля 2020 года количество подтвержденных случаев заражения новым коронавирусом в Канаде достигло 23 301 человека, от заболевания скончались 653 пациента, сообщило министерство здравоохранения страны.

Understanding the S&P/TSX Composite Index

The S&P/TSX Composite Index is calculated by Standard and Poor’s (S&P). The broadest in the S&P/TSX index family, it contains around 230 to 250 publicly traded Canadian companies, out of the approximately 1,500 listed on the Toronto Stock Exchange (the ninth-largest exchange in the world). However, these companies represent about 95% of the Canadian equities market and roughly 70% of TSX’s entire market capitalization.

As of April 2022, the total market cap of the index (in U.S. dollars) is over $2.75 trillion. Roughly one-third of the index’s members belonged to the financial sector, which consists of banks, investment companies, financial services firms, and insurance companies. Other sectors heavily represented in the index included energy, materials, industrials, and information technology.

The remaining sectors represented in the S&P/TSX Composite Index include Communication Services, Utilities, Consumer Staples, Consumer Discretionary, Real Estate, and Health Care. There are 11 sectors in all.

As a capitalization-weighted index, the S&P/TSX Composite Index is more influenced by large member companies than small ones. This is a common method of calculating stock indices, with the S&P 500 and Nasdaq Composite Index both using this approach.

Like most benchmark indexes, the S&P/TSX has three primary functions: to provide an easily understood snapshot of how a nation’s public companies are performing, to provide a standard against which fund managers can compare their results, and to provide a formalized structure that exchange traded funds (ETFs) and index funds can follow.

Listing Eligibility Criteria

To be eligible for inclusion in the S&P/TSX Composite, a security must meet the following criteria:

• It must represent a minimum weight of 0.05% of the index, after including the Quoted Market Value (QMV) of that security in the total float capitalisation of the index based on the volume-weighted average price (VWAP) over the final three trading days of the month-end before the quarterly review.
• The security must also have a minimum VWAP of CA$1 over the previous three months and over the last three trading days of the month-end prior to the quarterly review.
• Additionally, the security must also have a liquidity of 0.50 as measured by float turnover, which is the total number of shares traded at Canadian trading venues in the previous 12 months divided by float-adjusted shares outstanding at the end of the period.
• Further, the company must be incorporated, formed or established in Canada, with the Toronto Stock Exchange as the primary stock exchange for listing.Some types of securities, including those representing mutual fund corporations, preferred shares, exchangeable shares, warrants, installment receipts and others deemed inappropriate by the index committee are ineligible for inclusion in the index.

How to Invest in the S&P/TSX Composite Index

The S&P/TSX Composite Index serves both as a benchmark and an investable index.

An investor could get exposure to the index by picking the individual stocks within it, of course—a bit impractical, considering there are over 200 of them—or at least the top 10 stocks. Given the advent of global trading and online platforms, it’s easier than ever to buy foreign equities directly, though U.S.-based investors still often find it more convenient to purchase American depositary receipts (ADRs). They are usually available for large-cap Canadian corporations, like those in the index.

However, for maximum economy and diversification, it’s probably more practical to invest in a fund that tracks the S&P/TSX Composite Index. One such is the iShares S&P/TSX 60 Index ETF (TSX: XIU), which—as the name implies—holds the 60 largest companies in the index.

Two other ETFs— iShares S&P/TSX Capped Composite Index (TSX: XIC) and BMO S&P/TSX Capped Composite Index (TSX: ZCN)—track a subset index, the S&P/TSX Capped Composite. This index imposes capped weights of 10% on all of the constituents of the S&P/TSX Composite, to reduce volatility (which could dull performance, as well).

There are also mutual funds that track the S&P/TSX Composite Index. The Scotia Canadian Equity Index Fund, for example, aims to achieve long-term capital growth by investing in the index’s stocks.

Этап 3. Отвечаем на ключевые вопросы бизнеса

Разберём ещё одну — финальную — метрику.

Contribution Margin (CM) — маржинальная прибыль. Показатель демонстрирует, сколько бизнес заработал в целом. Он учитывает и переменные затраты на ваш продукт, и затраты на продвижение. Чтобы рассчитать маржинальную прибыль, сначала нужно отнять от среднего дохода на пользователя среднюю стоимость его привлечения. Результат нужно умножить на количество привлечённых пользователей. Формула выглядит так: CM = (ARPU − CPA) ∗ UA.

Как рассчитать маржинальную прибыль

CM = (ARPU − CPA) ∗ UA 

Маржинальная прибыль = (доход от одного пользователя − стоимость привлечения одного пользователя) ∗ число привлечённых пользователей

Благодаря Contribution Margin вы видите, сколько зарабатываете на реализации своего продукта или услуги. Показатель можно считать как по пользователям, так и по клиентам. Во втором случае формула будет выглядеть так: маржинальная прибыль = (доход от одного клиента − стоимость привлечения одного клиента) ∗ число привлечённых клиентов.

Фото: Leon / Unsplash

Однако если бизнес приносит прибыль, это не значит, что свободные деньги лежат в кассе прямо сейчас. Почитайте статью «Как рассчитать экономику проекта и избежать кассового разрыва», чтобы разобраться, когда проект может уйти в минус даже при позитивных показателях.

Как понять, выгодна ли рекламная кампания? Сравните ARPU и CPA: средний доход с одного пользователя и стоимость его привлечения. Если вы платите за посетителя больше, чем зарабатываете с него, то вы теряете деньги. Если вы платите за переход пользователя на сайт рубль, а ARPU составляет 10 рублей, то с каждого вложенного рубля вы зарабатываете девять.

Другой вариант — сравнить средний доход с одного клиента (ARPC) и средние затраты на его привлечение (CAC). Если CAC больше ARPC, то бизнес теряет на рекламе, если меньше — напротив, зарабатывает. Это работает так же, как и сравнение ARPU и CPA, поскольку группы показателей различаются только шагом конверсии.

Что делать, если компания не зарабатывает денег? Допустим, CAC превышает ARPC, CPA превышает ARPU. Либо компания зарабатывает, но не столько, сколько хотелось бы менеджменту. В таком случае можно экспериментировать с метриками юнит-экономики:

• повысить средний чек, но это может сказаться и на конверсии;
• уменьшить COGS, если это возможно;
• увеличить число покупок на одного клиента;
• отказаться от прямой рекламы в невыгодных каналах.

До того как делать какие-либо выводы и экспериментировать с показателями, важно помнить: такие эксперименты требуют времени. Например, если опираться на фактические данные за небольшой период, то фактический APC может быть меньше предполагаемого

Возможно, клиенты просто не успели совершить повторные покупки.

В таких случаях лучше либо смотреть на конкурентов, либо опираться на исторические данные компании о других продуктах. Либо нужно дать больше времени на сбор данных.

Давайте посмотрим на показатели нашего примера — онлайн-школы по физике. Маркетинговый бюджет составил 200 000 рублей в месяц, а цена клика — 50 рублей. Средняя конверсия по отрасли из трафика в покупку — 2,4%. Средний чек составляет 27 000 рублей. Когда у нас что-то покупают, мы тратим на реализацию наших обязательств 3 000 рублей (это COGS). Дополнительных расходов на первую продажу нет. В среднем каждый клиент совершает две покупки.

Вот как будет выглядеть расчёт метрик:

• UA (количество привлечённых пользователей) = маркетинговый бюджет (AC) / стоимость клика (CPA) = 200 000 рублей / 50 рублей = 4000 привлечённых пользователей.
• B (число клиентов) = конверсия (С) ∗ количество привлечённых пользователей (UA) = 2,4% ∗ 4000 = 96 покупателей.
• CPA (стоимость привлечения пользователя) = маркетинговый бюджет (AC) / количество привлечённых пользователей (UA) = 200 000 рублей / 4000 = 50 рублей.
• ARPC (средний доход с клиента) = (средний чек продукта − себестоимость проданных товаров) ∗ среднее число платежей = (27 000 рублей − 3000 рублей) ∗ 2 = 48 000 рублей.
• ARPU (средний доход с пользователя) = чистая прибыль от одного клиента (ARPC) ∗ конверсия (С) = 48 000 рублей ∗ 2,4% = 1152 рубля.
• CM (маржинальная прибыль) = (средний доход от одного пользователя — стоимость привлечения одного пользователя) ∗ количество привлечённых пользователей = (1152 рублей − 50 рублей) ∗ 4000 = 4 400 000 рублей.

4,4 млн рублей — это маржинальная прибыль за изученный период. Бизнес зарабатывает, а не теряет деньги.

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund’s investment strategy, please see the fund’s prospectus.

Review the MSCI methodology behind the Business Involvement metrics, using links

MSCI — Controversial Weapons

as of Dec 16, 2022

0.00%

MSCI — UN Global Compact Violators

as of Dec 16, 2022

1.45%

MSCI — Nuclear Weapons

as of Dec 16, 2022

0.00%

MSCI — Thermal Coal

as of Dec 16, 2022

0.00%

MSCI — Civilian Firearms

as of Dec 16, 2022

0.00%

MSCI — Oil Sands

as of Dec 16, 2022

7.42%

MSCI — Tobacco

as of Dec 16, 2022

0.00%

Business Involvement Coverage

as of Dec 16, 2022

99.53%

Percentage of Fund not covered

as of Dec 16, 2022

0.47%

BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 7.69%.

S&P/TSX Composite Index Eligibility Criteria

Companies wishing to be included in the S&P/TSX Composite Index must meet a series of eligibility criteria relating to their liquidity and market capitalization. Specifically, member companies will be removed from the index if their share prices remain below $1 for more than a specified period of time. Similarly, members must ensure that their market capitalization remains at least 0.04% of the index.

Sufficient liquidity is important, too. Liquidity, which is measured as the total number of shares traded in the U.S. and Canada in the past 12 months divided by the number of float-adjusted shares outstanding at the end of the period, must be at least 0.50 for new entrants and at least 0.25 for existing constituents. For dual-listed stocks, liquidity of at least 0.25, or 0.125 for existing members, is necessary when using Canadian volume only.

To be included, companies must also qualify as Canadian. That means they must have been incorporated, formed, or established in Canada, have a primary stock exchange listing on the TSX, file financial statements and other disclosure documents with local regulators, and have a «substantial presence» in the country—defined as either having headquarters or principal executive offices located in Canada or a substantial portion of fixed assets and revenues in the country.