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Portfolio rebalancing is the process of restoring your investments to their target asset allocation after market movements have shifted the proportions. If your target is 80% stocks and 20% bonds, and a bull market pushes you to 90/10, rebalancing brings you back to 80/20 by selling some stocks and buying bonds.
Over time, without rebalancing, your portfolio drifts toward higher-performing assets — typically equities. A 60/40 portfolio left unrebalanced in a strong equity market might become 80/20, significantly increasing your risk exposure beyond your original intention. When markets correct, you face larger losses than your planned allocation was designed to absorb.
Two common approaches:
For most passive investors, annual calendar rebalancing is sufficient and easier to execute.
The simplest and most tax-efficient method. When contributing new money, direct it to the under-weighted asset class rather than buying proportionally. If bonds are at 15% when you want 20%, put new contributions into bonds until balance is restored. No selling required — no tax triggered in non-registered accounts.
Sell the over-weighted assets and use proceeds to buy under-weighted ones. Inside a TFSA or RRSP, no tax triggered. In a non-registered account, selling at a gain triggers capital gains tax — factor this into your decision.
VGRO, XGRO, VBAL, and equivalent all-in-one ETFs automatically rebalance internally. When you buy VGRO, the fund managers continuously maintain the 80/20 allocation. For investors who want to eliminate rebalancing entirely, a single all-in-one ETF is the solution — you never need to rebalance manually.
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