Do you want to make the most of your money? Build wealth for your future? Better manage your debt? Smart Advice is a podcast that brings you financial advice, investment strategies and economic trends. Join CIBC's financial advice expert, and Certified Financial Planner Carissa Lucreziano, for honest conversations about money – and investing with real insights from real people. You’ll learn how make the most of your money…and how to make sense of this economy. For more Smart Advice, visit cibc.com/SmartAdvice.
Market volatility isn't new, but over the past year it has intensified due to tariff tensions, unpredictable interest rates, and persistent inflation, leaving investors to navigate contradictory and confusing economic signals. This raises a critical question for investors: how can you make wise decisions when news cycles outpace policy changes and traditional indicators seem unreliable?In this episode of Smart Advice, host Carissa Lucreziano welcomes back David Wong, Chief Investment Officer and Head of Total Investment Solutions at CIBC Global Asset Management. With decades of experience guiding investors through economic storms, David brings clarity to a chaotic moment. He breaks down what's really happening with Canadian and global markets, discusses the potential for recession amid tariff uncertainties, and highlights the evolving roles of fixed income, gold, and alternatives in a diversified portfolio. Additionally, David also explores the impact of artificial intelligence as a future growth driver and its potential implications for investment strategies. He emphasizes the importance of staying invested during turbulent times and offers insights into low-volatility equity strategies as a practical approach to managing risk.This episode provides a strategic perspective on investing, offering practical insights on managing risk and refining your investment strategy amidst the noise of the headlines.Here are three reasons why you should listen to this episode:Understand how global tariff tensions and inflation are shaping Canadian markets—and what that means for your investment strategy.Discover effective strategies for building a resilient, diversified portfolio that can weather short-term volatility without sacrificing long-term growth.Explore the influence of artificial intelligence and alternative investments on market trends and your investment approach.ResourcesCIBC's "Smart Advice" Podcast and WebsiteVisit CAM Investment insights for timely expert insights and research Visit CIBC for more Smart AdviceChicago Mercantile Exchange FedWatch ToolC.D. Howe Institute's Business Cycle CouncilMcKinsey Study on AI AdoptionGoldman Sachs Forecast on AI ImpactEpisode Highlights[00:25] Navigating 2025 with a resilient investment strategyMarket turbulence in 2025 means Canadians need to adapt their investment strategy.David Wong describes the current market in one word: “challenged”.[02:41] David: “More than anything, the uncertainty surrounding where tariffs will ultimately settle is creating challenges on planning for investments from businesses and big ticket purchases from consumers.”He outlines the major factors distorting traditional economic indicators—particularly tariffs—and explains how these distortions complicate policy decisions.As uncertainty continues to cloud the outlook, the importance of adaptable, long-term strategies becomes even more apparent.[04:23] Impact of tariffs and interest rates on investmentsTwo possible economic scenarios are in the Bank of Canada's latest monetary policy report—one involving tariff resolution, and the other pointing toward global trade conflict.Interest rate expectations in the U.S. have shifted; markets are now pushing back rate cut forecasts due to persistent inflation.In Canada, rising unemployment and stubborn core inflation have increased the risk of recession, adding more weight to central bank decisions.Rather than react to every policy shift, a better investment strategy may be to build diversified portfolios that reflect multiple possible outcomes.[09:07] Volatility and market reactionsMarket movements in April reflect just how reactive investors have become to tariff-related headlines, swinging sharply with each new development.David emphasizes that inflation remains a key concern—one that hasn't been resolved post-COVID and could be exacerbated by global trade tensions.In times like these, staying invested and resisting panic is more valuable than ever, especially for those with a long investment horizon.Low-volatility equity strategies are suggested as a practical way to stay the course while addressing investor concerns around risk.[13:08] Investment allocation and diversificationCarissa raises the question of whether investors should stay Canada-focused or explore U.S. and international markets for growth.David explains that while U.S. exposure has historically delivered strong returns, overconcentration can pose risks—especially in uncertain times.Artificial intelligence is flagged as a future growth driver with long-term potential. However, it likely will not make a significant impact for several years.Diversification across regions, sectors, and asset types—including gold and fixed income—is presented as a foundational strategy for resilience.[20:33] Risk management and investment approachRisk isn't just about volatility, it's about understanding what drives market changes and how to prepare for them.[21:06] David: “Reward and risk are related concepts, and you simply can't get reward without taking some level of risk.”David introduces CIBC's Managed Solutions framework, built on three pillars: purpose, structure, and fulfillment.By focusing on fundamental diversification, his team aims to deliver consistent value even in unpredictable market conditions.Balancing short-term noise with long-term discipline remains key, especially as markets send mixed signals on a daily basis.[26:07] Final thoughts and investment frameworkDavid urges listeners to develop a clear investment framework aligned with their financial goals.He reinforces that earnings growth and bond yields—not daily headlines—are the real engines of long-term returns.[26:49] David: “The fear of missing out can be just as dangerous as overreacting to negative news. It's the Scylla and Charybdis of investing.”It's critical to contextualize media-driven fear and avoid impulsive decisions; overcorrecting due to media can severely damage a portfolio.Canadians can confidently navigate market uncertainty, but have to remain disciplined while diversifying their portfolios and utilizing expert insight.About David David is responsible for CIBC Global Asset Management's managed solutions investment process and portfolio management. His Total Investment Solutions team helps to determine the asset allocations and the construction of portfolios, researches, evaluates, and helps select the managers, and monitors the investments of the firm's roughly $80 billion managed solutions programs. The team is also responsible for trading execution, beta management, and performance and risk oversight across all of CIBC Global Asset Management. In addition, David is a member of the CIBC Family Office's Leadership Team and provides institutional asset allocation advice to ultra-high net worth individuals and families.David joined CIBC Global Asset Management in July 2011, and served as Managing Director, Investment Management Research (IMR) until June 2021. David has more than 26 years of industry experience in New York and Toronto.Connect with David Wong on his LinkedIn.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family. The economy may be unpredictable, but your investment strategy doesn't have to be. Equip yourself with timeless strategies that work, even when the markets don't.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
For many Canadians, real estate is a deeply personal milestone. It's an investment in the future, and often a building block for wealth. But as we look ahead, a new reality is taking shape. With mortgage renewals on the horizon, economic uncertainty and real estate markets showing varied performance across the provinces, homeowners and buyers alike are facing more complex decisions than ever. Is now the time to look into an investment property, buy, sell or renovate?In this episode of Smart Advice, host Carissa Lucreziano sits down with real estate investment expert, entrepreneur, and television host Scott McGillivray. Known for empowering Canadians through shows like Vacation House Rules and Renovation Resort, Scott brings sharp insight to a timely conversation. Together they explore what's happening in the 2025 real estate market—from pre-construction drawbacks and cash-flow-positive regions to renovation trends and hidden equity opportunities. Scott's refreshingly candid advice offers both caution and optimism to those looking to make their next move in today's unpredictable environment.This episode gives you actionable insights to make smarter financial decisions and seize the real estate opportunity others may miss.Here are three reasons why you should listen to this episode:Understand where Canada's real estate opportunities are strongest in 2025Learn which renovations offer the highest ROI and how to capitalize on timing and costs.Reflect on how building the right financial team can help you make strategic real estate moves.ResourcesCIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast | SpotifyVisit CIBC for more Smart AdviceHow to navigate the housing market in 2025 with confidenceVacation House Rules | Website: HGTV Canada - Vacation House RulesRenovation Resort | Website: Renovation Resort ShowEpisode Highlights[01:46] Examining the Canadian real estate marketThe Canadian real estate market is shifting due to political and global changes, so investment strategies will also be in flux.Scott McGillivray joins the conversation, highlighting the mixed confidence in the market and the impact of economic uncertainty on mortgage renewals.The delayed spring market and regional differences in real estate trends make for an interesting environment in which to look for an investment property.However, there are still many opportunities in the current market, particularly for first-time home buyers and those looking to upgrade or renovate.[05:28] Entering the condo market for an investment propertyThe condo market may be stagnating, while condo developers also face multiple challenges.New and existing condo markets are not the same; the market is dynamic and affected by changing rates, rules, pricing, immigration, and even government.Existing inventory may perform better in the next few years due to the lack of investor incentives and high development costs.Government policies have the potential to stimulate the condo market, including reducing development fees and taxes on new construction.[10:44] Regional investment opportunitiesScott marks Alberta, Saskatchewan, Manitoba, New Brunswick, and Newfoundland as provinces for investors looking for cash flow.For equity investors, Ontario, British Columbia, and Quebec may be provinces where an equity investor might look for an investment property.[11:41] Scott: “Your ticket to getting good deals right now — as long as you know what a good deal really looks like, that doesn't mean just go buy it — but Ontario, British Columbia, Quebec, those are the provinces right now where you see the opportunity.”It's not enough to have an investment property in these locations; equally critical is understanding the local market and working with professionals.Chasing opportunities tends to be a losing game; Canadians need financial education and preparation to seize opportunities when they arise.[14:24] Renovation trends and cost managementCarissa introduces the topic of renovations for an investment property, noting that 50% of Canadians are either planning or completing renovations according to a 2024 CIBC homeownership poll.Scott advises focusing on small to medium renovations with the best return on investment, such as upgrading fixtures, flooring, and paint.Scott highlights the importance of predictability in renovations, especially with the potential for increased costs on appliances and materials.Scott suggests having a safety net and working with financial professionals to manage costs and ensure long-term renovation success.[18:02] Generating income from an investment propertyAccessibility is the top trend in real estate, particularly due to the significant influence of baby boomers on the real estate market.Equally important is being able to enjoy your home. For example, a gym or pool might not generate income, but it may make your home more enjoyable for you, the owner.There is a balance to be struck between resale value and personal enjoyment of renovations.However, when it comes to a return on investment, Scott advises running the numbers to ensure profitability.[25:04] Seizing real estate opportunitiesScott advises starting now and positioning oneself to take advantage of opportunities, especially while others are in a state of decision paralysis.[25:42] Scott: “Trying to chase opportunities in real estate is a fool's game. Putting yourself in the path of progress is strategic. So when everyone else is doing nothing, that's the best time to do something.”A critical act to take is to surround yourself with the right people and be strategic in real estate investments.Preparation, understanding the numbers, and working with the right team are what helps people find a workable investment property to achieve their real estate goals.About Scott Scott McGillivray is one of Canada's most trusted voices in real estate, known for turning properties into powerful wealth-building tools. As the host of HGTV's Vacation House Rules and Renovation Resort, he brings over 20 years of experience in property investment, construction, and market analysis. Through hundreds of income-generating properties across Canada, Scott has mastered the art of strategic renovations and resilient investing.Today, he helps Canadians navigate complex housing decisions with a clear, practical approach grounded in data and experience. Whether the market is cooling or heating up, Scott equips homeowners and investors with the tools to act confidently and build long-term value.Connect with Scott McGillivray on his LinkedIn and website.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family. Step out of the chaos of the ever-changing real estate market and find your next investment property. Arm yourself with knowledge, build a strong support system, and embrace the next phase of your real estate journey with confidence.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
In this episode of Smart Advice, Carissa Lucreziano sits down with the Honourable Lisa Raitt, former federal cabinet minister and current Vice Chair of CIBC Capital Markets, to navigate the complex interplay of politics, economics, and markets. With insight shaped by decades of experience in government and now in the financial services sector, Lisa cuts through the noise to reflect on what matters most: Canada's sovereignty, strategy, and resilience in a rapidly changing global landscape.Be equipped with insights to make sense of volatility, understand the tools available to weather potential changes in US-Canada relations, and learn where smart money might be headed next. This episode is for every Canadian asking how to turn economic uncertainty into actionable opportunity.Here are three reasons why you should listen to this episode:Learn how political shifts, including Canada's new leadership, could reshape economic priorities at home and abroad.Understand the long-term implications of Donald Trump's return to the global stage and how Canada must prepare for potential changes in US-Canada relations.Gain clarity on growth opportunities in sectors like power generation, manufacturing, and national defence.ResourcesCIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast | SpotifyThe Raitt StuffVisit CIBC for more Smart Advice, including a recent piece on ‘Navigating uncertainty and market volatility'Episode highlights[00:05] Are Canadians ready for future US-Canada relations?Lisa Raitt is introduced as a former cabinet minister in natural resources, labor, and transportation, now serving as Vice Chair at CIBC Capital Markets.Canadians today face rising global tensions, inflationary pressures, and heightened political transitions which are reshaping economic expectations and policies.Lisa shares her optimism over the clarity offered by Canada's newly elected Prime Minister, Liberal leader Mark Carney, noting the stability—even in a minority government.The current US-Canada relations may shift with Prime Minister Carney's approach, but Lisa warns against overconfidence.Trade negotiations require more than charisma—leaders must find practical ways to provide the U.S. with a political “win” while protecting Canadian interests.[02:24] The rise of economic nationalismLisa outlines how economic nationalism, especially in the US, has led to the weaponization of tariffs and elevated supply chain threats.Canada's dependence on US trade is now seen as both a strength and a potential vulnerability—prompting calls for increased self-reliance.She advocates for doubling down on sectors where Canada already has a comparative advantage: energy, agriculture, mining, and forestry. [08:48] Lisa: “What has happened in the time of Trump is we realize that you can't continue on just accepting the United States growth as the growth that we're going to get; that we actually have to do some work ourselves” Government must play a dual role—advocating for global trade fairness while supporting long-term investment in domestic capacity and infrastructure. [09:31] Understanding Trump's policy visionUnlike previous leaders, Trump's economic policy direction is guided less by data and more by ideology, particularly focused on ‘Made in America' mandates.Lisa emphasizes that traditional counter-arguments (e.g., logic, economic impact) often fall flat with the Trump administration.Trump is unapologetically focused on rebuilding American manufacturing—painful or not—for the long-term benefit of US jobs and industrial strength.Canadian leaders and citizens must stop assuming rational policy shifts or midterm electoral changes in the US will automatically solve trade tensions. [12:18] What's driving American progress?Despite controversial rhetoric, some of Trump's policies—bringing semiconductor production back, advancing nuclear energy—could deliver strategic benefit.The concern lies in whether these wins are drowned out by large-scale costs: fractured alliances, damaged supply chains, and fragile diplomacy.[13:42] Lisa: “When you're presented with a dog's breakfast of tons of different policies, some of them are going to be good. The question, though, is whether or not the overall policy direction is such that it kind of takes away all the wins because the losses are so massive.”Canada's response needs to be realistic, grounded in its own capabilities and long-term values rather than reactive politics. [14:05] Canada: Not the 51st US StateLisa strongly believes in Canadian sovereignty, rejecting the suggestion that Canada could—or should—become the 51st US state.She suggests that the idea may stem from a desire for closer cooperation, but realizing that idea must not come at the cost of Canada's national identity or self-determination.However, it may be beneficial to push for stronger strategic collaboration in areas like North American defence, transportation infrastructure, and trade logistics.According to Lisa, Canada and many other NATO states have neglected their roles in national defence, often relying on U.S. military spending. [18:50] Market trends to watch amidst shifting U.S.-Canada relationsLisa identifies power generation as the backbone of future economic infrastructure—no longer just a policy option but a necessity.Energy constraints are already impacting provincial decisions, signalling long-term opportunities for investors.Lisa urges Canadian investors to continue trusting expert advisors—and to anchor their portfolios to well-researched macro insights.Branching into sectors like energy, resource extraction, and clean technology offers more stability in an uncertain political environment.Watching how the Carney government navigates energy pipeline development will be crucial; investors should blend pragmatic strategy with public policy foresight. [25:04] Charting a path forward for CanadaLisa remains hopeful yet cautious about the government's ability to deliver meaningful results in the next four years.The speech from the throne will be telling as to whether there's a break from past policy gridlocks toward more resilient, future-focused legislation.Maintaining stable US-Canada relations involves more than policy; we have to remember to distinguish between governments and people.The thickening of the U.S.-Canada border is another sad consequence of political tension, and efforts must be made to restore trust and open channels.About Lisa Lisa Raitt is the Vice Chair at CIBC Capital Markets, bringing decades of experience in navigating economic and political landscapes. A former Canadian federal cabinet minister, she held key portfolios including Natural Resources, Labour, and Transport, steering policy through complex economic shifts. Known for her pragmatic approach, Lisa now applies her expertise to the financial sector, offering strategic insights on global trade, economic resilience, and market trends.As host of The Raitt Stuff podcast, she delivers candid, impactful discussions on economic issues affecting Canadians and global markets. A trusted voice in policy and finance, Lisa combines political acumen with economic foresight, empowering individuals and businesses to thrive in an evolving world.Connect with Lisa Raitt on LinkedIn.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family. Step out of the chaos of modern life and into clarity. Learn how to take informed steps forward, understand the impact of shifting policies, and secure a financially sound future amidst shifting U.S.-Canada relations.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
No matter where you're at in life, money can help you reach your goals and get you where you want to go. That's why it's so important to talk about it. Get ready for Smart Advice – a podcast that brings the money conversation right to you.
Women's financial journeys are shaped by unique milestones and challenges ranging from navigating career transitions to planning for retirement. In this special edition of Smart Advice, we break down the results of a groundbreaking Women of Influence+ survey conducted in collaboration with CIBC, on Women, Money, and WealthThis episode offers expert guidance and practical tools to help you navigate your financial journey. You won't want to miss this roundtable discussion featuring CIBC financial advice expert Carissa Lucreziano, Dr. Rumeet Billan, CEO of Women of Influence+ and Margaret Adaniel, Vice President of Wealth Digital, Marketing and Communications at CIBC. Here are three reasons why you should listen to this episode:Understand the benefits of working with an advisor to help you manage finances during major life transitions.Discover strategies to build financial wealth with budgeting, goal setting and regular investing.Learn how to protect yourself and your loved ones with an estate plan.ResourcesCanadian Perspectives: Women, Money and Wealth SurveyWilling Wisdom by Thomas William Deans Wealth planning for women: Why do I need a prenup?CIBC's "Smart Advice" Podcast and Website - Website | Apple PodcastEpisode Highlights[00:29] Milestones and Challenges on the Financial Journey of WomenOver the years, women have increasingly grown their influence in Canada's economy.Carissa highlights a study by Women of Influence+ and CIBCIt revealed that 68% of women feel in control of their finances while 42% are concerned about long-term security.The study shows that major life events, such as retirement and marriage, often prompt women to seek financial advice.[02:48] Why Financial Well-Being and Transitions Are ImportantRetirement and other life transitions play a huge role in women's finances. It's also important to see retirement as a journey, not a destination.[3:33] Margaret: “Retirement is not a point of arrival… It's actually a journey within itself”Women face increased financial responsibility. In particular, this involves balancing work and family, leading to evolving financial needs.Understanding your current financial situation, budgeting, and setting future goals are foundational steps for building financial resilience.Building an emergency fund and investing in long-term wealth, despite market complexities, is crucial in the modern era.[10:56] Starting a Business and Financial ConsiderationsAll business plans include market research, business model, marketing strategy, and cost analysis.It's vital to keep personal and business accounts separate to simplify balancing your finances.It helps to automate bill payments, as missing a payment can harm your credit score and make financing your business more difficult.Digital resources like BDC and Zen Business can make it much easier to start a business, even if you are early in your financial journey.Carissa emphasizes the value of working with a trusted business advisor to navigate the early stages of entrepreneurship.[18:35] Build Strong Partnerships On Your Financial JourneyCommunication is key in both new and second marriages, starting with full disclosure of financial obligations and establishing clear money management practices. [19:42] Carissa: “In any relationship, first marriage or partnership or second communication is key. That is the foundation.”Carissa recommends cohabitation agreements or prenups to outline financial responsibilities and protect individual interests.Define what is "yours, mine, and ours" clearly in financial arrangements, particularly in second marriages. Doing so prevents misunderstandings and fosters transparency.Financial disagreements are a common source of conflict in relationships and highlight the value of open communication to build a strong financial foundation.[23:21] Estate Planning Beyond Legal DocumentsEstate planning is more than just legal documents. Women need to organize details like family contacts and personal wishes.[25:18] Margaret: “We think about it [estate planning] in the legal document terms, not the emotional side of the conversation. It's both. It really is both of those and we have to balance them out.Families are encouraged to discuss emotional aspects of estate planning, such as deciding who will care for pets or how assets will be distributed.The book Willing Wisdom is recommended for reframing your financial journey with thoughtful questions about values and personal priorities.Digital platforms like Willful are suggested as affordable and accessible tools to start or update wills and legal documents, making the process easier to navigate.[26:59] Estate Planning and Investments50% of Canadians lack a will. Starting this process is crucial for protecting assets and ensuring they are passed down as intended[27:55] Carissa: “You've worked a good portion of your life, working so hard to accumulate these assets… You want to be able to protect that, and you want to be able to preserve as much as possible to go to the next generation ”Begin open, age-appropriate discussions about estate planning, focusing on values, beliefs, and priorities rather than just financial details.Use investments strategically to equalize estates when multiple assets are involved, such as a family cottage and investment accounts.For example, compensate one child who inherits a family cottage with an investment account to ensure fairness and reduce disputes.Estate planning that incorporates investments can reduce stress, and preserve family harmony.[30:46] Audience Questions and Final AdviceCarissa recommends consulting a financial advisor about your available options for managing your 401(k) accounts during layoffs.Margaret and Carissa discuss the benefits of life insurance in estate planning, highlighting its flexibility in offsetting estate imbalances and covering debts.Young women should start their financial journey early. It's more important than anything else to just start budgeting and investing.[37:59] Key Advice For Navigating Your Financial JourneyCarissa emphasizes the importance of understanding your financial situation while also developing a plan that gets you to your financial goals.Don't be too hard on yourself, and celebrate financial achievements. Paying a student loan, saving a down payment, and building your savings are significant milestones.Stick to your financial plan and stay invested in your future.Margaret highlights the value of starting with small, regular investments. Having more time in the market is more important than trying to time the market.She encourages women to give themselves permission to seek a financial advisor. Trusted and professional support is invaluable on your financial journey.About Carissa Carissa Lucreziano has over two decades of experience as a Certified Financial Planner. She is the Vice President of Financial and Investment Advice at CIBC, where she aims to simplify complex financial concepts to give people the ability to make informed decisions about their money.As CIBC's financial advice expert, Carissa leads a team dedicated to empowering Canadians through accessible financial education and smart advice.Connect with Carissa Lucreziano on LinkedIn.About Margaret Margaret Adaniel is the Vice President of Wealth Digital, Marketing, and Communications at CIBC, where she leads strategic initiatives to enhance client engagement and financial education.Margaret is committed to fostering financial confidence by creating tailored solutions that address evolving client needs, leveraging her expertise in wealth management, financial literacy, and strategic communication.Connect with Margaret Adaniel on LinkedIn.About Dr. Rumeet Dr. Rumeet Billan is the founder and CEO of Viewpoint Leadership and former CEO of Women of Influence+. Her approach to entrepreneurship, business development, and leadership training prioritizes trust, belonging, and resilience to elevate the quality of her work.Dr. Rumeet has been recognized as one of Canada's Top 10 Power Women. She showcases a commitment to giving back to communities by helping improve access to education through schools and libraries and funding scholarships.Connect with Dr. Rumeet on LinkedIn or her website.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this to your friends and family — especially the young women in your life! The sooner you start your financial journey and address key transitions like retirement, entrepreneurship, and estate planning, the better equipped you'll be to protect your wealth and secure your family's financial future.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more amazing episodes, tune in on Spotify or Apple Podcasts.
In this episode of Smart Advice, we delve into the intricate world of estate planning for blended families—a crucial yet often overlooked topic for many Canadians. Estate planning becomes significantly more complex when it involves couples with children from previous relationships, second marriages, or common-law partnerships, which are increasingly common across the country. Our guest, Richard Voss, Director of Wealth Strategies at CIBC Private Wealth, shares expert insights to help protect your family's legacy. Tune in for practical tips on managing wills, powers of attorney, and trust planning to help avoid potential conflicts and ensure everyone's interests are protected.Three reasons you should listen to this episode:Learn how to navigate the complexities of estate planning for blended families.Discover the legal differences between common-law partnerships and marriage and how they affect your estate plan.Understand the importance of open communication within families when discussing estate planning.ResourcesCIBC Article: 5 Tips On Talking About Money With Your PartnerCIBC Private Wealth Insights HubCIBC Smart Advice hubEpisode Highlights[00:21] Estate planning for blended familiesEstate planning is an important part of ensuring your wealth is transferred smoothly.However, every family has its own unique dynamics, which creates unique challenges and considerations.Blended families in particular have specific nuances to their financial situation.23% of couples in Canada are living as common law partners — the highest among G7 countries.[03:07] Understanding your financial landscapeIt's a financially smart decision to fully understand your financial assets and liabilities before entering a new relationship.There is a difference between hard assets (real estate, cars, collections) and soft assets (family knowledge, heirlooms with emotional attachments).Review your current wills, powers of attorney, and beneficiary designations to ensure they are up to date.[5:44] Richard: “If you are remarried or in some provinces common law, and intend to leave your entire or the majority of your estate to your children and you die without a will, recognize that a portion of your estate will go to your new spouse. This can vary depending upon the province you reside in, unless you have what's known as a domestic agreement or a marriage contract in place.”Ideally, blended families should have a will and power of attorney to help with financial planning of both the children and the parents.[09:24] Building financial stability in blended familiesBoth partners should understand each other's spending habits and set boundaries on how to utilize their finances.[10:15] Richard: “When two families are coming together to be one new family, it's important for the new heads of the household to be in tune with what type of a spender they are and what type of a spender their new partner is.”There are different approaches to financial planning, from fully integrated finances to separate accounts.Richard advises regular cash flow monitoring and open conversations about financial goals and obligations.[15:18] Communication and financial literacy in blended familiesCarissa and Richard discuss the importance of communication in blended families, especially with minor and adult children.Richard advises demonstrating an abundance mentality and ensuring minor children feel secure.Adult children, on the other hand, need to understand the estate plan and potential changes in financial security.Plus, it is a good idea to discuss care decisions and responsibilities for aging parents early on.[19:10] Legal differences between married and common law couplesThere are two legal partnerships in Canada that can differ significantly in the eyes of the court: married and common law relationships.Defining common law couples in Canada depends on different perspectives and the lens through which it's viewed.The property rights for common law couples varies depending on the province they're in, jurisdictional rules, and cohabitation agreements.Legal advice from qualified practitioners for different aspects of estate planning helps smoothen estate planning.[26:19] Complexity of Estate Planning and the Role of ProfessionalsEstate planning can be a complex topic, which may be the reason why only 50% of Canadians have a will.[27:36] Richard: “Parents often times underestimate the complexity of their financial situation and overestimate the ability of their personal representatives, such as executors and beneficiaries, many times kids.”Revisiting estate plans annually and documenting intentions clearly helps simplify estate planning.He suggests introducing new spouses to professional advisors and involving adult children in financial discussions.Family meetings are a great way to address potential conflicts and express estate planning goals.[28:45] The importance of family meetings and open communicationFamily meetings are an opportunity to understand family dynamics and estate planning goals.Open communication and transparency are critical for estate planning in blended families.The emotional and financial needs of all family members are just as important to discuss in these meetings. Professional executors or trust companies can be useful to include in the discussion to help manage estate affairs.About RichardRichard Voss is the Director of Wealth Strategies at CIBC Private Wealth. With over 37 years' experience in the financial services industry, Richard advises families in the areas of wealth and enterprise planning including business succession, family governance and legacy planning.Richard holds an extensive background in wealth strategy and is dedicated to simplifying estate planning for Canadians. He focuses on providing tailored, actionable advice that addresses the unique financial dynamics of today's modern families. This ensures smooth wealth transfer and long-term financial security for future generations.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family — especially the parents! The sooner you start understanding how estate planning impacts your family's financial future the better your chances of protecting your assets and ensuring smooth wealth transfer to the next generation.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Are you ready to elevate your career? The job market is evolving faster than ever, and adapting to these changes has become critical.In this episode of Smart Advice we dive into a conversation with Kelley Keehn, author, entrepreneur and financial educator, on how to manage your career as a business.Whether you're a seasoned professional or just starting your journey, learning how to align your career with your financial goals can make all the difference in building a more secure and successful future. Here are three reasons why you should listen to this episode:Learn how to set personal standards that guide your professional and financial decisions.Discover how to align your career with your financial goalsGet strategies to adapt to an ever-changing job market.ResourcesKelley Keehn - Website | LinkedInKelley Keehn's Book She Inc.Money Wise Workplaces by Kelley KeehnRead the CIBC article “Helping Canadians Think Differently About Their Finances”, featuring Kelley Keehn.Visit CIBC for more smart adviceEpisode Highlights[00:21] Career Motivations and Job Market DynamicsHalf of Canadian professionals plan to seek new jobs in 2024, driven by increased income potential.The pandemic has shifted job market dynamics, leading to new career plans and a focus on flexibility and retraining.The world is rapidly changing, encouraging people globally to reinvent themselves to match the current job market or skill gaps.[02:53] The Concept of Treating Yourself as a CorporationShe Inc. is one of the books published by Kelley that advocates for treating oneself like a corporation to achieve career and financial goals.It's vital to draft your personal standards, habits, and values as a blueprint for life and career.Adopting this mindset had a significant benefit to Kelley's financial and career opportunities.Treating yourself as a corporation reduces decision fatigue and frees up mental space for creativity.[05:29] Practical Steps to Adopt the Corporate MindsetRegardless of your career stage, it's a good idea to start thinking about your brand.It is important to set realistic goals and remove noise to focus on what matters.Using a calendar can help you hold yourself accountable for important activities, such as self-care and work.[07:29] Kelley: “Whatever it is, you use your calendar to hold you accountable.”Burnout is a huge problem in modern society, so it's invaluable to balance the rigidity of your calendar with flexibility.[08:36] Staying Relevant in the Job MarketThe job market is constantly evolving; it's therefore critical to be adaptable so that you can find new career opportunities.Advisors and coaches can provide a sounding board and help you identify new career possibilities.Consider the athlete: no athlete succeeds in competition without coaches and mentors.Investing in education and delegating tasks unrelated to your career (or other things important to you) helps free up time for personal and career development.In Kelley's case, she hired out a lot of chores and household tasks to spend quality time with her aging mother.[13:25] Career as an Asset Class in Financial PlanningYour career choice will affect your investment strategies. Different career paths require different investment approaches.Kelley introduces the concept of the "fourth asset class" - your career - and its influence on risk tolerance and investment strategies.It's critical to discuss any asset changes with financial advisors to adjust you investment portfolios accordingly.[16:52] Kelley: “Now, maybe you're buying rental properties, and you don't tell your advisor that. That's kind of a side hustle would definitely affect your portfolio.”[17:47] Navigating Entrepreneurial SuccessKelley's opinion on finding financial success despite changing trends in the market is that it's important to be nimble and adaptable.[18:56] Kelley: “One thing I can definitely say is, don't wait, I've written 11 books because I don't wait. If I have something that's popped into my head, I act on it as quickly as humanly possible.”It's best to act quickly. The moment you have a new idea, act on it. Always be in motion; keep upgrading your skills or your network.Success isn't guaranteed, but resilience and tenacity go a long way toward overcoming failures and achieving success.[21:449] Future Projects and Financial WellnessKelley shares her ongoing projects, including Money Wise Workplaces, an online financial literacy program for employers.Moving forward, Kelley plans to collaborate with the financial industry to equip advisors with better communication skills.Trusted financial professionals and advisers play a huge role in people's financial wellness; they're an invaluable resource that more people should utilize.About KelleyKelley Keehn is an accomplished financial educator, entrepreneur, and passionate consumer advocate. She is dedicated to making financial literacy accessible and empowering individuals to take control of their financial futures. Kelley has authored 11 books on personal finance, including Talk Money to Me, and has become a trusted voice in helping Canadians transform their relationship with money.Kelley's work emphasizes the importance of treating your career as a valuable asset and aligning financial goals with professional growth, making her a leading expert in personal finance and career strategy. One of her most effective mantras that helped shape her financial success was treating her career as an asset.Connect with Kelley Keehn on LinkedIn, Facebook, Instagram, or X . Visit her website for more resources.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family — especially the parents! The sooner you start treating your career as an asset, the better your chances of achieving long-term financial success and professional growth.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
With key policies on trade, tariffs, and taxation hanging in the balance, investors worldwide are closely watching the upcoming U.S. presidential election.In a time of global economic uncertainty, this episode of Smart Advice explores the potential impact of different election outcomes. Featuring Michael Sager, Managing Director and Head of Multi-Asset and Currency Management at CIBC Asset Management.Whether you're a seasoned investor or just getting started, understanding these dynamics can help you navigate volatility and make informed decisions for long-term financial growth. Tune in for Michael's analysis and insights on how the election might shape your investment strategy in the months ahead.Here are three reasons why you should listen to this episode:Learn how the upcoming U.S. presidential election could impact global financial markets and what that means for your investments.Discover the key differences in Kamala Harris and Donald Trump's economic policies.Understand how to stay focused on long-term investment goals amidst election-related market volatility.ResourcesMichael Sager - LinkedInCIBC Asset Management Insights Hub - WebsiteVisit CIBC for more Smart AdviceEpisode Highlights[00:22] U.S. Election Market OutlookThe U.S. is Canada's biggest trade partner; any changes in the U.S. economy affect Canada's too.Pre-election market volatility fluctuates due to uncertainty and the short-term rally post-election, which depends on the election outcome.The three notable possibilities are a Republican sweep, Democratic sweep, or a divided government on market activity.A sweep enables more policy initiatives, which can have a significant impact on economic outcomes and markets.[3:25] Michael: “Having a sweep of either for the Republicans or the Democrats enables more policy initiatives, which of course have the potential to have a much bigger impact upon economic outcomes and therefore the markets”[04:32] Historical Context and Market ImplicationsMichael looks back at historical data since 1928, showing no significant difference in market performance between election and non-election years.Canadian citizens should see the long-term drivers of markets, such as economic growth, inflation, Fed policy, and technological innovation.The conversation highlights the potential for a divided government to limit substantive policy changes.Looking at the bigger implications for markets and economies is just as critical as seeing the immediate effects.[06:08] Economic Impact of U.S. Trade Policies on CanadaMichael clarifies that both administrations have used tariffs to restrict the economic growth and technological development of China.[07:17] Michael: “Both administrations, there's a commonality. There's not too many things they agree on, but one of them is that they need to restrict the economic growth, development, and technological development of the Chinese economy.”The Trump administration has been more aggressive with tariffs, but the Biden-Harris administration has not rolled back these tariffs.The potential impact of the U.S. elections on global trade partners like Canada and Europe is far-reaching, depending on who takes the presidency.[09:44] Tariffs, Deregulation, and TaxesTariffs decrease growth and more inflation, which are negative for equities. They lead to higher interest rates than would have occurred without the increase in tariffs.There are significant differences in deregulation policies between Trump and Harris, with Trump supporting deregulation in sectors like energy and finance.[15:10] Michael: “The overall impact of all of these competing policies is likely to be relatively small, and to some extent it depends on the sequencing of the policy as to what the outcome for growth, for inflation, for equities, for rates, what that looks like through time.”The economic impact of their policies varies. Deregulation is generally positive for growth; regulation has more nuance behind it.Michael explains that a Trump administration would renew all tax cuts and possibly implement additional fiscal stimulus.Conversely, Harris seems committed to renewing tax cuts for those earning less than $400,000 and introducing tax increases for the wealthy.[19:37] Key Takeaways for Investors[20:39] Michael: “The best course of action is to look through that uncertainty, figure out long term investment goals and stay focused on those and stay invested again.”Michael advises staying invested and focusing on long-term goals, emphasizing that long-term investment goals should guide decision-making.Other factors like economic growth, inflation, and central bank policy have a greater long-term impact on portfolio performance.Michael encourages investors to stay invested and focused on their long-term goals despite the market uncertainty.About MichaelMichael Sager is the Managing Director and Head of Multi-Asset and Currency Management at CIBC Asset Management. He is an experienced financial expert with a rich background in portfolio management and economic research from prestigious institutions like Wellington Management, JP Morgan Asset Management, the European Central Bank, and the Bank of England. Michael brings deep insights into global markets. He holds a PhD in Economics from the University of Warwick and a Master's degree in Economics from the University of London.Michael's work is focused on helping investors navigate complex financial landscapes by providing clear, actionable advice on asset management, currency strategies, and market outlooks. His expertise in understanding how political shifts, such as U.S. election outcomes, have an economic impact on global markets makes him a trusted voice in guiding individuals and institutions through uncertain times.Connect with Michael Sager on LinkedIn.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family — especially the parents! The sooner you start understanding how presidential election outcomes have an economic impact on global markets, the better your chances of making smart investment decisions and securing long-term financial success.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Do you remember when and how you learned about money? From budgeting and saving to applying for credit cards or taking out a loan, building an early foundation of financial literacy is a key strategy to ensuring long-term financial success. That makes it all the more important for parents to grant their children a measure of money-savviness and financial know-how as soon as they can.In a world where financial literacy is more vital than ever before, this episode of Smart Advice goes deep into teaching kids about money at any age and stage with the help of Robin Taub, author of The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life. Whether you're a parent eager to guide your children toward financial independence or an educator looking for insights on financial literacy, this discussion offers invaluable strategies to help shape financially responsible and confident young adults.Here are three reasons you should listen to this episode:Discover practical tips for teaching financial literacy to children at any age.Learn about Robin Taub's five pillars of money managementGain insights on how to be a financial role model for the next generation.ResourcesTeach your kids about money using articles and resources from CIBC's Ambitions ToolkitPick up a copy of The Wisest Investment!Episode Highlights[01:49] Robin Taub's Background and MotivationRobin Taub, a CPA and mom, shares her journey from number-cruncher to financial educator.Her book was born out of a passion for helping parents feel confident in teaching their kids about money.Robin noticed that many parents feel out of their depth when it comes to money talks with their kids.She crafted the book as a go-to guide for raising financially savvy and responsible kids.[03:29] When and How to Start Teaching Kids About MoneyRobin suggests kicking off money lessons as early as five, turning everyday errands into learning adventures.Simple activities like grocery shopping can become fun ways to introduce basic money concepts.Starting early gives kids a head start on building smart money habits that will last a lifetime.[06:38] The Five Pillars of Money Management and Parents as Role ModelsRobin breaks down money management into five key pillars.[06:53] Robin: “So depending on the age that your child is, you're going to find these different types of teachable moments, but they are all going to come under what I call the five pillars of money, and those are earn, save, spend, share and invest.”These pillars grow with your child, adapting as they move from piggy banks to real-world finances.Parents are encouraged to level up their own financial knowledge to lead by example and teach with confidence.[08:48] Robin: “It's hard if you don't feel like you're particularly good with money yourself to feel like you can teach your children, but I try to encourage parents to learn along with their kids.”Being a role model isn't just important—it's the secret sauce to raising money-smart kids.[11:58] Financial Literacy in Schools and Guidance for Young AdultsOntario high schools are stepping up with a new financial literacy test, and Robin is all for it.[12:51] Robin: “Kids need to learn this stuff wherever they can. I mean, who you know? Going back to the original — if you're not teaching your kids about money, who is?”While schools are laying the groundwork, parents play a crucial role in reinforcing these lessons at home.As kids grow into young adults, they'll need guidance on navigating credit, saving for college, and dipping their toes into investing.[18:22] Financial Literacy: A Two-Way StreetWe have to remember too that children don't have our level of financial education.[19:12] Robin: “Sometimes the things that we take for granted that we know at this point, kids don't know.”However, financial education isn't just top-down; parents can pick up new tricks from their tech-savvy kids.Some kids today are clued into the latest financial tools and trends, and parents can learn a thing or two from them.Making financial mistakes isn't the end of the world—it's a priceless learning opportunity, especially with parental support.Guiding your kids through financial missteps helps them bounce back stronger and smarter.[21:14] Robin: “You need to let your kids — you want to teach them, but you also need to let them make mistakes and learn from them.”[24:26] Robin's Top Three Strategies for Teaching Financial LiteracyLead by example. Your children will see you as a role model when it comes to money. This includes where you excel and where you make mistakes.Be on the lookout for teachable moments in day-to-day life. There will be something appropriate for a child of almost any age — even as young as five!Impart and build values when you give your child a financial education. Discovering what's important to you and them can help shape their future decisions.About RobinRobin Taub is a Chartered Professional Accountant (CPA) and a passionate advocate for financial literacy. With a background in finance and a deep understanding of the challenges parents face in teaching their children about money, she has dedicated her career to making financial education accessible and engaging for families.Robin is the author of The Wisest Investment: Teaching Your Kids to be Responsible, Independent and Money-Smart for Life, a highly regarded guide that empowers parents to raise financially savvy children. Drawing from her experiences as both a financial professional and a mother, Robin's work emphasizes the importance of starting financial education early and the role of parents as financial role models, making her a leading voice in the field of family financial education.Connect with Robin Taub on LinkedIn, or visit her website.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family — especially the parents! The earlier a child learns financial literacy, the better their chances of becoming money-savvy and successful as adults.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
In a world of financial uncertainty and rapid market changes, long-term investing success can be achieved by focusing on the areas and strategies that are within your control. You've undoubtedly heard that investing is an excellent way to build wealth, but there's more to investing than simple tricks like "buy low, sell high". This episode dives into a compelling conversation with Michael Keaveney, Vice President of Managed Solutions at CIBC, as he describes the key habits of successful investors including investment diversification, investing regularly and staying disciplined amid market volatility. Both novice and seasoned investors can leverage the insights and strategies discussed in this episode to enhance their portfolio and effectively manage their financial future. Here are three reasons you should listen to this episode:Learn why investors should prioritize their own financial objectives and maintain realistic expectations about returns.Discover how a well-diversified portfolio can manage risk and enhance returns.Understand the benefits of a regular investing plan.ResourcesCIBC Asset Management insights hub: Preparing your portfolio for market volatilityCIBC Smart Advice hub: Three tips to make your regular investments work harder CIBC Investor's Edge poll: Many Canadians' financial strategies overlook investing Episode Highlights[00:22] Economic Outlook and Market ConditionsOptimism for investors is growing, with 2024 poised to bring a resurgence in market performance.Despite past challenges with inflation and rising interest rates, the future looks promising for the market, especially when considering investment diversification.CIBC's economic team expresses cautious optimism about the economy's resilience and its positive influence on investments.The value of the Canadian dollar remains an important consideration for crafting effective investment strategies.[01:17] Carissa: “Everyone has a different investment goal, different appetite when it comes to volatility and duration in the market.”[02:31] Realistic Expectations and Investment DiversificationInvestors need to understand and focus on their individual goals. Set realistic expectations for their success and timelines.Educating yourself about the market is crucial. As an investor, remember that the market is complex and always affected by various factors.[05:50] Michael: “Markets are not linear in the return path that they generate for you. A lot of your overall return comes from a relatively small number of really good periods. And we don't know exactly when those best times will come.”Market volatility is an inherent feature, not a flaw, of the market. Investors should prepare for and accept this volatility as part of the investment process.Many investors lose market opportunities because of jumping in and out of the market. People tend to jump out after the worst days and miss the best time.Shift your investor mindset. Understand that short-term downturns will happen instead of jumping in and out of the market.[07:56] Why You Should Look Into Investment DiversificationDiversification remains a powerful strategy for managing risk and enhancing potential returns.A well-balanced portfolio can smooth out the ride by reducing overall volatility.[08:42] Michael: “Diversification reduces volatility due to less than perfect correlation between asset classes.”The approach to balanced portfolios has evolved, now incorporating broader foreign exposure and innovative alternative investments.Constructing a balanced portfolio involves adapting and fitting expert ideas from different asset classes into your diversified portfolio.[14:25] Behind the Scenes of InvestingShort-term market dips are natural. Staying invested through market cycles is often more effective than trying to time the market.[18:21] Michael: “There's always going to be something in the portfolio that is the laggard. That's the whole point.”Regular investing is crucial in order to achieve key financial goals such as a comfortable retirement. A regular investing plan can help you finance your whole lifetime.To achieve long-term investing success, focus on the areas you can control. This includes personal goals, risk tolerance, and investment strategy.Currently, negative news and uncertainty push people to make fear-driven decisions. Instead, focus on your long-term goals.[20:27] What Makes a Good Investor?A lack of knowledge and fear of loss often hold potential investors back from making informed decisions.[23:20] Michael: “Fear is not conducive to long-term success.”Michael identifies what makes a good investor: having clear and realistic goals, learning from your mistakes and other people's, discipline in investing, and cautious optimism.Gaining insight into the inner workings of balanced portfolio management can demystify the investment process and bolster investor confidence.About MichaelMichael Keaveney is the Vice President of Managed Solutions at CIBC. With a strong background in investment management, Michael leads the development and oversight of CIBC's managed investment solutions. He is known for his expertise in portfolio management, investment strategies, and client-focused financial planning.Michael has played a pivotal role in evolving CIBC's balanced portfolio offerings, including increasing foreign exposure and alternative investments. His work with Morningstar also gave him powerful insights into the investment behaviour of several demographics. His approach emphasizes investment diversification, disciplined investing, and helping clients navigate market volatility with confidence.Connect with Michael Keaveney on LinkedInEnjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family and share valuable insights into how investment diversification becomes your shield against volatility.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Whether you're looking for a new mortgage, contemplating your investment strategy, or simply trying to make sense of the economy, join us for a conversation with Avery Shenfeld, Managing Director and Chief Economist at CIBC Capital Markets, to shed light on the recent interest rate cut, its expected impact on the Canadian economy, and what this means for consumers.Here are three reasons why you should listen to this episode:Find out what the recent interest rate cuts may mean for inflation and the Canadian economy.Learn how inflation and interest rates may impact Canadian consumers.Gain valuable insight into what economic changes Canadians can expect for the year ahead and into 2025.ResourcesVisit CIBC for more smart adviceVisit CIBC Capital Markets Insights Hub to access timely economic insights Episode Highlights[02:50] Tackling Changing Interest Rates After continuous interest rate hikes, interest rates were reduced from 5% to 4.75%. However, this rate cut won't have any significant impact on the economy immediately.The future decisions of the Bank of Canada will be key in achieving economic relief. Further rate cuts are necessary to reach an interest rate of around 3%.[03:24] Avery: "It's not the first move that will matter, but it's really the follow-up from the Bank of Canada. We've got to get that short-term interest rate down to something like three percent or two and three-quarters."Historically, Canada and the US differ in economic performance and interest rates. These reflect the differing needs of the two economies and the varying interest rates.While Canada's initial rate cuts may weaken the Canadian dollar, there is no significant impact on the trade and consumer price index. [06:30] The Current Consumer Price Index and Impact of InflationThe majority of inflation from the past year was a result of global production issues from the COVID-19 pandemic. As goods became more available, prices started to increase.Shelter is the critical component of the Consumer Price Index (CPI). Rent inflation which has greatly increased may ease by 2025 due to revisions in government policies.Another aspect of the shelter component is mortgage interest costs. Cutting interest rates can lead to the reduction of the inflation of mortgage interest costs. By the end of 2025, Avery shares that “variable or short term mortgages will see substantial savings that will show up in that part of the inflation basket.”[09:47] The Future of the Canadian and Global Economy Avery states that the growth of the Canadian economy and the overall global economy is still sluggish.[10:34] Avery: "The overall temperature of the global economy is not likely to be that vigorous in the balance of this year, where our hopes lie is really for 2025, after a sequence of interest rate cuts, not just in Canada, but in Europe, and eventually in the US as well."Global growth and domestic demand improvement due to interest rate cuts can lead to a better year for the Canadian economy by 2025.In response to the higher interest rates, Canadians focus on saving an increasing position of their after-tax income and being more cautious about saving.The Bank of Canada's goal was to encourage saving to slow consumer spending growth. This will contribute to the hopeful growth of the economy in 2025.With lower interest rates, people have more to spend. The biggest economic changes will impact the real estate market with increasing housing turnover and more spending.[15:00] Investment Outlook for the Second Half of 2024The equity market has been doing well in the past years. However, equities are fully valued for the coming interest rate cuts and Avery advises caution for these assets.On the other hand, there is room for bond yields to decrease and result in better returns on fixed-income investments.Avery states that we're now in a period of the usual backstop. The bond market can provide a good return and shelter for the slowing of the equity market.A traditional balanced portfolio offers shelter from the volatile market as interest rate cuts continue. The expected economic recovery in 2025 should mean well for the stock market.[17:16] What Canadians Need to Know About the EconomyLooking at the big picture, the overnight interest rate is expected to go down to around 3%. Avery predicts that it will go lower than it is today, especially by the end of 2025.Inflation is a big concern for Canadians. However, wage increases are also increasing. The purchasing power of the average wage has been recovering despite inflation.On the other hand, Canada's economic performance needs further improvement. Productivity has been lacking in the past years and it's important to encourage businesses to invest and expand in Canada. [19:31] Avery: "Canada's economic performance, it really hasn't been great, particularly on a per capita basis. And I think we need to see an improvement in output per hour or productivity that we have been seriously lacking over the last year or two." About AveryAvery Shenfeld is the Managing Director and Chief Economist at CIBC Capital Markets. With a distinguished career spanning over two decades, Avery is a highly respected figure in the field of economics. He regularly provides expert analysis on economic changes, trends, and policies, offering valuable insights to both the media and CIBC clients. Avery's expertise covers a wide range of economic issues, including monetary policy, inflation, and market dynamics. He is a trusted voice in understanding and navigating the complexities of the Canadian economy.Learn more about Avery and his work on the CIBC website.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family and share valuable insights into future economic trends in the Canadian economy. Get a future look into economic changes in both Canada and the world for 2024 and beyondHave any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Tax expert Jamie Golombek, Managing Director of Tax & Estate Planning at CIBC Private Wealth, joins us for an in-depth conversation on the new higher capital gains inclusion rate, and what this change could mean for Canadians and their future financial decisions—including individuals, investors, and businesses or corporations. If you might be affected by the change, you'll want to listen to this episode! Here are three reasons why you should listen to this episode: Learn about the changes to the capital gains tax inclusion rate that took effect on June 25th, 2024.Find out how the changes affect people with vacation homes/cottages and rental properties, investors, and corporations and businesses.Discover the impact of tax planning with long-term strategies and advice.Resources Visit CIBC for more smart adviceRead Jamie Golombek's column “Tax Expert” in the National PostEpisode highlights [02:40] Current rules vs. proposed changes Jamie says it's a big change, but only affects a small number of people each year. The change affects people who realize capital gains outside of a registered plan that total more than $250,000 in a calendar year.Jamie says the change will also affect individuals who sell a vacation property, income or rental property. Or, if the property isn't transferred to a spouse or partner via spousal rollover, the estate may be liable for taxes.[04:40] “If we really want to break it down, what does this really mean for those who are affected? For individuals, it's only gains over $250,000, and effectively your tax rate is going up by nine percentage points.” [05:51] Who the changes will affect[06:30] Individuals with a second home/cottage/vacation property Jamie notes that if you will have higher capital gains from selling your vacation property, you can use the principal residence exemption.If a vacation property is jointly owned by two spouses or partners, capital gains can also be split 50-50. Each individual can take advantage of lower 50% inclusion rate on first $250,000 in capital gains. This also applies to jointly owned rental properties.Jamie suggests tracking capital expenditures, like a major renovation, that add to the property's value. These can be added to your adjusted cost base for tax purposes. When you sell, the capital gain will be lower because cost will be higher.[09:10] Cottage owners Jamie notes one interesting opportunity for some clients is permanent life insurance if there's no cash in the family to pay capital gains taxes if you die and someone inherits your cottage. The amount of insurance you need only needs to cover the taxes. This can be done affordably if you're in relatively good health and relatively young.[12:11] InvestorsJamie predicts for 2024, the new term will be “capital gains selling.”Jamie advises to look at your broader portfolio allocation and holdings, and speak to your advisor to see if there are opportunities to crystallize a gain and rebalance portfolio. By end of the year, as long as the capital gains are less than $250,000, you will pay a preferred rate on the capital gains tax.[14:56] Corporations or businesses Jamie says that many professionals use corporations because of the substantial tax deferral. But with the recent change, there's have a problem: if you earn capital gains, you don't get the $250,000 break of the lower threshold in the corporation. This means you would be better off if you earned the gains personally vs. in a corporation.For new business owners, the real concern is if you're building up an investment portfolio internally, you're really disadvantaged.[17:37] “I think that you really need to look at the value of deferral. If you're not leaving at least $100,000 or more a year in the corporation, and you're deferring tax on that, you have to question, is it worth paying that extra tax ultimately on the capital gain rather than having that investment done personally?” [17:56] Will the capital gains inclusion rate ever go back down? Jamie says it will depend on what future governments do. A new government could get elected and reduce the inclusion rate.[19:18] “Ultimately it really is a political issue, and I think it will depend on who comes in, and the budget, and ultimately spending and how they can manage the deficit and also the long-term debt.” [19:46] Tax planning tipsJamie advises sitting down with a financial advisor, tax advisor, or an accountant to make sure you're taking advantage of registered plans, such as a registered retirement savings plan (RRSP), tax-free savings account (TFSA), first home savings account (FHSA), registered education savings plan (RESP), or registered disability savings plan (RDSP).A financial advisor can also help you with strategies such as splitting pension income, making charitable donations, keeping wills up to date, and designating powers of attorney.[21:10] “There's so much to talk about, but you can't do this alone. So, I think the best advice is to get advice. In other words, if you're not confident with your own plan, reach out to your advisor. Whether it's a financial advisor or a tax advisor, they will be able to go through some very basic strategies that will help you get on track and hopefully reduce the amount of tax that you pay.” About Jamie Golombek Jamie Golombek is the Managing Director of Tax & Estate Planning at CIBC Private Wealth, and is quoted frequently in the national media as an expert on taxation strategies for Canadians. He also writes a popular weekly column called “Tax Expert” in the National Post. Jamie teaches an MBA course in Personal Finance at the Schulich School of Business at Toronto's York University in Toronto. Connect with Jamie on his website, follow him on X, and check out his “Tax Expert” column. Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family — especially if you know anyone who may be affected by the higher capital gains tax inclusion rate.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook,Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Get ready for an in-depth conversation with savvy real estate investor Scott McGillivray, as he shares the ins and outs of his journey from a university student facing housing challenges to a real estate investment guru. Discover Scott's strategic approaches to investment, key financial insights, and personal anecdotes that highlight the resilience required to thrive in the competitive world of real estate.Whether you're an aspiring entrepreneur or a Canadian looking to dip your toes into real estate investing in Canada, this episode is for you!Here are three reasons why you should listen to this episode:Learn the value of leverage when it comes to your capital — whether that's actual cash or equity.Find out why it's critical to tap into expertise, building a team of professionals to support you along your homeownership journey.Discover the reality of real estate investing in Canada — and why you should start right now.ResourcesVisit CIBC for more smart adviceWatch episodes of Income Propertyfor lessons on how to leverage your home as a real estate investment.Watch episodes of Buying In for more real estate advice.Episode Highlights[01:23] Scott's origin story and first real estate investment:Scott started his real estate journey while in university after facing the challenge of finding affordable housing.It wasn't necessarily about wealth at the time — back then, it was just about finding a reliable place to live.His first shot at real estate investing in Canada was prompted by a suggestion from a realtor to buy instead of rent.Although his family and friends cautioned him against buying real estate, he elected to listen to his real estate agent, financial advisor, and mortgage advisor instead.“Why take financial advice from broke people when I have — I hate to say it — I have these people who have a track record of success with money, giving me different advice?”[09:23] Strategies for building a real estate portfolioScott explains his aggressive strategy of using equity from one property to buy more, scaling up rapidly.He discusses transitioning from basic cash flow focus to long-term equity building and strategic financial planning.[09:24] “You have to be ruthless about achieving your goals. And you have to make smart goals. So set up your goals to make sure that they're realistic, they're time bound, that there's a certain metric attached to them.”The evolution of his business model included learning to manage and leverage financial tools and market changes effectively.[19:15] Advice for new investorsScott advises new investors to make decisions based on logic and calculations rather than emotions.Another critical piece of advice to new investors is to dislike failure, rather than fear it.[20:36] “You can hate losing, that's great, but you can't be afraid of it. You just have to learn how to understand this part of the process. It's worth losing ten times, it's all worth it when you win that one time. But if you're afraid, you never get the win.”He stresses the importance of being proactive in creating positive cash-flowing properties as they rarely come ready-made.Scott encourages new investors to educate themselves and use professional advice to navigate the real estate market.[22:55] “When the work needs to be done, the best thing you can do is lead by example.”[29:33] Scott's reflections on his personal experiencesScott reflects on the importance of persistence and adapting to market conditions throughout his career.He shares personal anecdotes of overcoming challenges and leveraging opportunities that seemed daunting at first.Scott discusses the value of learning from both successes and failures, emphasising continuous improvement.[35:39] The future outlook on real estate investing in CanadaScott talks about adapting strategies to cope with economic changes, such as interest rate fluctuations and market dynamics.He expresses optimism about the future of real estate and the potential for continued growth and adaptation.Scott emphasises the importance of long-term planning and strategic investment to navigate through varying economic climates.[43:55] “One of the biggest secrets to succeeding as an entrepreneur, I believe, is making sure that other people get to their goals.”He concludes by sharing his commitment to both personal growth and helping others achieve their real estate goals.About Scott McGillivrayScott McGillivray is a prominent Canadian real estate expert, entrepreneur, and television host, renowned for his expertise in real estate investments and home renovation. With his extensive knowledge and charismatic presence, McGillivray is a powerful force in the real estate world, dedicated to educating people about investment strategies and the potential for real estate to generate wealth. Scott McGillivray's journey from a college student to a real estate magnate is not just inspiring but also a testament to the power of knowledge, strategy, and persistence in achieving financial independence.Connect with Scott on his website, or follow him on Facebook, Instagram, and X. You can also subscribe to his YouTube channel for a wealth of real estate investment advice.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family — especially if you know anyone looking to begin their journey into real estate investments.Have any questions? You can connect with me on LinkedIn or through CIBC'sFacebook,Twitter, orInstagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
In this episode of the Smart Advice Podcast, we delve into the financial factors and emerging trends shaping the lives of Canadians today. Joined by Andrew Grenville, Executive Vice President of Research at Angus Reid, we explore a range of topics, from the significant impact of rising living costs, to the evolving spending habits that prioritize savings over brand loyalty.We also discuss the varied financial goals of Canadians, including retirement and travel, and the shifts in consumer behavior that are redefining the Canadian economic landscape. This insightful conversation sheds light on the challenges and hopes that define the financial realities for many today.Tune in to gain valuable perspectives that could help you balance Canadian living costs against your financial goals.Here are three reasons why you should listen to this episode:Find out how Canadian living costs are reshaping how we spend our money.Learn how Canadian spending habits have changed over the past five years.Discover the kinds of financial goals Canadians have — and how it seems that everyone wants the same thing.ResourcesVisit CIBC for more smart adviceRead the Angus Reid Consumer Economic PulseRead Eureka! The science and art of insightsRead The Insights Revolution: Questioning EverythingEpisode Highlights[02:51] Financial Concerns Across CanadaNearly 70% of Canadians express concern over their financial future, while only 20% feel confident about their retirement security.Financial anxiety is widespread across Canada, with minimal regional differences.The majority of Canadians now allocate most of their budget to living costs, significantly impacted by rising food prices.Despite the pandemic being in the past, its effects continue to influence Canadian society and spending habits.[06:26] Optimism About Financial FuturesApproximately 54% of Canadians hold a positive outlook on their financial future, notably among the elderly and younger generations.Middle-aged individuals often feel less optimistic, experiencing greater financial pressure.Despite some optimism, around 75% believe future generations will face a lesser quality of life in Canada.Half of the population struggles to save money, with many barely managing to meet month-end expenses, highlighting a significant challenge in achieving financial security.[11:09] Changes in Spending Due to Canadian Living CostsBrand loyalty is taking a back seat to cost savings among Canadian consumers.The rising cost of living has led to more intentional spending, which is positively viewed.There's a noticeable shift towards cheaper brands and reduced spending on non-essentials to ensure bills are paid.[14:33] Canadians' Saving GoalsRetirement remains a primary saving goal, yet there's also a strong interest in travel.Home ownership continues to be a goal, largely dependent on the individual's life stage.Other common saving objectives include addressing credit card debt and mortgage payments.However, only slightly more than half of Canadians are confident they can meet their financial goals.[19:18] Future Trends in Consumer BehaviorUncertainty about living costs and finances is expected to persist, influencing consumer behavior.A continued move away from brand loyalty towards more deliberate financial decisions is anticipated.There's a likely shift towards valuing experiences over possessions, particularly in travel.About AndrewAndrew Grenville is a seasoned market researcher with over three decades of experience in the industry. As the Executive Vice President of Research at Angus Reid, one of Canada's leading public opinion research firms, he has spearheaded numerous studies that delve into the behaviors, beliefs, and economic conditions affecting Canadians.Andrew is also an accomplished author, having published significant works in the field of market research, including books like "Eureka: The Science and Art of Insights" and "The Insights Revolution: Questioning Everything." His expertise and insights have been instrumental in shaping understanding of consumer trends and economic challenges across Canada.Read more about Andrew on the Angus Reid website, or connect with him through LinkedIn.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family to give them insights on managing rising Canadian living costs while still pursuing their financial goals.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Dive into the complexities of the Canadian housing market with our latest episode of "Smart Advice," where we explore the challenging landscape of real estate affordability, market dynamics, and government policies. In this episode, CIBC's Deputy Chief Economist, Benjamin Tal dissects the ongoing affordability crisis, stagnating market trends, and the anticipated impacts of governmental and economic shifts on both buyers and investors. Whether you're a homeowner, potential buyer, or investor, this episode offers invaluable insights into navigating the uncertainties of the Canadian housing market and preparing for upcoming financial challenges and opportunities.Tune in to gain expert advice and stay informed about the future of real estate in Canada.Here are three reasons why you should listen to this episode:Gain insights through an in-depth analysis of the Canadian housing market from CIBC's Deputy Chief Economist Benjamin TalFind out what's to come in the real estate market for 2024 and 2025Learn more about mortgage renewal strategies for homeowners in the current interest rate environmentResourcesRead more from Benjamin Tal in CIBC's 2024 Canadian housing outlook[WN1][LJ12]Visit CIBC's Capital Markets Insights Hub For more information on applying for, renewing or switching you mortgage visit CIBC.com Episode HighlightsCanadian housing market affordability crisisDespite recent market cooling, prices are still 38% higher than pre-pandemic levels.The affordability gap fosters potential social unrest and fuels anti-immigrant sentiments.[04:09] Benjamin: “This is not a mild recession. This is a major crisis when it comes to affordability.“A significant portion of Canadians find homeownership unattainable, with saving for a down payment being a formidable barrier.Canadian real estate market dynamicsThe slowdown has neither stimulated buyer nor seller activity, creating a stagnant market environment.Short-term softening of the market is expected due to high supply and low demand.However a future rebound may occur as investor interest revives post rate cuts.[06:46] Benjamin: “We have to realize that we need much more supply of rental units in order to tackle this affordability crisis that we're facing.”High interest rates and negative cash flows deter investor participation, affecting overall market dynamics.[10:25] Benjamin: “With no demand and supply still in the market, I see the condo space relatively soft. After that we get to see it's starting to go down and no supply in the market, you will see investors going back into the market, but that will be a year from now, two years from now.”Government policies on the Canadian housing marketGovernment measures are seen as inadequate to tackle the severe affordability crisis effectively.Experts call for an emergency-level response to increase housing supply and address market imbalances.There may be an increase in dissatisfaction among Canadians towards the government's handling of the housing situation.Canadian economy and real estate investmentsProposed increases in capital gains tax may discourage new investments and dampen economic vitality.[12:59] Benjamin: “It seems that the Bank of Canada is overshooting by design. They want to make sure that inflation is dead before they cut interest rates and there are very good signs when it comes to inflation.”Potential rate cuts by the Bank of Canada could rejuvenate the market but depend heavily on several other economic factors.The Canadian economy's performance and U.S. economic trends heavily impact investor decisions and market forecasts.Mortgage renewal and interest rates in CanadaUpcoming mortgage renewals at higher interest rates pose significant financial challenges for homeowners.Many Canadians will be renewing their mortgages soon, making it important to plan strategically and consult with financial advisors.Financial institutions are preparing for increased delinquencies by adjusting funds and renegotiating terms with affected homeowners.[20:59] Benjamin: “So what do you want to do? Well, it depends on your situation, of course, depends on your risk appetite. But in general, it would be not a bad idea to try to buy time to take a short term mortgage, namely one, maybe two years mortgages by the time and then ride the variable rate mortgages later and take advantage of the fact that the trajectory would be downward as opposed to upward.”About Benjamin TalBenjamin Tal is a prominent Canadian economist and the Deputy Chief Economist at CIBC, one of Canada's leading banks. With years of experience in economic analysis and financial forecasting, Benjamin is widely recognized for his expertise in analyzing macroeconomic trends and their implications for the global and Canadian economies.At CIBC, he plays a crucial role in advising both the bank and its clients on economic developments and investment strategies. His analytical skills and deep understanding of economic intricacies make him a respected figure in the financial community.Learn more about Benjamin through CIBC. Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family to give them an edge when it comes to planning their financial future around the Canadian housing market.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.[WN1]@Leslie, Jessica 1 Can you add tracking links to these three resources by EOD? This episode launches Monday. We recorded yesterday. Apologies for the tight turnaround![LJ12]Tracking links have been added - however, I think only the 3rd one will return any results - the first 2 aren't able to be tracked unfortunately
Trying to make sense of the current investment landscape? Worried about inflation eating away at your savings? Want to create a predictable income stream for your future? This episode is for YOU, the Canadian investor seeking smart strategies to build wealth.In this episode of the Smart Advice Podcast, we are joined by David Scandiffio who is the President and CEO of CIBC Asset Management. David discusses the importance of diversification, asset allocation strategies for different life stages, and opportunities for growth, like private investments. David also shares an optimistic vision for the evolution of investing tools and technologies to better serve investors of the future.Whether you're just starting your investing journey or looking to protect the wealth you've accumulated, this interview provides practical tips that anyone can apply to help meet their financial goals. By listening to this full interview, you'll learn strategies to help you invest with confidence no matter what challenges the markets may bring. If you want actionable advice on growing your money throughout every phase of your life, tune into the full episode.ResourcesVisit CIBC for more smart adviceCIBC Asset ManagementLinkedin - CIBC Asset ManagementEpisode Highlights[03:16] Cracking the Code in 2024: Alpha Generation & Risk Management StrategiesDavid discusses the importance of adding alpha for clients, highlighting CIBC Asset Management's focus on investment alpha.CIBC Asset Management's team of 90 investment professionals manages approximately $200B in assets.David emphasizes the importance of alpha in investment management, defining it as value added beyond benchmark performance.He highlights how the company adds value through consulting services, managed solutions, and balanced investment strategies.[06:43] Investing challenges and strategies for long-term successDavid Scandiffio, CEO of CIBC Asset Management, discusses the importance of diversification and starting to save and invest early.Macro environment challenges include rising interest rates and inflation, impacting bond holders and mortgage payments.David highlights the challenges of investing in a world with high debt levels and geopolitical uncertainty.He advises investors to focus on long-term diversified strategies and avoid short-term distractions.[11:11] How to navigate investment in a changing interest rate environmentDavid and Carissa discuss inflation and rate environment, emphasizing diversification and market timing.They dive deep into the inflation and interest rate trends, emphasizing the importance of asset allocation.[14:38] Private investment opportunities for individualsInvestors can consider ETFs, bonds, and alternatives like private markets and liquid alternatives for diversification.Professional portfolio managers can use ETFs for trading and deleveraging advantages, and direct investors can access them through standalone direct investments or managed solutions.David discusses private markets and investment opportunities outside of public markets, including private equity, real estate, and credit.Advantages of private investments include flexibility and diversification, with examples of large pension funds investing in infrastructure projects and private credit funds lending to companies.David also mentions pension plans have up to 50% of their plans invested in private markets, while individual investors have limited access.He suggests that managed solutions or balanced portfolios are the best way for individual investors to access private investments while avoiding the need to manage them on their own.[21:36] AI stocks' growth potential and market expectationsDavid expands on the "Magnificent Seven" tech stocks, including Apple, Microsoft, Amazon, Alphabet, and Tesla, which have driven the S&P 500's growth in 2023.Carissa raises concerns about a potential bubble in these stocks, citing their high growth rates and forward-looking earnings expectations.To address her concerns, David discusses the potential for growth in AI companies, citing Nvidia as an example with a strong pipeline and moat.David highlights the importance of understanding market expectations and valuations, particularly in the US and Canadian markets.[26:02]Investment strategies for protecting capital and delivering long-term growthDavid shares how some of his clients prioritize capital protection, reducing risk assets (e.g., small-cap, emerging market equities) and leaning towards quality, dividend-paying companies.Bonds offer decent yield with lower tax advantage, but bonds trading at a discount to par can provide tax-advantaged capital gains.He emphasizes the importance of investing for long-term wealth growth.David also highlights the importance of data and AI in investment management.About DavidDavid M. Scandiffio, CFA brings over three decades of experience in wealth management and investment to his role as President and CEO of CIBC Asset Management. He joined CIBC in 2015 and is responsible for steering the bank's entire retail and institutional asset management business, including its portfolio management team.Prior to CIBC, Scandiffio served as President of IA Clarington Funds for more than a decade. He also held the position of Executive Vice President of Wealth Management for Industrial Alliance Life Insurance Company, a subsidiary of IA Clarington. This extensive background positions him as a key leader within CIBC's Wealth Management Executive Team.Scandiffio is a strong proponent of responsible investment and has been instrumental in establishing CIBC Asset Management as a leader in this field. He holds a Bachelor of Science in Actuarial Science and Economics from the University of Toronto and is a CFA charter holder.Enjoyed this Episode?If you did, be sure to follow and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family to give them in-depth insights into the resilience of the Canadian economy.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
No matter where you're at in life, money can help you reach your goals and get you where you want to go. That's why it's so important to talk about it. Get ready for Smart Advice – a podcast that brings the money conversation right to you.
Season 1 of the Smart Advice Podcast brought a wealth of financial advice, tips and insights to help support Canadians along their financial journey. We covered a variety of timely and important topics, from the state of the economy and the markets to advice around investing and saving for life's major goals.In this bonus episode, we look back at highlights from this season that can better position you for a successful 2024.If you're new to the Smart Advice podcast and want to learn more about the topics we cover , or you're a loyal listener looking for the biggest takeaways of the year, this episode is for you.ResourcesVisit CIBC for more smart adviceIf you want more insights, check out these previous Smart Advice podcast episodes:Beyond the 60-40 rule: Rethinking the asset mix for modern investors with David WongRent vs buy: A conversation with Benjamin Tal Banking on resilience: An outlook on Canada's financial sectorThe great Canadian wealth transfer: From baby boomers to beneficiaries Estate planning simplified: The Willful way with Erin Bury How the FHSA helps first-time Canadian homebuyers with Jamie Golombek What's next for inflation and interest rates? with Avery Shenfeld The art of financial multi-tasking with Rob Carrick Episode Highlights[01:07] Financial advice 1: Rethinking the 60-40 asset mix ruleA portfolio with 60% stocks and 40% bonds has provided a long-term balance of growth and stability.Remember that in the short term, you will face volatility in the market. When your assets are not diversified, it's easy to make bad decisions.There's a spectrum within the equity market. This includes markets that are from developed or emerging countries; as well as small-cap and large-cap markets.In bond markets, there's a difference between value investing and growth investing.[03:43] David Wong: “The more granular we can get in that asset mix, the more we can give better potential reward to risk in our portfolios.”[03:51] Financial advice 2: Renting vs buyingThe changing real estate market has made many Canadians rethink homeownership options.There is nothing wrong with renting property. In fact, this may be the more sensible decision for some.Real estate investors should realize there will be more families looking to rent and prefer dealing with a landlord linked to a company.Demand for purpose-built rentals is rising annually, yet Canada does not have a good supply.[07:06] Financial advice 3: The state of Canada's financial sectorThe US banks are not likely to impact Canadian banks.The Canadian financial sector is much more regulated with 6 major banks and some financial institutions. On the other hand, the US has over 4500 banks.Over the past 10 years, the US had 73 bank failures. Canada did not face any bank failures in nearly 100 years.[09:18] Financial advice 4: All about wealth transferPassing along assets is not a simple task, some may have tax implications.Before thinking about gifting, you need to make sure you're in a good financial position to do so.[12:19] Financial advice 5: The importance of a will in estate planningWillful was founded for everyday Canadians who need a simple way to set up a will.Insurance is about planning for people you will eventually leave behind. Similarly, an estate plan gives your family assets.[14:43] Erin Bury: “This is not something you should be waiting to do until retirement. As soon as you have assets to protect, loved ones like a spouse that you want to ensure know your wishes, or children that you'd want to make sure [are] accounted for, even pets more increasingly these days. It's time to think about getting a will…this is not a really time-intensive cost cost-prohibitive process anymore.[15:08] Financial advice 6: Using the FHSA to buy a homeThe FHSA helps first-time homebuyers by giving a tax-deductible contribution of up to $8,000 a year for five years.The FHSA is now available at CIBC[17:17] Financial advice 7: Canada's financial futureInterest rates will eventually stop inflation from rising, we just need to be patient.Lower interest rates may start by the spring of 2024.Currently, the rate of interest is at 5%. By the end of 2024, this may fall as much as 3.5%.However, a 3.5% interest rate is still double the rate of the last business cycle; so, most Canadians would still find this rate very high.[17:49] Avery Shenfeld: “Interest rates are high enough to do the job. That doesn't mean that inflation is going to magically melt away tomorrow, we're going to have to go through some economic pain, some period of slower growth, [and] a bit of an upturn in unemployment, before we cool spending power enough for inflation to come down. Our view is that…the impact of all those prior rate hikes was kicking in even before the Bank of Canada's last interest rate decision, which was back in July, was slowing spending. And with time, that will bring relief on the inflation front. So we'll need to be patient.”[19:48] Financial advice 8: Navigating the current economyWe live in an age where people in their 20s are already buying houses and saving for retirement.The reality is that these people are exceptions. Many are struggling to save, much less thinking about retirement.Most people have the mindset that 65 years old is the start of retirement. However, working longer may be more strategic and keep you active.If you consider working past 65 years old, start thinking about how you can shift to a consulting type of relationship in your career.[20:57] Rob Carrick: “If we were to talk to more people in our position more of our peers, honestly about money, we'd find that there's a lot of people with the same struggles as us, I think that will calm and relax us and make us feel that I have time. And you know what, I got a late start on saving for retirement, but I'm doing it now and I'm 100% committed and I'm going to make up for lost time…getting into the housing market…you could do it in your late 30s, you could even do it in your early 40s. If you are willing to work past 65, time can help take the pressure off.”[22:11] Rob Carrick: “In your 50s…in your career, start thinking about how am I going to create a post-65 reduced workload consulting type of relationship from what I'm doing now.”About our guestsThe Smart Advice Podcast has hosted a powerhouse of guests from CIBC and supporters. We thank our colleagues for their immense support for this program: David Wong, CIBC Managing Director and Head of Total Investment SolutionsJamie Golombek, CIBC Managing Director, Tax and Estate PlanningBenjamin Tal, CIBC Deputy Chief EconomistDavid Andrich, CIBC Senior Equity Research AnalystRichard Voss, CIBC Director of Wealth StrategiesMarilyn Andrade, CIBC Senior Trust and Estate ConsultantMark Herzog, CIBC Managing Director and Head of Institutional EquitiesErin Bury, Willful CEO and Co-FounderTashia Batstone, President and CEO of FP CanadaScott McGillivray, Real estate expert, contractor and media personalityAvery Shenfeld, CIBC Managing Director and Chief EconomistRobertson Velez, CIBC Global Equities Portfolio ManagerRob Carrick, Globe and Mail personal finance columnistTo learn more about our guests, refer to our episode show notes and highlights.Enjoyed this episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also share this with your friends and family to give them in-depth insights into the resilience of the Canadian economy.Have any questions? You can connect with me on LinkedIn or through CIBC's Facebook, Twitter, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
Navigating rising housing and grocery prices, managing bills, and dreaming of homeownership by 30? Wondering if retiring at 65 is still feasible? The financial roadmap has shifted from what our parents and grandparents once knew.The art of financial multi-tasking—juggling multiple financial goals simultaneously—can be a game-changer. It allows you to steadily chip away at your financial milestones, ensuring you're not just focused on one, but making progress across the board.In this episode of Smart Advice, Globe and Mail personal finance columnist Rob Carrick offers a real-world view of modern finance. Drawing from over three decades of personal financial experience, he understands the evolving milestones of today, different from yesteryears.Join us to explore whether you should still chase the financial dreams of previous generations or carve out your own path.Resources· The Stress Test Podcast· Carrick on Money· Financial advice for every step of the way available on CIBC Smart Advice· Connect with Rob Carrick on: LinkedIn | Twitter | Website | Globe and Mail
Artificial Intelligence (AI) has been a popular topic in recent years, especially with the advancement of generative AI and the creation of tools like ChatGPT. People and businesses alike are exploring ways to integrate the technology into our daily lives from education and services, to businesses and investing. To look at the growing opportunities for generative AI in finance, Robertson Velez is here to join us on Smart Advice. He is a Portfolio Manager with CIBC's Global Equities team responsible for stock selection, portfolio construction and risk control for the Technology and Communications sleeves of the Renaissance Global Technology Fund and CIBC Global Technology Fund. He also has a 12-year career in computer engineering. This makes Robertson uniquely qualified to help us better understand the impact of AI on finance and beyond. He dives into how AI has been used in the past while identifying opportunities for the future. Join us as we discuss the growing use and potential of generative AI on this episode of Smart Advice.Resources· CIBC Smart Advice· Read the CIBC Asset Management Market Spotlight on Generative AI· Watch Generative Artificial Intelligence: What investors need to know· Listen to Robertson Velez on the Advisor To Go podcast: Identifying investment opportunities in AI· Learn more about the CIBC Global Technology Fund
The strength of the economy and how it impacts Canadians is top of mind right now. Over the last year, Canadians have faced high inflation, multiple interest rate hikes and a rising unemployment rate. So it's no surprise, many are wondering what to expect next.In this episode, CIBC's Managing Director and Chief Economist, Avery Shenfeld joins us to give his insights and analysis on the market and answer some pressing questions about the Canadian economy. From inflation and interest rates to buying and investing, Avery talks to us about the current economic situation in Canada and what it might look like in the next few years.Listen to this episode and find out what the Canadian economy looks like today and how that can impact your daily life.ResourcesCIBC Smart AdviceAvery's weekly newsletter, The Week AheadView the latest research and commentary from CIBC's Economics team
There's growing interest in investing in the housing market right now, but starting a portfolio in real estate investing can be challenging and many may even be wondering if this is the right time to invest, given the current climate.In this episode, Scott McGillivray joins us on Smart Advice with his answer — don't think about timing the market, instead, think about how much time you will be in the market. This episode is a goldmine for new and experienced investors alike, as we discuss the strategies Scott used to build his portfolio and key considerations you need to think about when choosing the right location and renovations.Looking to step into real estate investing or want to review your portfolio? This episode can help inspire you to make better decisions! And for more valuable insights from Scott and Carissa, check out season 3 of Buying In.ResourcesListen to our previous episodes on Rent vs buy with Benjamin Tal and the First Home Savings Account with Jamie GolombekCheck out the CIBC Smart Advice Mortgage Affordability Calculator as well as articles on buying or renovating a homeConnect with Scott at his Website. Alternatively, follow him on Facebook, Twitter, Instagram, and YouTube
Homeownership is a dream that many Canadians aspire to, but with rising home prices — especially in places like Ontario or Vancouver, BC — achieving that dream is becoming more difficult.That's where the First Home Savings Account comes in. It's a new savings plan introduced to help first-time Canadian homebuyers land their first home. In this episode, Jamie Golombek gives us an overview of the FHSA and how it can be used to its fullest potential. We also review some scenarios where the FHSA is — or isn't! — applicable.The new First Home Savings Account (FHSA) is coming to CIBC this November. Connect with your advisor or visit cibc.com/FHSA to sign up for updatesResourcesListen to the previous episode with Benjamin Tal, Rent versus Buy!CIBC Smart AdviceLook up Jamie Golombek's website for tax advice!
Managing your finances can be difficult and stressful. This is especially true when you don't know how financial planning works. Financial planning is essential for anyone who wants to achieve financial security and wellness. Fortunately, professional financial planners are here to help you build a plan and implement it for a better, financially secure life.In this episode, Tashia Batstone joins us on Smart Advice. As the President and CEO of FP Canada, Tashia is passionate about promoting financial wellness among all Canadians. She talks about the changes that need to be made to encourage people and educate them on financial planning. We dive into how financial planning can help improve life for all Canadians.Don't let your finances get you down. Listen to this episode to find out how financial planning can help you!
When it comes to difficult conversations, those around wills and estate plans tend to top the list. The planning can be emotional, overwhelming or costly. But it is a conversation worth having, if you want to ensure your wishes are carried out and the process itself doesn't need to be as complicated as you may think.On this episode of Smart Advice, we are joined by Willful's CEO and Co-Founder, Erin Bury. She shares the inspiration and motivation behind the birth of Willful, a do-it-yourself online will platform that simplifies essential components of the estate planning process. Erin also talks about the importance of estate planning early on and when to update your estate plan.If you want to ensure your loved ones are taken care of, long after you are gone, this episode is for you.Create a will online in less than 20 minutes and get a 20% discount as a CIBC client with our partnership with Willful
The recent market trends have taken even the most seasoned investor for an emotional roller coaster ride. And those feelings can have a significant impact on financial decisions, driving both savvy and irrational investment choices.In this episode of Smart Advice, CIBC's Managing Director and Head of Institutional Equities Mark Herzog joins us. As a seasoned trader and investor, Mark shares his insights into emotional investing and how creating a rock-solid investment plan can allow you to make well-balanced decisions and navigate the market with confidence. If you want to discover how to have a framework around your emotions when investing, this episode is for you.Watch Mark Herzog in “CIBC Investor's Edge: Greed, fear, hope, regret… repeat”
Canada is currently experiencing one of the largest intergenerational wealth transfers in history. An estimated $1.1 trillion will change hands as the baby boomer generation passes on their wealth. But passing assets to your beneficiaries isn't as simple as handing over the key to a house.In this episode of the Smart Advice podcast, we revisit a timely conversation from our recent virtual event with CIBC experts Richard Voss, Director of Wealth Strategies, and Marilyn Andrade, Senior Trust and Estate Consultant. This episode is highly relevant to anyone looking to pass on assets whether it's a house, investments or heirlooms and to the beneficiaries receiving them.
In a time of global economic uncertainty, concerns about how the US banking crisis might impact Canadian banks and the overall economy, have emerged. But it's time to put those worries to rest. The Canadian financial system stands on solid ground, compared to its American counterparts.In this Smart Advice episode, we delve into the state of the Canadian economy, with senior equity research analyst David Andrich. With a keen eye on bank stocks and their implications, Andrich shares his optimism for the Canadian economy despite some potential headwinds.For those seeking a deeper understanding of how Canada's well-structured financial system acts as a safeguard against turbulent economic conditions, this episode is for you.
Homeownership remains a top goal for many Canadians, but with rising interest rates and inflation, many are feeling like it's becoming further out of reach. In this episode, CIBC Deputy Chief Economist Benjamin Tal discusses the realities of the housing market. We explore the general mindset on renting in Canada, whether it is a good time to buy a home or take on an investment property and how developers are unable to supply family-friendly units. If you want to learn more about the housing market and its future, tune in to the episode.
No one likes paying taxes, but everyone enjoys a big tax refund. The average Canadian receives just over $2000 as a tax refund, but getting a refund might not always be a good thing. On top of that, many Canadians tend to overspend when they receive their tax refund check.In this episode, Carissa shares how tax refunds work, explores smart spending options and delves into the idea around why tax refunds may indicate poor financial planning with insights from CIBC resident tax expert Jamie Golombek.Tax refunds are satisfying, but securing your financial stability would be smarter. So before you get tempted to spend your tax refund, tune into the episode to learn about your options.
The 60-40 portfolio has been a go-to investment strategy for decades. Unfortunately, it encountered a major setback in 2022, with stocks and bonds experiencing substantial losses.Persistently low interest rates and market unpredictability are complicating today's financial landscape, in turn igniting a debate regarding the relevance of the 60-40 model. In this episode, David Wong, Managing Director and Head of Total Investment Solutions with CIBC Asset Management, shares insights on how to achieve a balance between stability and growth.
No matter where you're at in life, money can help you reach your goals and get you where you want to go. That's why it's so important to talk about it. Get ready for Smart Advice – a podcast that brings the money conversation right to you.
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