Our guest this episode is Jamie Golombek—Managing Director of Tax & Estate Planning at CIBC and a widely respected voice in the Canadian financial industry. Jamie is a frequent guest on BNN, CTV and CBC’s The National, and in 2023 was awarded the prestigious CPA Fellow designation.

In this episode, Dave and Jamie dive deep into the world of tax and estate planning in Canada. They cover everything from RRSPs and FHSAs to the most tax-efficient ways to donate to charity. Jamie shares practical advice on how to think about your tax return (hint: a big refund isn’t a good thing), how to avoid common estate planning mistakes and why keeping a net worth statement with your will might be one of the smartest moves you can make.

Whether you’re saving for retirement, thinking about gifting an early inheritance or just want to better understand Canada’s tax system, this episode is filled with insights, tips and examples every Canadian can learn from.

Show Notes

(00:00:00) Intro & Disclaimer

(00:00:55) Intro to Jamie Golombek

(00:03:43) What is Tax Planning and Estate Planning?

(00:08:17) You Shouldn’t Want a Large Tax Refund

(00:13:53) Employer Matching is a Fantastic Deal

(00:17:49) Registered Accounts in Canada 

(00:22:32) FHSAs are Incredible

(00:24:26) RRSPs and the Advantages of Tax-Free Investing

(00:27:00) Tax on RRSPs and Investments

(00:31:02) Our Tax System is Unfair for Single People

(00:33:25) The Most Tax-Efficient Way to Donate to Charity

(00:39:25) Tax Deductions if You Work From Home

(00:41:37) Changing the Principal Residence Exemption in Canada

(00:45:21) Joint Powers of Attorney for Personal Care

(00:48:01) Cottages and Estate Planning

(00:49:32) The Importance of Keeping a Net Worth Statement with Your Will

(00:52:02) Would Dave or Jamie Ever Be an Executor?

(00:53:18) Corporate Executors 

(00:55:42) How to Avoid Family Fights with The Estate Items

(00:59:38) Early Inheritance Gifts

(01:02:58) Probate Fees

(01:06:01) Beware of Joint Ownership with Your Kids

(01:08:20) Conclusion