Investing has never felt more personal. Canadians today have more access to markets, investing tools and financial information than ever before, but with constant headlines, social media advice and investing trends competing for attention, staying engaged can quickly turn into reacting to short term noise.

How do you stay informed without getting caught up in investment FOMO? And how do you build a portfolio shaped by discipline rather than drift or personal bias?

In this episode of CIBC Smart Advice, host Carissa Lucreziano sits down with David Wong, Group Chief Investment Officer at CIBC Global Asset Management, to discuss DIY investing, portfolio drift and the blind spots that can quietly undermine diversification.

1. Learn how portfolio drift can quietly change your investment strategy over time
2. Discover why investment FOMO and overtrading can hurt long-term returns
3. Understand how diversification and discipline help investors navigate market uncertainty

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David Wong is Group Chief Investment Officer, CIBC Global Asset Management. He is responsible for CIBC Global Asset Management’s managed solutions investment process and portfolio management. His Total Investment Solutions team helps determine asset allocations and portfolio construction, researches and evaluates managers, and monitors investments across 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 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 previously served as Managing Director, Investment Management Research until June 2021. He has more than 26 years of industry experience in New York and Toronto.

Connect with David Wong on LinkedIn.      

[01:40] Why DIY Investing Feels More Personal Than Ever

Carissa and David discuss why more Canadians are taking a hands-on approach to investing, and how greater access to information, markets and investing tools has fundamentally changed the way people think about building wealth.

[04:11] The Rise of “Finfluencers” and Investment FOMO

David breaks down new OSC research on social media investing behaviours, emotional decision-making and why online investing culture can encourage overtrading and unnecessary risk.

[05:51] The Hidden Risk of Overactivity

The conversation explores how emotional investing, poor timing and frequent trading can create “behaviour gaps” that negatively impact long-term portfolio performance.

[07:30] Building a Portfolio Around Discipline, Not Headlines

David explains why successful investing is less about chasing shortcuts and more about creating a long-term plan built around savings discipline, diversification and compounding.

[13:53] What Portfolio Drift Actually Looks Like

Using the Canadian and U.S. markets during the 1990s and early 2000s as an example, David explains how portfolios can quietly become unbalanced over time and why rebalancing matters.

[17:28] AI, Market Noise and the Danger of Prediction

The discussion turns to artificial intelligence, market headlines and investing trends, and why preparation and diversification matter more than trying to predict what happens next.

[21:58] The Investing Habits That Matter Most

“You're never fully diversified until there's something in the portfolio that you don't like.”

David shares the investing philosophies and mindset shifts that have shaped his approach after nearly three decades in the industry.

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Your inheritors don't need equal—they need fair. Canada is in the middle of its largest intergenerational wealth transfer in history. How do you balance fairness when your children have different financial needs? When is the right time to give? And how do you ensure your intentions don't create unnecessary family tension in the future?

In this episode of CIBC Smart Advice, host Carissa Lucreziano sits down with Dr. Tom Deans—bestselling author of Every Family's Business and one of Canada's leading voices on inheritance strategy—to tackle the wealth transfer conversation most families avoid. This is about preserving the relationships that matter most, while building a legacy that reflects your values.

1.) Discover why equal inheritance can backfire—and what works instead

2.) Learn how to navigate inheritance disputes before they start

3.) Unlock the "giving while living" opportunity that's reshaping Canadian wealth transfer

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●      Willful Discount Offer: Save 20% on your will

●      Tom Deans’ Books: The Happy Inheritor, Every Family’s Business and Willing Wisdom

Dr. Tom Deans is a bestselling author, speaker, and internationally recognized expert on family wealth transitions, inheritance, and estate planning. He is the author of Every Family’s Business, Willing Wisdom, and The Happy Inheritor, and has spent decades helping families navigate complex conversations around wealth, legacy, and succession planning. Through his writing and speaking, Tom advocates for greater transparency, communication, and preparation across generations.

[03:10] Why So Many Canadians Still Don’t Have a Will

●      “Fifteen million Canadian adults are missing the most important document in the estate plan.”

●      Tom and Carissa discuss the surprising number of Canadians without wills, and the risks families face when estate plans are left incomplete or undocumented.

[07:58] Giving While Living

●      The conversation explores the growing trend of parents and grandparents giving money earlier in life to help younger generations navigate rising housing costs, debt, and affordability pressures.

[11:48] Fairness, Family Dynamics, and Living Gifts

●      Tom explains how unequal financial support, secrecy, or unclear expectations can create long-term tension among siblings and family members, even when intentions are good.

[19:50] The Emotional Side of Estate Planning

●      The discussion turns to cottages, family businesses, and other difficult-to-divide assets, and why inheritance disputes often stem from emotional attachment as much as financial value.

[25:39] Family Meetings and Preparing the Next Generation

●      Tom shares why structured family meetings can help families navigate difficult conversations around executors, inheritance, trusts, and long-term planning in a more transparent way.

[29:17] Building a Legacy Beyond Money

●      “This is what we do: we teach our children what wealth is, and quite frankly, what it’s not.”

●      The episode concludes with a discussion on financial values, preparing heirs responsibly, and how strong communication can help families preserve both relationships and wealth across generations.

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As Canada–US trade dynamics evolve alongside global instability and rising inflation, they break down how major policy decisions are made and what they mean for Canadians in practical terms. This discussion explores the balance between long-term economic growth and short-term affordability, the role of natural resources and energy in Canada’s future, and how global events, from tariffs to geopolitical conflict, are directly impacting Canadian households.

Drawing on their experience at the highest levels of government, Lisa and Marco offer perspective on how Canada is positioning itself on the global stage, where opportunities lie, and what needs to happen next to drive sustainable growth and stability.

1. Understand how global events, from tariffs to geopolitical conflict, are shaping Canada’s economy and directly impacting your finances
2. Learn how Canada is balancing long-term economic growth with short-term affordability pressures, and what that means for households
3. Gain perspective on how major policy decisions are made at the federal level and how they influence everyday economic outcomes.

Lisa Raitt is a former federal cabinet minister, vice-chair of CIBC Capital Markets and newly appointed member of Prime Minister Mark Carney’s advisory committee on Canada-US economic relations. During her time in government, she held several senior portfolios, including natural resources, labour, and transport, playing a key role in shaping Canada’s economic and regulatory landscape. Today, she brings deep insight into capital markets, business strategy, and public policy, advising clients on navigating complex economic environments.

Marco Mendicino is a former Member of Parliament who served as Minister of Public Safety and Minister of Immigration, Refugees and Citizenship. Most recently, he acted as Prime Minister Mark Carney’s interim chief of staff during a pivotal period in Canada–US relations. With extensive experience in law, public policy, and government leadership, he offers a behind-the-scenes perspective on decision-making at the highest levels.

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●      The Raitt Stuff - Podcast

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1. Discover the key themes shaping financial decision-making, from economic shifts to evolving investor needs.
2. Understand how resilience emerged as the strongest guide for navigating uncertainty.
3. Learn how expert insights can inspire clearer and more confident choices moving forward.

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• Over the episodes throughout Season 3, Canadians faced shifting economic conditions and changing financial needs.
• Host Carissa Lucreziano reflected on how each conversation revealed what people were working through.
• Resilience emerged as the strongest theme as guests showed how steady planning created opportunity.

[02:25] Carissa Lucreziano: “In order to build the resiliency of our country's economy, you have to think about things in the long term, and you also have to go with what we're good at, and what we are good at in this country is natural resources.”

• The season showed the clear priorities and choices that helped Canadians stay focused on what they could control.

• Canada’s economy showed strengths extending beyond the headlines.
• Lisa Raitt pointed out that Canada’s natural resources and innovation hubs as long-term advantages.
• She emphasized how focusing on what Canada did well supported national resilience.
  Her insights highlighted why a broader view helped Canadians see opportunity in shifting global conditions.

• Housing trends continued to shift as interest rates and regional conditions evolved.
• Senior Economist Andrew Grantham explained why affordability pressures persisted in major provinces.
• He noted the large urban markets remained buyer-heavy, creating downward pressure on prices.

[04:37] Andrew Grantham: “What we are seeing there is that this is still a buyer's market. There are still more sellers than there are buyers, and that is putting a little bit of a downward pressure on prices.”

• His perspective gave Canadians a clearer sense of the regional forces affecting home decisions.

• Entrepreneurship continuously reshaped Canada’s economic landscape, adapting it to new technology and ideas.
• Ian Gallagher explained younger companies used digital tools to drive growth and margins.
• He also highlighted how immigrant entrepreneurs brought creativity and momentum to many sectors.
• His insights showed why business owners benefited from planning early for future succession.

• Market volatility continued to test investor confidence throughout the season.
• Chief Investment Officer, David Wong explained how emotional reactions often led to missed financial gains.
• He explained why diversification and patience played a key role in navigating uncertainty.
• The conversation encouraged Canadians to stay aligned with their timeline rather than the daily news.
   

• Fixed income remained a steadying force during uncertain market periods.
• According to Aaron Young, bonds helped offset equity risk and protect capital.
• He emphasized that fixed income still held value for investors at every experience level.
• His guidance reinforced the importance of keeping fixed income as part of a balanced portfolio.

• Alternative assets became increasingly relevant as investors searched for new sources of return.
• In her conversation with Carissa, Meric Koksal outlined why private equity, private credit and real estate gained traction.
• She noted how longer time horizons supported higher potential growth for younger generations.
• Her perspective showed how alternatives complemented traditional strategies and strengthened family planning.

• Building strong money habits early continued to shape long-term outcomes for young Canadians.
• As Michael Keaveney discussed in his episode, giving children a voice encouraged responsibility and confidence.

[10:48] Michael Keaveney: “I think it's entirely appropriate and a good idea for children to learn that the money didn't fall out of the sky, that a plan was put together, a conscious choice was made, maybe even at the expense of other options, and as time goes on, the child can have an increasingly a voice in that plan.”

• He explained how involvement supported better financial literacy over time.
• His insights highlighted how even small contributions taught meaningful lessons.

• Lifetime giving emerged as a meaningful approach for modern estate planning.
• In his appearance, Richard Voss explained how passing down financial gifts during a life time creates a greater positive impact for loved ones.
• In his experience, many inheritances arrived too late to be fully useful; Canadians are living longer, and the passing on of wealth happens much later.
• His guidance encouraged Canadians to support the next generation when it mattered most.
   

• Year-end remained a key moment for strengthening financial plans.
• Jamie highlighted how timely FHSA contributions could make a real difference.
• He outlined how charitable giving and donating appreciated securities created tax efficiencies.
• His advice helped Canadians enter the next year with greater clarity and preparedness.
  
   

• Personal well-being will always have a significant impact on long-term financial success.
• Healthy workplaces supported stronger performance, according to Dr. Noah Levine.
• He noted employers played an important role in protecting employee well-being.
• The discussion showed why caring for health helped sustain better financial decisions.
   

• Personal growth emerged as a central driver of future financial opportunity.
• Scott McGillivray encouraged Canadians to invest in skills and relationships.

[18:02] Scott McGillivray: “The absolute number one investment right now in 2025 that someone can make is in themselves. This is the time to up your game.”

• He emphasized acting early to be ready when new opportunities appeared.
• His message framed self-investment as a foundation for future progress.

Carissa Lucreziano is a financial advice expert at CIBC, with extensive experience in wealth management, personal finance and strategic planning. Carissa specializes in guiding individuals through critical life transitions, including retirement, entrepreneurship and relationship changes, offering tailored solutions to help them achieve their financial goals with confidence. Her financial expertise enables her clients to build economic resilience and secure their futures.

Carissa is passionate about empowering Canadians to take control of their finances by providing clear, actionable advice that simplifies complex financial decisions. She is dedicated to fostering financial confidence, ensuring her clients can navigate challenges and milestones with clarity and success.

Connect with Carissa Lucreziano on LinkedIn.

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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. Although Canada’s economy plays a part, your financial decisions matter more. This season revealed how Canadians are navigating change with clarity and intention. With the right perspective and steady habits, every decision becomes a step toward a stronger financial future.

Have any questions? You can connect with me on LinkedIn or through CIBC’s Facebook,  or Instagram.

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1. Understand how Canadian businesses can prepare for generational wealth transition.
2. Gain practical tips on business succession, valuation, and managing complex family dynamics.
3. Reflect on the emotional side of entrepreneurship and how legacy planning shapes the future.

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• Iain Gallagher: LinkedIn | CIBC Profile

• Canada’s business environment has undergone several changes in recent years.
• Entrepreneurs have faced challenges from the pandemic, supply chain disruptions, inflation, and staffing shortages.
• Despite uncertainty, Canadian businesses continue to show strength and adaptability.
• Iain Gallagher believes that resilience and optimism still define today’s entrepreneurs.

• More Canadians than ever aspire to start their own businesses.
• Younger entrepreneurs are blending creativity with technology to reshape traditional industries.
• Many are bringing fresh perspectives through lifestyle, wellness, and tech-driven ventures.
• Iain highlights the growing impact of immigrant entrepreneurs on Canada’s business growth.

• Today’s business owners must embrace technology from day one.
• Digital tools now drive marketing, sales, and operations, reducing costs and improving efficiency.
• Strong financial systems are vital to support decision-making and sustainable growth.
• Iain explains how modern entrepreneurs can scale faster by leveraging digital solutions.

• A large wave of Canadian business owners plans to retire within the next decade.
• This generational shift poses both risks and opportunities for the economy. It also presents personal challenges for some entrepreneurs.
• Iain emphasizes the need for families to have open discussions about business succession plans.
• Preparing early helps avoid rushed transitions and protects the value of the business.

[09:40] Iain: “What we really try and encourage our clients to do is have those conversations and really talk about what everyone's goal is and what's the best way of achieving that.”

• Even if a sale is years away, owners should start preparing now.
• Iain outlines three key steps: strengthen financial reporting, delegate management, and share client relationships.
• Letting go of control allows teams to grow and businesses to operate independently. 
• Many entrepreneurs misunderstand the true value of their business, making preparation even more critical.

[12:20] Iain: “As the business matures, grows, the number of people you have working for you increases. Owners really have to take a step back.”

• Strong financial systems, clear reporting, and solid management make a company more attractive and valuable to buyers.

• Selling a business is deeply personal for most entrepreneurs.
• Owners often see their company as part of their identity and community.
• Iain discusses the emotional attachment and the importance of defining success beyond price.
• Planning for employees’ future and preserving the founder’s legacy helps ease the emotional transition.

• A smooth business succession comes from preparation, clarity, and self-awareness.
• Owners must decide what they want their role to be after the sale.
• Iain compares selling a business to selling a home. Presentation and readiness matter to potential buyers.
• Making small operational and financial improvements can significantly boost value.

• The right advisors can make or break a transition.
• Iain stresses the importance of having accountants, lawyers, and M&A experts involved early.

[21:43] Iain: “We couldn't do what many entrepreneurs do, but similarly, they can't do what we do. So we really encourage people to get the right advisors around them and identify them early on, because again, never want to think of an entrepreneur, business owner, a family, being pushed into transactions when they're not prepared.”

• Long-term relationships with trusted advisors help owners make informed decisions.
• A strong advisory team ensures both the business and shareholders are ready when the opportunity to sell arises.

• Selling a business creates a new financial reality for entrepreneurs.
• Many owners need guidance to manage newfound wealth and plan for the next phase.
• Iain explains how collaboration with financial planners, tax experts, and family members can align goals.

• Carissa closes the episode by highlighting the dedication and resilience of Canadian business owners.
• Early planning and honest conversations can make every transition smoother and more meaningful.
• Each step, from preparation to letting go, helps shape a lasting legacy.
• Thoughtful decisions today can secure success for both current and future generations.

Connect with Carissa Lucreziano on LinkedIn.

Iain Gallagher is the Managing Director and Head of Mid-Market Investment Banking at CIBC. With more than 25 years of experience, he has helped Canadian entrepreneurs navigate business succession, sales, and transitions. He focuses on helping owners realize the full value of their companies. Iain also ensures that the legacy they’ve built is protected. His experience covers industries like manufacturing, distribution, technology, and services.

Known for his thoughtful approach, Iain understands the emotional side of every business transition. He also recognizes the financial complexity that comes with it. He works closely with families and founders to ensure each step of the process reflects their goals and long-term vision.  Through his leadership, he supports the next generation of Canadian business owners. He helps them plan with confidence, grow their businesses, and adapt to change.

Connect and learn more about Iain Gallagher on his LinkedIn.

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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. Business ownership in Canada is changing as many entrepreneurs prepare to pass on what they’ve built. This shift brings both opportunity and challenge. Each choice can shape the future of the business and those who run it. With business succession planning and the right guidance, every transition can lead to lasting success.

Have any questions? You can connect with me on LinkedIn or through CIBC’s Facebook,or Instagram.

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1. Gain insight into the practical and emotional complexities of intergenerational wealth transfer, including the rise of living gifts.
2. Discover how wills and estate plans are key to ensuring your wishes are respected and your family’s future is protected, along with strategies on having open family conversations about inheritance.
3. Learn why financial independence matters and how the younger generation can build wealth beyond inheritance.

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• Richard Voss: LinkedIn | CIBC Profile

• Canada is seeing the largest intergenerational wealth transfer in its history.
• Richard Voss, Director of Wealth Strategies at CIBC, brings years of experience helping families manage the emotional and financial sides of passing on wealth.
• Gifting wealth while still alive is becoming more popular as Canadians live longer and want to see the impact of their generosity.
• Many people inherit at older ages, but financial support might have been more useful earlier in life.
• Giving during one’s lifetime can strengthen family relationships and create meaningful opportunities for the next generation.

[02:45] Richard: “And so the question then arises, could a gift have been more effective and valued if they had received it at an earlier age? And I would argue, the answer to that is a resounding yes.”

• Despite the increasing number of people planning to make a wealth transfer, nearly half of Canadians still don’t have a will.
• Richard breaks down why this gap exists, from discomfort discussing mortality to the belief that “it can wait.”

[05:38] Richard: “Making a will is so important because it provides guidance to your survivors and your executors on how you want your assets divided. It reduces conflicts as your instructions are captured in a clear way and are formally recorded in a legal document.”

• A clear and legal will ensures your wishes are respected. Without one, provincial laws decide how assets are divided, which can lead to unintended and costly outcomes.
• However, a will alone is not an estate plan. Richard explains that a complete plan also includes powers of attorney and beneficiary designations.
• Every family’s situation is unique, and creating a complete plan ensures both financial and emotional peace of mind.

• Talking about wealth transfer, inheritance, and legacy can be uncomfortable, but it is necessary.
• Richard recommends regular family meetings to maintain transparency and consistency.

[10:28] Richard: “Having everyone together is better than having separate one on one conversations. It allows for consistency and continuity and the ability to ask questions both ways.”

• Establishing ground rules helps create a safe, judgment-free space for everyone to share their thoughts.
• These conversations can strengthen family understanding, align values, and prevent future misunderstandings.

• Rising costs of living mean many young Canadians can’t rely on inheritance alone for financial security.
• Richard shares practical steps, starting with living within their means and saving with purpose.
• He outlines the 20/50/30 approach: 20% to savings, 50% to fixed expenses, and 30% to discretionary spending.
• The focus, he says, should be on developing strong habits early and working with financial advisors to build long-term wealth.

• Carissa reflects on Richard’s advice and emphasizes the importance of consistency and professional support.
• Together, they highlight how collaboration with a trusted advisor can help Canadians stay on track with financial goals.
• Richard encourages those living at home or with fewer expenses to take advantage of the opportunity to save more.
• Commitment and consistency are key to achieving financial goals and building confidence over time.

• Richard advises taking time to pause after receiving an inheritance, especially if it comes from a loss.
• It is also beneficial to take the time to reflect, especially after the loss of a loved one..
• For significant inheritances, he recommends creating or updating a financial plan with professional advice.
• Even a modest inheritance can strengthen financial stability when used to reduce debt or invest for the future.

• Carissa closes the episode by emphasizing that planning for the future takes time and patience.
• Even small steps, like writing a will or starting family discussions on wealth transfer, can make a meaningful difference.
• The key is to start early, involve loved ones, and seek professional guidance when needed.
• Thoughtful planning today can build stronger financial foundations for generations to come.

Richard Voss is the Director of Wealth Strategies at CIBC Private Wealth. He has spent years helping Canadians navigate the complexities of financial decision-making. His work focuses on creating thoughtful strategies that align financial goals with personal values. Through his guidance, families gain clarity on how to preserve and share wealth across generations. Richard is known for bringing both technical expertise and a deeply human approach to every conversation.

Richard understands that strategic insight must also have empathy. He helps clients make informed decisions about wills, trusts, and long-term planning whilst maintaining harmony within their families. His approach emphasizes education, collaboration, and confidence in managing wealth. Above all, Richard is passionate about helping Canadians protect what matters most to them while building legacies.

Connect and learn more about Richard Voss on his LinkedIn or CIBC Profile.

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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. Wealth is changing hands faster than ever as a new generation steps into financial responsibility. Families across Canada are learning how to give, receive, and plan with purpose. This brings both opportunities and challenges, from tax implications to keeping family conversations. Explore how thoughtful planning can make every wealth transfer count, today and for the generations to come.

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1. Learn how interest rate cuts actually affect variable and fixed-rate mortgages, and what that means for your next renewal.
2. Understand the regional differences shaping Canada’s housing markets, including why now may be an opportunity for condo buyers.
3. Gain practical strategies for staying financially resilient, from managing employment uncertainty to making smart spending decisions.

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• Andrew Grantham: LinkedIn | CIBC Author Profile

• Canadians are facing uncertainty as interest rates shift, the Canadian housing market fluctuates, and recession fears dominate the headlines.
• Rising costs and uneven recovery raise important questions about affordability and financial security.
• Host Carissa Lucreziano introduces guest Andrew Grantham, Senior Economist at CIBC Capital Markets.
• Andrew is well-positioned to explain today’s challenges, connecting big-picture trends to the financial decisions Canadians face.
   

• The Bank of Canada and the U.S. Federal Reserve recently trimmed rates, offering a small sense of relief.
• For some households, variable-rate mortgages and credit lines see immediate benefits, while fixed rates remain largely unchanged.
• Carissa asks Andrew about the broader impact on the Canadian housing market, from overheated urban centers to smaller regions.
• Andrew explains why local differences matter, noting ongoing weakness in Toronto and Vancouver but signs of recovery elsewhere.

[04:16] Andrew: “We are seeing that, particularly with the population growth we've seen in some of the prairie provinces, for example, there is the demand there, and even though building has increased in those provinces, we are still seeing that the housing market there is reasonably strong and prices are continuing to rise a little bit.”

• Condos, particularly in Toronto, are experiencing weak demand and falling prices.
• Developers struggle to pre-sell units, slowing the pace of new construction.
• Andrew explains how reduced supply could eventually stabilize the market as demand slowly returns.
• He advises Canadians not to wait too long, as even a small rise in demand could shift conditions.

• Many Canadians wonder if mortgage rates will fall further before they make financial moves.
• Andrew notes that while rates are lower than last year, they will likely not return to pandemic-era levels.
• He emphasizes that rates today are closer to 2019 levels, when the market was more balanced.
• His advice: focus on manageable payments and comfort, rather than trying to time the market.

• Canada’s economy is deeply linked to U.S. policy decisions, creating ripple effects north of the border.
• Andrew discusses Mark Carney’s approach to strengthening ties while avoiding rushed trade deals.
• While many goods still enter the U.S. tariff-free, sector-specific tariffs continue to impact industries like steel, aluminum, and autos.
• Ontario and Quebec face the greatest pressure, while most other provinces remain less affected.

• With Black Friday approaching, Canadians are weighing the cost of cross-border shopping.

[11:30] Andrew: “In terms of that cross-border shopping activity, a big theme over this year, even before talking about those Black Friday Sales, has been the drive to buy Canadian.”

• A weaker Canadian dollar makes U.S. purchases more expensive, but a “buy Canada” trend is emerging.
• Andrew notes that spending at home could benefit local retailers this holiday season.
• He explains how the loonie’s movement is tied to U.S. dollar strength, limiting expectations for quick improvement.

• Headlines continue to question whether Canada is already in a recession.
• Andrew clarifies the difference between the technical definition and how people actually feel.
• While contraction occurred earlier in the year, he expects recovery in the second half.
• For many in Ontario and B.C., falling home prices and job struggles still make it feel like a recession.

[15:48] Andrew: “What's interesting though, in the current situation is that that excess increase in unemployment for young people has gone above and beyond even what we would typically see given what's happened on the economy as a whole, on a national basis.”

• Canadians want to know how to protect themselves in uncertain times.
• Andrew advises setting money aside for emergencies and focusing on long-term goals.
• He emphasizes avoiding short-term “headline risks” and instead building steady resilience.
• His message: consistent saving and a long-term view remain the strongest strategies.

• Canada is adjusting to a new trade environment, higher but stabilizing interest rates, and shifting consumer patterns.
• Andrew highlights Canada’s strengths, including infrastructure investment, natural resources, and a skilled labor force.
• He notes that while the economy feels heavy today, long-term prospects remain strong.
• Final takeaway: Canadians should focus on opportunities ahead, not just the short-term noise.

As Senior Economist with CIBC Capital Markets, Andrew Grantham has a wide range of experience in different areas of economic and market forecasting, providing both a Canadian and global perspective. His focus includes interest rates, the Canadian housing market, consumer spending, and trade. Through his work, he has helped Canadians understand how big trends connect to everyday financial decisions. Andrew often shares insights on mortgage affordability, youth unemployment, and cross-border ties.

Andrew blends data-driven analysis with a practical perspective on the Canadian economy. In his analyses, he highlights both the challenges and the opportunities that lie ahead. His goal is to help Canadians move past headlines and focus on what matters for long-term resilience and growth.

Connect with Andrew Grantham on his LinkedIn or CIBC Author Profile.

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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. Interest rates, jobs, and trade are all shifting. The Canadian housing market is fluctuating depending on where you go. This creates a landscape that feels uncertain but also full of possibility. Discover how these changes connect, and learn what they mean for your financial decisions today and for the years ahead.

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.

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1. Learn why now is the time to take advantage of Canada’s current capital gains rate and how it can impact your investment returns.
2. Explore the ins and outs of owning property outside of Canada and how to avoid double taxation and cross-border estate issues.
3. Hear practical year-end tax planning strategies, from charitable giving to tax-loss selling, to help you keep more of your wealth and achieve your financial goals.

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• Jamie Golombek: Website | LinkedIn | X (Twitter) | CIBC Profile

• Taxes shape nearly every financial choice, from investing to passing down property.
• Without tax planning, policy shifts can create unexpected costs and reduce wealth.
• Jamie Golombek, Managing Director of Tax and Estate Planning at CIBC, brings over 25 years of experience to the discussion.
• His insights highlight how smart strategies can preserve assets and support long-term goals.

• Canadians face uncertainty as new government leadership and upcoming budgets could shift tax rules.
• Jamie outlines the likelihood of higher taxation for top earners and possible adjustments to credits and exemptions.

[02:24] Jamie: “No one knows what will happen. We are expecting a fall budget. I mean, the latest information we have from publicly available sources is that the budget will drop in October. We're going to wait and see what will be in that budget.”

• He explains why tax cuts are unlikely and why rates at the high end can discourage productivity.
• Keeping a close eye on government priorities is essential for anticipating the next wave of changes.
  
   

• The proposed increase in the capital gains inclusion rate was cancelled, creating relief for many investors.
• Jamie explains that the rate remains at 50%, with both advantages and drawbacks.
• Investors should use this favorable rate strategically, particularly in non-registered accounts.
• Real estate and equity holdings can benefit from thoughtful positioning under current rules.

[08:44] Jamie: “Take advantage of capital gains; the fact that we have the lowest rate, even lower than the rate on dividend income, which is also favorable because the dividend tax credit. Take advantage of it, both in your portfolios, your non-registered portfolios, as well as if you're doing any real estate investment.”

• Owning property outside Canada can expose investors to double taxation, foreign estate taxes, and currency risk.
• Jamie stresses that Canadians are taxed on worldwide income, so all gains and rental income must be reported.
• Local tax advice, paired with Canadian expertise, is key to managing obligations across borders.
• Proper planning can prevent costly errors and preserve long-term property value.
   

• Passing down cottages or vacation homes raises both emotional and financial challenges.
• Jamie highlights the need for family conversations to determine if children actually want the property.
• Deemed dispositions at death can create large tax bills, requiring liquidity planning.

[16:55] Jamie: “Remember, you haven't actually sold it. There is no real money, but there is this sort of deemed disposition concept, and therefore you've got to come up with the cash to pay the tax.”

• Options such as sinking funds, equalizing assets, or family trusts can help families transition smoothly.

• Balancing fairness between children is a common concern in estate planning.
• Jamie explains how dividing assets can work but stresses the importance of considering tax consequences.
• Life insurance is one tool that can equalize estates or cover tax liabilities.
• Coordinated planning with advisors ensures both fairness and tax efficiency.

• Practical strategies can make a big difference before the calendar year closes.
• Jamie recommends tax-loss selling, charitable donations, and contributions to first-home savings accounts.
• Business owners should also review compensation strategies, weighing salary versus dividends.
• Year-end deadlines make it critical to act early and plan ahead.

• Proactive tax planning protects wealth and reduces unnecessary costs.
• Jamie directs listeners to his website and Financial Post column for ongoing guidance.
• The key lesson is that taxes, while inevitable, can be managed with foresight and good advice.
• Building long-term financial security starts with planning, strategy, and informed choices.

Jamie Golombek is the Managing Director of Tax and Estate Planning at CIBC. With more than 25 years of experience, he has become one of Canada’s most trusted voices on tax strategy and wealth preservation. His expertise spans tax policy, capital gains planning, property ownership, and intergenerational wealth transfer. Jamie is also a longtime contributor to the Financial Post, where his weekly column helps Canadians make sense of complex tax issues and apply them in practical ways.

Respected for his ability to simplify complicated topics, Jamie has appeared on BNN and CTV News. He has also been a frequent guest on podcasts and conferences across the country. His commentary bridges technical detail with everyday financial decisions, giving clarity to Canadians navigating taxes in real time. Through his work, he equips individuals and families with strategies to minimize costs, protect assets, and build wealth with confidence.

Connect with Jamie Golombek on his LinkedIn or CIBC Profile.

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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. Taxes may be unavoidable, but smart strategies can change the outcome. Discover how tax planning helps preserve wealth, reduce costs, and prepare for policy changes. Learn how to navigate property ownership, cross-border rules, and wealth transfers while keeping more money toward your goals.

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1. Discover why the fixed income asset class is not just the “quiet” side of your portfolio and why everyone should have a portion in their portfolios, offering attractive yields, stability, and protection against market volatility.
2. Learn how investment-grade bond funds and laddering strategies can help you manage reinvestment risk, match your investments to your cash flow needs, and diversify beyond traditional options.
3. Get actionable advice on putting idle cash to work, protecting your purchasing power from inflation, and why timing the market is less effective than having a disciplined fixed income strategy aligned with your short- and long-term goals.

• CIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast | Spotify
• Visit CIBC for more Smart Advice
• Aaron Young: LinkedIn

• Fixed income plays a steady role in building and protecting wealth, even though it rarely makes headlines.
• These investments balance portfolios, preserve capital, and provide flexibility for both short- and long-term goals.
• The episode features Aaron Young, Executive Director and Head of Client Portfolio Management at CIBC Global Asset Management.
• With over 15 years of experience, he offers insights into why a fixed income strategy matters now more than ever.

• Fixed income is entering what experts call a “golden age,” offering attractive yields and renewed importance in portfolios.

[03:06] Aaron: “Right now, fixed income is in a bit of a golden age, for lack of a better term. What I mean by that is we've hit a nice balance point in fixed income markets where this asset class can generate a really attractive income potential for clients, and it can do so while also regaining a bit of that role of hedging risk.”

• Yields, once near zero, have returned to healthier levels, restoring the income investors expect from this asset class.
• Global factors like trade policies, tariffs, and geopolitical shifts continue to shape the outlook for bonds.
• Active management becomes crucial in this environment, turning volatility into opportunities for added returns.

• Diversification across asset classes is essential, with fixed income providing a counterbalance to equities and alternatives.
• Bonds protect capital, generate predictable coupons, and reduce portfolio volatility in uncertain markets.
• Capital appreciation is another underappreciated benefit, as mispriced bonds can deliver strong upside potential.

[06:58] Aaron: “I would say for any level of investor, you should have a portion of fixed income in your portfolio for diversification, and not diversification such as a sector or holding a single stock versus other companies. Its diversification of where your risk and return comes from.”

• The role of fixed income shifts depending on investor needs, risk tolerance, and life stage.

• Beyond GICs, investment-grade bond funds offer predictable returns with the added benefits of interest and price appreciation.
• These funds provide tools to align investments with cash flow needs while diversifying risks.

[10:45] Aaron: “The investment grade bond funds really was a focus on, how do we build something that's similar to a GIC in a lot of respects, in terms of target maturity date, I know I'm going to get my capital back, not the same risk profile, but also not going out and buying really high risk bonds, where the prices fluctuate quite a bit day to day, we buy governments and really solid large cap corporate bond issues.”

• Laddering, or staggering maturities, helps manage reinvestment risk and interest rate fluctuations.
• Together, these strategies expand fixed income options, giving investors greater flexibility than traditional choices alone.

• A fixed income strategy can align with specific cash flow needs such as saving for education, a home, or a cottage.
• Investment-grade bond funds allow investors to match maturities to future liabilities with confidence.
• This approach ensures capital is available when needed while still generating income along the way.
• By protecting against reinvestment risk, bond funds create stability without leaving money idle.

• Holding excess cash on the sidelines exposes investors to the silent erosion of inflation.
• Opportunity cost can be significant, as sitting still means missing out on steady income streams.
• Timing the market is notoriously difficult, even for professional investors with advanced tools.
• Fixed income serves as a bridge between cash and equities, offering stability while keeping money productive.

• Fixed income portfolios can be adjusted in real time to capture opportunities and manage risks.
• A dedicated team of experts at CIBC Global Asset Management specializes in areas like government bonds, corporate credit, and global rates.
• Sharing ideas across disciplines ensures portfolios benefit from the best thinking across the firm.
• Market inefficiencies in bonds create opportunities for active managers to add consistent long-term value.

• Fixed income offers multiple levers to manage risk and generate returns, from interest rates to credit exposure.
• Large institutional strategies, such as liability-driven investing, inspire approaches suitable for individual investors.
• The market’s inefficiencies, like off-exchange , provide advantages for skilled active managers.
• Agility and collaboration within the team enable CIBC to adapt quickly beyond headlines or central bank announcements.

• A fixed income strategy remains a vital part of any portfolio, providing stability, income, and diversification.
• Bonds can be tailored to meet both short-term cash flow needs and long-term growth objectives.
• Aaron Young emphasizes the importance of viewing fixed income as a flexible tool for achieving financial outcomes.
• His closing message reinforces that bonds will always have a rightful place in helping Canadians reach their goals.

Aaron Young is the Executive Director and Head of Client Portfolio Management at CIBC Global Asset Management. With more than 15 years of experience in fixed income markets, he has dedicated his career to helping global investors understand the power of bonds and income-generating investments. His work spans from guiding individual investors to managing portfolios for some of the country’s largest institutions, including pension plans, foundations, and endowments. Aaron specializes in strategies that balance income generation, capital preservation, and long-term growth in both traditional and alternative fixed income strategies.

Known for his passion for making fixed income accessible, Aaron brings clarity to a part of investing that is often overlooked. He believes bonds are not just the “quiet side” of a portfolio, but a dynamic tool that can stabilize wealth, reduce volatility, and create new opportunities for investors. Through his expertise, he empowers Canadians to look beyond traditional GICs and embrace innovative solutions that align with their financial goals.

Connect with Aaron Young on his LinkedIn.

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. Market headlines come and go, but steady income and protection never go out of style. Discover how a fixed income strategy can safeguard your wealth while still keeping your money working. Learn to build stability, generate returns, and move forward with confidence in any market.

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.

Hosted on Acast. See acast.com/privacy for more information.