Here are three reasons why you should listen to this episode:

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.

Resources

• CIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast | Spotify
• Visit CIBC for more Smart Advice
• Jamie Golombek: Website | LinkedIn | X (Twitter) | CIBC Profile

Episode Highlights

[00:21 ] Why Tax Planning Matters

• 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.

[01:49 ] What to Expect from Tax Policy

• 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.
  
   

[05:05 ] Capital Gains and Investment Strategy

• 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.”

[09:01 ] Navigating Property Ownership Abroad

• 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.
   

[14:04 ] Tax Planning for Wealth Transfers

• 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.

[18:13 ] Keeping Inheritance Fair

• 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.

[21:12 ] Smart Moves for Year-End

• 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.

[23:21 ] Tax Planning, Wealth Building, and the Path Forward

• 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.

About Jamie Golombek

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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