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The Power Investment Team

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Education

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“When I grow up…”

A child and her grandmother

As grandparents, how often are these four words heard when spending time with their beloved grandchildren?

Despite the fact that children will change their mind often about what they want to be when they grow up, we can’t change the fact that helping them financially is always top of mind. Furthermore, with the costly reality that raising a child these days is higher than it’s ever been, The Power Investment Team is helping more grandparents with their wealth planning, to include helping their grandkids earlier, rather than later in life.

How grandparents can provide grandchildren with financial assistance:

  • Contributing to a Registered Education Savings Plan (RESP) - $2,500 a year contribution, the optimal amount to benefit from an additional $500 from the Canada Education Savings Grant.

  • Tax-Free Savings Account (TFSA) – when grandkids turn 18, this account can be set up for them to benefit from tax-free savings.

  • First Home Savings Account (FHSA) – first time home buyers could have a $40,000 lifetime limit that’s tax-free.

  • Cash – a lump sum can be parked in a high interest savings account, money market fund and GIC.

  • Whole Life Insurance – creating and leaving a legacy to the next generation with a paid whole life policy.

  • Wills – assets have a deemed disposition upon death, so transferring assets to grandkids in a Will, thus skipping a generation, may result in less tax paid by them.

Because The Power Investment Team has built its practice creating wealth for multi-generational clients, we ensure both parents and grandparents are having these important discussions early on about how to best help the children in their family, and by the most financially effective means possible. Our team believes when you’re helping any family member achieve success, the most important consideration is their children.

 

 

This article is published by CIBC with information that is believed to be accurate at the time of publishing. CIBC and its subsidiaries and affiliates are not liable for any errors or omissions. This article is intended to provide general information and should not be construed as specific legal, lending, or tax advice. Individual circumstances and current events are critical to sound planning; anyone wishing to act on the information in this report should consult with their financial, tax and legal advisors.

 
CIBC Private Wealth Tax Planning

 

2023 year-end tax tips

Having timely tax information can help make tax planning easy to understand, relevant and actionable. As we get closer to the end of this year, our Jamie Golombek, Managing Director, CIBC Tax and Estate Planning, reminds us of some key tax tips that investors should consider in his latest report: 2023 Year-end Tax Tips Report  |   Video: 2023 year-end tax tips (3:20)  |  Transcript

 

2023 Tax Toolkit

Access top tax tips for investors, plus 2023 tax tables, rates and much more here: CIBC Tax Toolkit

 

Business Succession Planning with Professional Advice

 

 

When you own a business it often represents years, if not decades of hard work and entrepreneurial drive. Still, even if you’re a very astute business owner, you may be unfamiliar with the complexities and meticulous preparation needed for a succession strategy. Whether you’re contemplating a transfer of your business to family members, a management buyout, or selling to an outside party, you have decisions to make and complex issues to address.

 

Whatever your goals, take the time to think about your future and be sure to seek professional advice. The Power Investment Team has decades of collective experience in advising business owners on succession management. We can help business owners like you to create a future growth path that includes a smooth transition plan for your life’s work.

 

Take the first step

We've put together a timely business succession planning report that provides valuable insight for entrepreneurs like yourself. Connect with us when you're ready to begin this journey.

 

 


CIBC FAMILY OFFICE 

 

Family Office allows The Power Investment Team to provide our clients with a wealth management model that helps develop a plan that is tailored to each individual family, directed to the needs of each member and reflects the family’s current and future vision.


We help you and your family manage the complexities of multi-generational wealth to create a legacy for generations to come.
Our full-service Family Office includes:
 

  • Integrated Wealth Planning
  • Private Investment Counsel
  • Investment Management
  • Private Banking
  • Estate & Trust Services

 

Domestic agreements and family dynamics

Domestic agreements prepare couples for the unexpected—potentially sparing you and your partner a lot of financial and emotional grief down the road. Some see having a legal agreement in a personal relationship as implying distrust or suspicion of their partner. In reality, domestic agreements are powerful tools that can free you from the stress of implicit, unclear, or family-tied financial arrangements.

 

Read more about domestic agreements in our Family Office white paper:

 

Your story is unique and important to us. CIBC Family Office is committed to working with you, listening to you, and putting in place a road map that will help your family enterprise achieve your goals. Let The Power Investment Team help you begin your journey today.

 
How to keep a vacation property in the family, let us help you protect your legacy

 

 

Do you want to pass on the family cottage or vacation property to your children or grandchildren in future? There are many options to consider for passing your vacation property to your loved ones, such as tax and financial implications if you have not yet made a decisive plan for this event.

Working with an experienced advisor, who understands the transfer of wealth effectively, can help ensure this is done according to your wishes.

We’ve prepared a family vacation property report to address some of these issues. Questions? Connect with our team any time, we look forward to hearing from you: thepowerinvestmentteam@cibc.com

 

 

 

 

KEEPING THE SENIORS IN YOUR LIFE FINANCIALLY PROTECTED

 

 

Whether you're a senior or have older people in your life who you care about and want to protect, you'll want to understand more about elder abuse. While concerns may focus on quality of care, health and living conditions, financial elder abuse is actually the most prevalent form of elder abuse in Canada.

As some people age, they may become less technology savvy and more dependent on others for help with their money matters. This can leave them vulnerable to manipulation, coercion or theft. June is Elder Abuse Awareness Month, an opportunity to raise awareness of this serious issue. Read on to learn about the warning signs, specifically those related to money, so you can recognize and stop it in its tracks.

What is financial elder abuse?

When someone takes money or assets from an older adult without their knowledge or consent, pressures them for money or assets, or pushes for financial decisions the victim did not want to make, it's considered financial elder abuse. This could be as simple as stealing cash or valuables. Or it could involve taking control of a person's financial affairs, transferring assets and changing key documents, such as wills. It also includes scams that trick older people into sending money under false pretenses.

Beware of common scams

Fraudsters constantly craft new cons, but these often-used scams are worth noting. That's why it's important to educate yourself and the seniors in your life about these types of scams.

  1. Family emergency scam:

A call comes from someone claiming to be a professional (like a doctor or lawyer) who's trying to help a grandchild or other family member. They outline an urgent situation and request immediate financial aid. Often, they'll say the grandchild is hospitalized and needs treatment, or they're in jail and need funds to get out.

  1. Prize or inheritance scam:

This scam relies on a victim's excitement about winning something to override their judgment. An unsolicited caller pretends the victim has won or inherited goods or money, then tells them to send a fee to claim the prize.

  1. Bank investigator scam:

This fraud preys on a person's natural desire to be helpful and defer to authority. A caller claiming to be from a bank asks the victim for help investigating a theft by an employee. This scam solicits the transfer of funds from their personal account, often by wire transfer, prepaid cards or crypto currency. This is something a real bank would never do.

Recognize the warning signs

It's important to understand that financial abuse can be perpetrated by strangers or by people the victim knows like family members or caregivers. Watch for these signs of financial elder abuse.

  1. Unusual financial transactions:

If you notice unexpected changes in bank balances, unrecognized transactions, missing funds or unauthorized use of your loved one's credit cards or accounts, investigate further. Pay special attention to funds transferred by wire, purchases of gifts or prepaid cards, or crypto currency transactions.

  1. Changes in financial management:

If someone new signs or cosigns on an elder's accounts, makes adjustments to their financial documents or will, transfers their assets or becomes their power of attorney, it's time to ask questions and investigate further.

  1. Missing valuables:

The unexplained disappearance of money or valuables should raise a red flag.

  1. Avoiding discussions about finances:

Look for emotional and behavioral cues that may indicate an older adult is being financially abused. They may seem anxious, uneasy, or provide vague information about their personal finances.

  1. Reports of unusual interactions:

Pay attention if an older person reports they've received an unexpected telephone call, particularly if they're secretive about it. Scammers will often try to manipulate victims into silence.

If you suspect financial elder abuse, report it immediately to both the police and the financial institution.

Ways to prevent financial elder abuse

Prevention is the best defense against financial elder abuse so use this checklist of best practices below. Share them with your loved ones and talk to them about how to protect themselves:

  • Protect financial information and keep it confidential.
  • Use two-step verification and voice verification for banking.
  • Keep contact information current so your bank can flag suspicious transactions.
  • Regularly review bank and credit card statements for unauthorized activity.
  • Be cautious of unsolicited text messages, emails, or phone calls, and don't send money to strangers.
  • Be wary if asked to pay with an unusual form of payment like gift cards, wire transfers, or crypto currency. These can be difficult to trace, making them favorites among fraudsters.
  • If you have concerns regarding a transaction or payment request, discuss it with someone you trust like a family member, friend or your bank.
     

Whether you're a senior or care for one, it's important to stay vigilant about financial elder abuse. CIBC is dedicated to giving you the tools to spot the signs of fraud. Visit our Privacy and Security resource centre or talk to our team to learn more about the many ways you can safeguard yourself and your loved ones.

 

 

ELDER CARE
 

Did you know over 8 million Canadians currently care for an older adult and this number is expected to increase by 2027.1

 

Guiding clients through their various financial life stages is the role of a wealth advisor, but as those clients mature and approach retirement, what kinds of specific needs do they have?

 

With over 25 years of investment planning expertise, Jeanette is well qualified to address the ever changing issues facing individuals and their loved ones throughout their individual life stages.  Jeanette's tenure has also given her the expertise needed to address financial issues of elder care and planning.  Providing an objective viewpoint, she uses an informed, diligent and consultative approach to address each client's unique individual needs.

 

There are many options available for older adults of various independence levels and medical conditions. We’ve put together some options that you may wish to consider for your loved one:

Aging in Place refers to when seniors choose to remain in their own homes as they age rather than move to a senior living community. A family member is likely to need some support if they choose to continue living on their own, although how much help they’ll need will vary depending on their health and how connected they are to the community.
 

In-Home Care allows your family member who wants to stay in their home, but is beginning to need more help, choose from several options. This can range from a personal care attendant, who can assist with tasks such as cooking and cleaning, to a certified nursing assistant, who can monitor any medical condition and help with personal activities. If a family member places a high value on privacy or the familiarity of their home and neighborhood, this may be the best choice. There is also the option of a family member moving in with someone who needs continuous care and monitoring.

Independent living communities are great for seniors who are active and in good health but are looking for a place tailored to a senior lifestyle. If your loved one values their independence and isn’t in need of daily care — but perhaps is ready to stop driving, is starting to worry about their safety, or just wants more support and companionship — an independent living community can be a great choice.

 

Assisted living covers the middle ground in the spectrum of senior living - they serve elders who need more support than they can get living independently, but who don’t need complex medical care on a daily basis. If they are finding daily life increasingly challenging but don’t have a serious medical condition that requires round-the-clock monitoring, assisted living may be the right choice.
 

If you would like to read more about Canada’s aging demographics and the costs associated with care, read our CIBC reports
Economics of Aging Parents
1  and Easing the financial burden for caregivers. Jeanette and The Power Investment Team are happy to assist with any questions related to elder care, your overall planning needs and those of your loved ones.

We also have materials targeted specifically to seniors that are both informative and educational.  Reach out to us via email at:
thepowerinvestmentteam@cibc.com for your complimentary copy today.

 
Fraud Prevention

 

 

Every year, during the month of March, we focus on fraud prevention. The Power Investment Team believes we need to continue this conversation all year long because fraud can happen at any time and to anyone.

Our team is committed to raising awareness and helping educate clients on what they can do to safeguard their information so we’ve put together some helpful resources:

 

Wood Gundy scam tip sheet

CIBC - Protect yourself from fraud & scams

Working together against banking fraud

Competition Bureau of Canada

Canadian Anti-Fraud Centre

Canadian Bankers Association fraud prevention

 

To request your free digital copies of our CIBC Client Protection Playbooks email: thepowerinvestmentteam@cibc.com or call 905 804-2240 / toll free 1 800 469-2583. We look forward to connecting with you!

 

The Benefits of Insurance

 

 

A solid estate plan is a key component to a comprehensive financial plan. Whether you are looking to build a comfortable retirement or create a legacy for future generations, the underlying goal is to maximize your wealth from a tax perspective. Estate planning helps to preserve your wealth for your future, and for future generations.

The most efficient way to ensure you keep more of your money, as opposed to giving it to the government, is the use of insurance products. Insurance is simply a way of protecting your estate so it can be used for the reasons you have intended it – to support your lifestyle, and that of your family’s, and provide for you in times of need.

 

Some of the benefits of using insurance are:

  • Paying off debts and taxes at death and leaving the maximum inheritance for beneficiaries without destroying their investment portfolio
  • Ensuring their spouse / partner an income for life
  • Reducing taxes from the sale of a business
  • Ensuring the smooth transition of a business upon the death / disability of a partner
  • Dealing with the expense of a critical illness or long-term care needs, within the home or a long term care facility
  • Building up tax-sheltered savings
  • Protecting against potential creditors
  • Creating a virtual trust for their grandchildren

 

Insurance is used to protect your assets and secure the financial future of your loved ones. With the help of our CIBC Estate Planning Specialist partner, we can help you determine the policy that works best for you. If you would like to discuss how you can integrate insurance into your investment portfolio, reach out to our team any time via email: thepowerinvestmentteam@cibc.com or call 905 804-2240 / toll free 1 800 469-2583 and we'd be happy to set up a consultation with you.

 

We look forward to building your estate plan with you.

 

 

 

 

 

This article is published by CIBC with information that is believed to be accurate at the time of publishing. CIBC and its subsidiaries and affiliates are not liable for any errors or omissions. This report is intended to provide general information and should not be construed as specific legal, lending, or tax advice. Individual circumstances and current events are critical to sound planning; anyone wishing to act on the information in this report should consult with their financial, tax and legal advisors. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc. © CIBC World Markets Inc. 2023.

 

 

Wills - Is it time to review or make updates to yours?

There are some particular major life events that can affect a Will, along with estate planning, that should make an individual reconsider the planning in their current Will. Click here for more information.

 

Tax Strategy Spotlight:  Gifting

It is hardly a secret that home buyers are increasingly turning to parents for support. But how big is this phenomenon?
 

Click here to read the full article.

 

Estate - Documents

When putting together your estate plan, there are many issues to consider. Having the right documents in place can ensure your intentions are being followed. 

Read our key estate documents report to learn more

 

Executor Guide

Are you managing the settlement of an estate as an executor?
We invite you to view this guide about the estates journey to learn more.

 

Money Smarts:
A student’s guide to financial literacy - presented by The Power Investment Team

 

Part of who we are and how we do business is to ensure we're giving back to our communities.  Recently, our team was invited to Our Lady of Mount Carmel High School in Mississauga to present the importance of financial literacy to its co-op students. As our Associate Investment Advisor Carlo Lupo is an alumni and former co-op student, this was a natural fit!

The Power Investment Team believes that financial literacy is the foundation of your relationship with money and as we’ve often heard, the earlier you start learning, the better off you’ll be. Here’s our student presentation overview:

 

  • CIBC basic banking tips
  • How to plan for your future and still have fun today
  • How to grow your money through saving and investing
  • What’s a budget
  • Tips on using credit wisely
  • Pay yourself first
  • Options for financing your education

 

  

If you would like to learn more about our financial literacy program for the next generation, and to be added to our guest list for upcoming presentations, please reach out to us today:  thepowerinvestmentteam@cibc.com  or call 905 566-3352.

We look forward to having you join our next event!

 

 
 
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CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries: CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc.(“ISI”), CAM and credit products. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


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