[Inspiring music]

 

[CIBC logo]

 

[CIBC Private Wealth]

 

[Year-end tax tips to lower your tax bill | Expert Access featuring Jamie Golombek]

 

[Jamie Golombek

Managing Director, Tax and Estate Planning

CIBC Private Wealth]

 

[Jamie Golombek, an adult male wearing a suit and tie, is seated in an office environment and addressing the camera.]

 

Jamie Golombek (onscreen): Most people typically focus on tax planning when they prepare their tax return—in March or April. By that point it's actually too late. So tax planning really should be a year-round process. You want to make sure that you are paying the least amount of tax throughout the entire year—don't just wait until it's time to file your return; the returns are retro. In other words, it's focused on what happened in the past. What we want to do is try to make sure you're paying less tax in the future.

 

[Tip #1

Turning losses into gains]

 

Each year we talk about tax-loss selling. If you have a loss on some of the investments in your portfolio, you might want to crystallize that loss to be able to use that capital loss against any other capital gains you had this year, or in the previous three calendar years.

 

[The Canada Parliament. A middle-aged man sitting at his home office desk doing his taxes. A close-up of a hand writing with a pen on a blank sheet of paper.]

 

Jamie Golombek (offscreen): What's new for 2024 with the increase in the capital gains inclusion rate is an opportunity for some investors to also do capital gains realization.

 

And the reason for that is that the first $250,000 a year of capital gains are still taxable at the 50% inclusion rate. Any gains above that are taxable at a two thirds inclusion rate.

 

[Investor opportunity:

Capital gains realization

 

• First $250,000/year of capital gains

   are still taxable at the 50% inclusion rate

 

• Any gains above that are taxable

   at a two thirds inclusion rate]

 

Jamie Golombek (onscreen): So for some individuals it may make sense to crystallize those gains before the end of the year to take advantage of the lower capital gains inclusion rate if potentially you otherwise would have sold them in a future year when your gains were over $250,000 and you'd have the higher inclusion rate.

 

 [Tip #2

Maximize your registered plans]

 

Jamie Golombek (offscreen):

 

Then we need make sure that we cover all of our registered plans. So if you've got children or grandchildren, topping up the Registered Education Savings Plan to get the government grants for 2024.

 

[A group of university students sitting on the grass in a university quad]

 

[Registered Education Savings Plan (RESP)]

 

Jamie Golombek (onscreen): If you have someone in the family with a disability topping up the Registered Disability Savings Plan to get the grants and potential bonds.

 

[Registered Disability Savings Plan (RDSP)]

 

Jamie Golombek (offscreen): For RRSPs we have a normal deadline 60 days after the year, but for those who turn 71, you've got to make your final RRSP contribution by December 31^st and you've got to convert that RRSP, typically to a RRIF, by the end of the year.

 

[A senior couple sitting in their living room looking at a laptop. A senior man sitting at a desk in his home office, typing on a calculator.]

 

[Registered Retirement Savings Plan (RRSP)]

 

 And for first-time home buyers, don't forget that you have until December 31^st to contribute $8,000 for 2024 for a First Home Savings Account.

 

[A couple and a construction worker looking over blueprints at the construction site of a home. A couple and their young child carrying boxes into a house. An adult hanging a picture in his living room.]

 

[First Home Savings Account (FHSA)]

 

You get a tax deduction for the contributions, up to $40,000 over five years—that's $8,000 per year for five years and then if you buy a home within 15 years, the entire balance can be withdrawn completely tax free.

 

[Tip #3

Donate now, save later]

 

 Finally, charitable contributions.

 

[A woman sitting at a desk writing a cheque.]

 

Jamie Golombek (onscreen): Reminder that if you want to get your charitable tax receipt for 2024, you must make that donation by December 31st to be able to claim the donation tax credit on your 2024 tax return.

 

[CIBC advisors provide general information on certain tax, investment and estate planning matters; they do not provide tax, accounting or legal advice. Please consult your personal tax advisor, accountant, licensed insurance professional and qualified legal advisor to obtain specialized advice tailored to your needs.

 

This video is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice, nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this video should consult with his or her advisor. All opinions and estimates expressed in this video are as of the date of publication unless otherwise indicated, and are subject to change.

 

The CIBC logo is a trademark of Canadian Imperial Bank of Commerce (CIBC), used under license. The material and/or its contents may not be reproduced without the express written consent of CIBC.

 

“CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through 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. CIBC Private Wealth services are available to qualified individuals. 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. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.]

 

[CIBC logo]

 

[CIBC Private Wealth]

 

[CIBC Private Wealth Services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.]

 

 

[Inspiring music]

[CIBC logo]

[CIBC Private Wealth Wood Gundy]

[CIBC Miracle Day
Impacting children’s lives since 1984]

[A group of three children in wheelchairs sitting at a table writing and drawing with markers and crayons on cutouts of oversized white puzzle pieces. A young child looking down intently at something they’re working on. A young child smiling and holding up a large white puzzle piece with “Thank you” written on it. A child writing “Thank you for helping” on a large white puzzle piece.]

[Floyd H. Harris
Senior Wealth Advisor
CIBC Wood Gundy]

Floyd: I would describe Miracle Day as magical. Being able to see what we as CIBC employees and just human beings can do to help others.

[Sean Messing
Senior Wealth Advisor, Senior Portfolio Manager
Messing Ross Advisory Group
CIBC Wood Gundy]

Sean: It is a day that I look forward to all year long. It's a long-standing tradition where our clients, my colleagues and our charities all get together and have a whole lot of fun with one common goal.

[A photo of a large group of adults and children in a meeting room decorated with balloons and Christmas decorations. A portrait photo of a large group of adults and children, many wearing red Miracle Day t-shirts, gathered in an office lobby. A portrait photo of several adults and a child holding a large novelty cheque for $1,000,000 with the words: “Un Million Fondation CIBC”. A portrait photo of several adults, a child with medical equipment beside them, and a bear mascot. A photo of two parents with their two young children, placing a star-shaped paper onto a red wall with the CIBC logo.]

And that goal is raising as much money for kids and kids’ charities in our community as we can.

[A screenshot with the words “The Market Is Open”, an array of squares showing adults clapping and smiling, charts of markets and the prices of several stock indices. A large, busy office space with gold novelty balloons spelling out “CIBC Miracle Day”. Two speakers standing at a podium in an office. A group of adults, many wearing red CIBC t-shirts, posing for a photo while holding a sign that reads: “CIBC Miracle Day”]

[Ross Ferrier
Investment Advisor, Branch Manager
Commerce Valley Financial Group
CIBC Wood Gundy]

Ross: Miracle Day is a great annual reminder of just how grateful we should be and how much we can do in the community with our shared resources to make other people's lives better.

[A large screen hanging on a wall showing the CIBC logo, “Miracle Day”, and “The Market Opens In” with a clock counting down. A group of five adults posing at a large podium with their arms stretched out and pressing on a green box; the podium shows the CIBC logo and reads “Miracle Day”. A similar shot of a group of four adults posing at the same podium. A shot of a young girl smiling, posing at the podium. A shot of a large group of adults, two children and two babies posing at the podium. A close-up of the previous shot, focusing on a father and his young son.]

[Fred Guzzi
Senior Wealth Advisor, Senior Portfolio Manager
Guzzi Wealth Advisory Group
CIBC Wood Gundy]

Fred: The spirit of giving has always been part of the culture of our bank. When I started at CIBC 25 years ago, it was one of the first charities that I participated in, so it always had a special place in my heart.

[A wall made up of large white puzzle piece; the middle of the wall reads: “CIBC Miracle Day – 35 Years Of Helping Kids Rise Above”. A person carrying a large white puzzle piece on which a child has written: “Thanks for my tennis lessons!”. A large white puzzle piece on which is written: “Thank you for paying for my medicine.” A young adult in a wheelchair on a podium addressing a crowd; behind them are two walls showing the large puzzle pieces that have already appeared throughout the video.]

[Doug Wright
Senior Wealth Advisor, Portfolio Manager
The Wright Financial Group
CIBC Wood Gundy]

Doug: The charities that benefit from Miracle Day are able to give hope to a lot of the families that benefit from it.

[An office boardroom with a large crowd of people, with a middle-aged adult addressing the room as they read from notes. A close-up of the middle-aged adult from the previous shot, reading to the room. A close-up of two babies being held by their mother, looking towards the camera. A wider angle of the previous shot, with the mother clapping.]

Doug: You know, we saw some families today, we met some families today that are such an inspiration to all of us.

[Floating balloons with “CIBC Miracle Day” written on them. An office lobby area filled with people applauding. A large group of adults and a baby; one of the adults is ringing a hand bell while holding the baby’s hand to it. A group of adults in an office, most of them wearing red Miracle Day t-shirts, smiling and posing for a camera. A group of five kids wearing hockey jerseys and a couple of adults standing behind them, smiling and posing for the camera.]

[Lois Smith
Senior Wealth Advisor
Smith Falconer Group
CIBC Wood Gundy]

Lois: It’s always been really important in our branch. We love telling our clients about it. We love giving back to the community where we work and encouraging others to do the same.

[Bryan Baker
Senior Wealth Advisor, Portfolio Manager
Branch Manager
CIBC Wood Gundy]

Bryan: We have the opportunity to give back to so many children and youth in this society that are in need.

[In an office space filled with people, an adult shakes hands enthusiastically with a young child. A young child in a wheelchair holding a large white puzzle piece, on which is written “Thank you!”. A young child in a wheelchair with their older brother, holding a large white puzzle piece on which is written “Thanks for helping us paint!”. A smiling adult and child in an office space. An adult holding two children in his arms, in front of a green screen with balloons behind them, all of them posing and smiling. A young child in a wheelchair holding a large white puzzle piece on which is written “Thank you for your support”.]

It makes me proud. It makes me feel good to be a big part of CIBC and to serve our greater communities.

[Since 1984, CIBC Miracle Day has donated over $266 million to children’s charities.

In 2022 alone, CIBC Wood Gundy and our clients donated over $4 million!

Talk to you advisor to learn how you can get involved.]

[CIBC logo]

[CIBC Private Wealth Wood Gundy]

[CIBC Private Wealth consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc.

The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc.]

[This video uses animation to illustrate spoken content. Three simple stick figures appear on-screen, each with
an investment portfolio over their head and an arrow pointing upwards. The arrows fly up and transform into
three circles.]
Many Canadians look to earn higher returns from their portfolios by investing in securities like mutual funds,
ETFs and stocks.
[The circles combine to form a data point at the left end of a line graph as three other lines grow out of the dot
to represent market changes.]
However, many of these investors feel like they’re at the mercy of the market’s highs and lows while attempting
to reach their goals.
[A box with the text “Principal at Risk Notes” appears.]
These investors are unaware that there are investment solutions like CIBC Principal at Risk Notes that start
with their goals in mind.
[Arrows fly upwards and behind an encircled calendar. Encircled money appears to the left of the calendar, and
an encircled speedometer labelled “risk” appears to the right. All three circles combine to form a target marker
with a checkmark at the centre. A house, graduation cap, and plane appear around the target marker.]
CIBC Principal at Risk Notes can be tailored to an investor’s specific time horizon, cash flow needs and risk
tolerance, with the sole aim of increasing the probability of meeting their unique goals.
[A contact card for the case study candidate “Eddie” appears. The following information appears on screen in
bullet points.]
Let’s take a look at Eddie. He’s 66, recently retired, and needs approximately 7% per annum in cash-flow to
fund his lifestyle.
[A line graph appears and shows a plotted line steadily moving upwards. A more sporadic line with varying
highs and lows replaces the steady line and finishes lower with green checkmarks or red ‘X’ icons marking the
annual points this line over- or under-performed.]
With a traditional investment approach, Eddie would need the market to generate approximately 7% per year in
cash flow without declining in value, or would need to buy a high risk bond to maintain his lifestyle.
[The sporadic line disappears and the steady line returns showing consistent growth with a green check at
each annual point. A slightly sporadic line appears underneath the steady line, representing a flat and negative
market.]
But by using CIBC Principal at Risk Notes, Eddie can customize his investments with the potential to generate
7% in cash flow per year – even if the market is flat or slightly negative.
[The following information appears on screen in bullet points.]
CIBC Principal at Risk Notes may be suitable for investors like Eddie, who:
● are already investing in mutual funds, ETFs and stocks and are comfortable with some downside risk and
● are looking to maximize the probability of achieving their specific target return
[The CIBC logo appears.]
CIBC Principal at Risk Notes. Where your financial goals are the benchmark.
The Balanced Asset 10 Index™ overview video I 2

[This video uses animation to illustrate spoken content. Three simple stick figures enclosed in a circle appear
with an arrow pointing to money enclosed in a circle. The money is replaced by a shielded dollar sign which
then points to a lock over the letters GIC in a struck-through circle. The struck-through circle flips around to an
image of money in a jar enclosed in a circle.]
Canadian investors who need capital protection but are not willing to lock-up their hard-earned money in a
GIC, often accept a reduced rate of return from a savings account.
[A box with the text “Principal Protected Notes” appears. A shielded dollar sign and upward arrows appear next
to the box.]
These investors are unaware that there are other investment solutions like CIBC Principal Protected Notes that
provide the same capital protection of traditional GICs but with increased return potential.
[A contact card for the case study candidate “Priya” appears. The following information appears on screen in
bullet points.]
Meet Priya. Priya is in her mid-40’s and has been investing for years in order to purchase a house in the near
future.
[A bar graph appears. The bars change in height, representing high-risk investment. The bar graph is then
replaced by three combination locks.]
Although Priya is unhappy with the fixed rates being offered on traditional GICs, she’s not willing to risk what
she’s already earned for her down payment, or lock-up her money for several years.
[A singular bar appears, with a security lock within it. The rectangle then gets taller.]
By investing in a CIBC Principal Protected Note, Priya benefits from 100% principal protection at maturity with
the higher return potential of the stock market.
[The bar transforms into a box labelled “sold” with a house appearing above it.]
Now Priya may reach her goals sooner, with peace of mind along the way.
[The following text appears in bullet points.]
Principal Protected Notes may be suitable for investors like Priya who:
● value 100% principal protection at maturity and
● are looking to potentially earn above market returns relative to fixed-rate GICs and savings accounts
[The CIBC logo appears.]
CIBC Principal Protected Notes.
Increase your return potential, not your risk.

Generative artificial intelligence – What investors need to know 

 

[Energetic music] 

 

[CIBC logo] 

 

[Generative artificial intelligence – What investors need to know] 

 

[Robertson Velez  

Portfolio Manager, Global Equities 

CIBC Asset Management] 

 

What's unique about my background is that I come from two worlds. After graduating from university with my computer engineering degree, I spent the first 12 years of my professional career as an engineer where I designed semiconductor chips in the computer graphics industry. 

 

I later graduated from an MBA program and I switched to finance, where I have spent the last 15 years on the “buy” side covering technology stocks as an analyst and then as a portfolio manager. 

 

[What is generative AI?] 

 

Artificial intelligence is not a new field.  

 

[An older-looking computer display screen with a headline of text reading “Welcome to Eliza}”, and underneath a text conversation between two characters (“You”, and “Eliza”,) in which they discuss “You’s” problems with men. A small, two-wheeled robot slowly maneuvering through a hallway (Auat Cheein F, Lopez N, Soria C, di Sciascio F, Lobo Pereira F, Carelli R, CC BY 2.0, via Wikimedia Commons). An empty self-driving car driving on the street.) 

 

We’ve actually been doing it for many decades. What has changed is that with the most recent iteration, which is generative AI, we're able to do a lot more. Write essays, write code, create videos, create graphics.  

 

[A computer application interface. Topmost line of text reads “Write an essay about the history of finance”. In a box below, an essay with the title “Title: The Evolution of Finance: A Journey Through History” appears, and an essay begins self-generating.] 

 

And this has the potential to allow us to interact with machines in a whole new way. 

 

[How will AI use evolve?] 

 

We have seen AI used in voice recognition, image recognition, chatbots and recommendation systems.  

 

[A woman carrying her newborn baby boy asks a question to a smart speaker. A brain scan image showing four different angles of a brain. A ‘chat’ app interface showing a text conversation between a woman and a chatbot, with the woman booking a reservation at a restaurant.]  

 

Going forward, looking at generative AI, I see three areas where we would see potential new use cases. 

 

[Potential use cases for generative AI: 

 

1. Content creation and productivity 

2. Search queries 

3. Data analytics and customer interaction] 

 

One is in productivity. Word processors, spreadsheets. 

 

[Changing data on spreadsheet. Young professional woman sitting at an office desk using a desktop computer showing charts and graphs. A woman looking at data on screen; the data is reflected in her glasses.] 

 

They would incorporate generative AI to help create content. And this can be applied to graphics creation as well as coding. 

 

Secondly, I see potential in revolutionizing search where users can put in more complicated queries and get better, more structured answers to those queries. And that would revolutionize the way that we interact with businesses online. 

 

And third, there's also the potential for all these businesses to make use of its troves of data that it's collected about its customers and use that data, and generative AI to be able to serve those customers and interact with them in a much more comprehensive way. 

 

[A drone POV of a busy urban pedestrian crossing, with minimalist graphics overlaid onto the people walking around. A busy shopping mall with graphics of moving numbers overlaid on top.]  

 

[Lessons from previous tech innovations] 

 

So in previous technology revolutions, investors often fall into the trap of overestimating the short term and underestimating the long term. So in the case of the internet for example, we did see a sharp correction in 2000 because investors were overly exuberant about the short-term promise of the internet. 

 

[MSCI World Information Technology vs. MSCI World 

(Data Source: †Morningstar Direct June 19, 2023) 

 

A chart with two line graphs: one plotting “MSCI World/Information Tech GR USD” and one plotting “MSCI World GR USD”. Date range on the x-axis is 1995 to 2004. Y-axis shows values for “Growth of $10,000”, with values ranging from $0 to $90,000. The line graph for “MSCI World/Information Tech GR USD” animates to show a sharp rise then drop from about 1998 to 2002, with the value beginning at about $20,000, rising to a high of about $80,000, then dropping back down to about $20,000.] 

 

But you look out the next two decades, the potential of the internet has been realized by more than the expectations in the initial hype.  

 

[The previous chart now zooms out to show a date range from 1995 to past 2020, and values from $0 to over $250,000. Starting in the mid 2010’s, the value of “MSCI World/Information Tech GR USD” begins spiking upwards to a high of nearly $250,000 at the current date.] 

 

So it's important for long-term investors to have a clear view of the potential of new technologies both in the short term and the long term. 

 

[Threats of AI?] 

 

I think every new technology is always greeted by some trepidation about the potential risks.  

 

[An old black and white photo of a radio tower. An old black and white photo of a nuclear plant. Old black and white footage of fashionable women arriving at a location in a car. A space shuttle launch. A satellite orbiting the earth. Robotics engineers watch and discuss a robot arm in motion.] 

 

But generally speaking, revolutionary technologies have provided more benefits than harm to society, and we've always successfully navigated the risks. I think the same applies to AI. There are clear risks in letting machines take over human functions. But what is important to remember is that AI is meant to replace human prediction, not human judgment. So as such, I think that some type of regulatory framework makes sense. But it is a fine line and a fine balance between protecting society against possible AI threats and inhibiting new technologies before the potential is realized. 

 

[Investor’s perspective] 

 

I think we're still at early stages of development for generative AI, and there is a lot of noise in the near term. Practically every company claims to be incorporating generative AI into their products and services. So it's important to understand the value chain to determine which companies really benefit from generative AI and why. It's also important to be very selective in that process as performance is determined as much by what we don't own as what we do own. 

 

So in the global technology funds, this is what we do.  

 

[A screenshot of the webpage for the CIBC Global Technology Fund. A screenshot of the webpage for the Renaissance Global Science & Technology Fund.] 

 

We follow a disciplined process to find these opportunities in a concentrated portfolio of stocks to generate alpha over the long term, while managing the risks in the near term. 

 

[Talk with your advisor to learn more about 

the CIBC Global Technology Fund 

and the Renaissance Global Science & Technology Fund] 

 

[The views expressed in this video are the views of CIBC Asset Management Inc. and are subject to change at any time. CIBC Asset Management Inc. does not undertake any obligation or responsibility to update such opinions. This video is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice, it should not be relied upon in that regard or be considered predictive of any future market performance, nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this video should consult with their advisor. All opinions and estimates expressed in this video are as of the date of publication unless otherwise indicated, and are subject to change. Any information or discussion about the current characteristics of this fund or how the portfolio manager is managing the fund that is supplementary to information in the prospectus is not a discussion about material investment objectives or strategies, but solely a discussion of the current characteristics or manner of fulfilling the investment objectives and strategies, and is subject to change without notice. You should not act or rely on the information without seeking the advice of a professional. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.  

  

CIBC Asset Management and the CIBC logo are trademarks of Canadian Imperial Bank of Commerce (CIBC), used under license. 

  

The material and/or its contents may not be reproduced without the express written consent of CIBC Asset Management Inc. 

  

†©2023 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 

 

[CIBC logo] 

 

[The CIBC logo is a trademark of CIBC, used under license.]