Taxes Will Always Affect Your Portfolio
There are many factors you need to consider as part of your long-term investment planning. Your objectives may include income, safety of principal or capital growth. Factors influencing your choice of specific investments may include a need for control, experience in investing, tolerance for risk, and of course, your personal tax situation.
Compounding Effects
The effects of taxes are compounding, meaning that each time you pay more in taxes you are losing even more. A small difference of 2% can drastically affect your long term savinngs.
The same goes for fees. A small difference in the size of fees you are paying can have a large effect on your portfolio.
On The Tax Reporting Front
To assist our clients in preparing their income tax returns, they receive a comprehensive tax information package each February, including:
- All mandatory government reporting
- An investment summary detailing investment income, expenses and trading activity for the year
Jamie Golombek
Jamie Golombek is Managing Director, Tax and Estate Planning at CIBC Private Wealth Management, where he works closely with advisors and clients from CIBC Private Wealth Management, Wood Gundy, Imperial Service and other CIBC partners to deliver integrated financial planning and strong advisory solutions. He joined the firm in 2008 after 12 years with an international investment company. Jamie previously worked for Deloitte and Touche as a tax specialist in the Toronto office, specializing in both personal and corporate tax planning.
Jamie is quoted frequently in the national media as an expert on taxation. He writes a weekly column, "Tax Expert", in the National Post, and has appeared as a guest on CBC Newsworld and The National. He regularly appears as a personal financial expert on CTV's The Marilyn Denis Show.
To learn more, please visit Jamie Golombek's website here.
