Monthly Debrief June 2024
Our Monthly Debrief video is a summary of all the information that we would like to share with you in an effort to provide an update.
[CIBC Private Wealth Logo
Monthly Debrief
June 2024]
Leanne: Hello and welcome to June's monthly debrief. My name is Leanne Mamchur and I'm a senior portfolio manager with CIBC. And this is all the information that I've either read or listened to or heard. And actually we have a guest speaker coming on today, so you'll hear directly from the horse's mouth today.
[
Image 1: Leanne’s younger daughter feeding the animal
]
Leanne: So before we jump into that, I just wanted to share that I did some volunteering at Granary Road with my young daughter and she had such a fun time at petting the animals, feeding the animals. You can see that giant smile. So I thought I would share that.
[CIBC Private Wealth Logo
Image 1: Two girls playing fencing.
Image 2: The girls are in the park with a large shoe and ball in their background.
Image 3: Pet Max putting in all sorts of outfits and things.
Image 4: The girl is riding a kayak with Max]
Leanne: And then the girls have been having a lot of fun with our new little Pet Max putting in all sorts of outfits and things. And so then here's some other little pictures to share with you.
[CIBC Private Wealth Logo
Equities
- Graph of the Canadian market (Daily)
Source: Bloomberg as of June 6, 2024]
Leanne: Alright, so before I turn over the presentation to our guest speaker, I just wanted to show you the equities chart as normal. And so then this is just the daily of the Toronto in the reddish color or the Canadian market in the reddish color and the US market in the blue. So you can see how nicely it has gone up and popped up.
[CIBC Private Wealth Logo
Equities
- Graph of the Canadian market (Monthly)
Source: Bloomberg as of June 6, 2024]
Leanne: And so let me just flip you to the monthly one. Okay, so this is month over month, so this gives you a little bit of a longer picture. You can see this all dating back until just about that 2020 drop. It's just about off of the chart here now, but you can see the progression on a month over month basis.
[CIBC Private Wealth Logo
Straight from the Horse’s Mouth
Professional Institutional Money Manager Firm
Mackenzie Investments
Mark Russell, CIM
Senior District Vice President]
Leanne: Alright, so as I said, I wasn't going to speak very much today, but so we have a straight from the horse's mouth section and so I have Mark Russell with us today from Mackenzie Investments. And so if you don't know, because you might not know Mackenzie in particular, but it was founded in 1967 and it's headquartered in Toronto, but they also have offices in Boston, Dublin, as well as Hong Kong.
So we're really happy to have you here today Mark And Mark himself has almost two decades at McKenzie and he really does have a wealth of information on not only the economy but also domestic and global markets. So I'm very excited to have him today and his expertise in asset management industry has really helped build very deep understanding of trends as well as metrics to analyze when making forward looking statements. And so that's pretty exciting. So we're looking forward to, and we don't have any slides, but we're going to just go on to just a kind of a little set slide. But thank you so much for being here. Thanks for having me, man. Yes, very much appreciated. So I'll step out of the slide and the deck is yours and I'll come back at the end. Sounds
[Mackenzie Investments Logo
Mark Russell
Senior District Vice President
]
Mark: Good, thank you. Yeah, so it's been an interesting couple of years and certainly an interesting start to the year. As Leanne illustrated earlier, you can see the equity markets have climbed nicely upwards this year, trending upwards. And our feeling going forward is actually not the same trajectory for sure, but certainly markets on the equity side to trend upwards as well as the fixed income market both domestically and globally at different levels and different rates. And we will dig into that a little bit. And just for some background as we came out of the pandemic and the amount of stimulation that governments globally put into the system, a lot of that has fed into what we're seeing now in terms of the inflation numbers and the central banks and how they had to increase interest rates to sort of curb the inflation that was going on globally.
And I'm going to touch on the inflation front and things with interest rates a little bit further on. But before I get into that, we did want to touch on the equity side both internationally, domestically and our big neighbor to the south, the US you can't have a conversation about equities without talking about the US. So domestically, our feeling from an equity perspective is a little more challenged maybe just based on the Canadian marketplace being more dominated by specific businesses and industries, whether that's the banking sector, whether that's the utility telecom, the Canadian marketplace has a lot of oligopoly type of business structure. And oligopoly is just a handful or two or three or four businesses that kind of dominate a space. And the Canadian marketplace is also dominated by what is known as value oriented businesses. So more mature type businesses. They're not a massive growth era, not a massive growth phase.
And the Canadian marketplace is also fairly concentrated in a few sectors. So financials, certainly the energy side, materials which is sort of the mining and mineral side of things. And then we have a handful of other very strong businesses in railways and some of the utility businesses, but we're fairly concentrated in those areas. We don't have a lot of exposure to some of the growthier, what some might say is more sort of sexy businesses in technology or healthcare. We've got some, but we're certainly not as large in that space. So we've been a little bit challenged and our feeling going forward is that the Canadian economy is facing certainly some shorter term headwinds that maybe some of the other markets around the world are facing less of, whether that's the consumer debts and the Canadian real estate market is of interest as well. So we can touch on that a little bit as well internationally.
So when we say international, we're talking about equity markets that are outside of North America and probably outside of emerging market economies. So think developed Europe, developed Asia, Australia, things like that. So in that part of the world we're fairly, fairly bullish in that area in terms of valuation. So they look quite attractive from a price perspective. The businesses out in that part of the world are actually very strong. They're in good shape, but they are relatively cheap from an entry point perspective. So we do like international markets, especially relative to the US. We like the US a lot from a growth perspective, but you're paying up for that a little bit. So they're earnings multiple, so their PE ratio. So the price to earnings, how much you're actually paying to own a part of that stock market, if you will, is a little on the high end.
So you've got to be a bit selective, and this is where some of that stock selection being very strategic in what you're buying and purchasing comes into play. You don't want to overpay too much for some assets, but you do want some growth. So overall we're constructive on the international markets. We do really like the us but cautious in terms of picking our place on where we want to enter that market from a price perspective. And I did touch on a little bit about fixed income in terms of inflation and interest rates. And that sort of hits home here for us as Canadians in terms of the housing market and interest rates and consumers, the media we're seeing a lot of attention put there and rightfully so a lot of Canadians under some significant pressure in terms of their cost of living and housing costs.
And we just recently had our first interest rate cut from the bank of Canada. And we do think we'll probably see another one, maybe two cuts out of the Bank of Canada coming over the next few quarters, which is good if you're from a perspective of easing the monthly bill, if you've got some variable rate type of products on your household balance sheet, whether that's a variable rate mortgage or potentially a line of credit that does help ease the day-to-day burden a little bit. And however, we do think that longer term inflation is actually a bit of a headwind we think globally. And it's not that it's going to run out of control, we think it's very sticky. We think that inflation itself is going to be very difficult to sort of tame and keep down at that targeted 2%. So you've probably heard the 2% target in the newspapers or in the media, and that's just sort of the target range.
The Federal Reserve, which is the central bank based out of the US or the Bank of Canada, and some of our counterparts in Europe talk about a targeted inflation number of 2% and their target range is one to 3%, two being sort of the midpoint of that number. And they've been trying very hard for the last year and a half to get inflation back into that zone where they can then start to lower interest rates and thread the needle on what they refer to as a soft landing as opposed to a crash, a hard landing, which would lead us into probably a recession or something deeper than a hard recession. Or you have the other end of that, which is sort of just continued massive growth and continued inflation that's sort of out of control and that's not a great thing either. So they're trying to thread this needle of a soft landing and the jury's out, we'll see if they can accomplish that.
But as far as the inflation front is concerned, where we do see the headwinds, long-term is on a number of fronts. And the first area that I would talk to is, and what we're seeing as a trend globally is countries and businesses de-globalization and more regionalizing their trade agreements and where their manufacturing operations are. So to take that a step back, if you go back to the fall of the iron curtain, if you will, in the late eighties. And what happened afterwards was a lot of globalization where there were trade agreements put in place from countries and regions and zones that made trade between those areas much more fluid, much more robust. And that happened over a number of decades and you had a lot of offshoring of manufacturing operations from North America or developed Europe into other parts of the world, whether that was in southeast Asia, China specifically was the benefactor of a lot of that.
But even our neighbors to the south, south of our south neighbors, which would be Mexico, they were even benefactors of a lot of that type of activity as well. So it made things quite inexpensive for a lot of things. So they were able to produce a lot of manufactured goods that we consume on a daily basis at a far cheaper rate than would've been had those operations stayed in the developed market. So that was sort of very deflationary for a very long, long time. And what we're feeling now is for geopolitical reasons for the followed of the pandemic, and we remember the supply chain disruptions that were sort of headline news 18, 24 months ago, that supply chain disruption coupled with geopolitical tensions. There's a lot of movement of bringing those manufacturing operations back into individuals home countries. And I'm specifically talking about the US. So they don't want to be beholden necessarily to other states or countries agendas or their will to be able to shut things down at a moment's notice.
They don't want to have that disruption in their economy. So they're looking at trying to repatriate part of those operations back onshore. So you're probably going to hear terms onshoring as themes that will probably play out over the next number of years. And we don't feel that we're going back to a pre iron curtain type of world, but we're somewhere moving back towards that a little bit. And I say all of that just to sort of put it in perspective that when you bring those type of operations back on to your land to the developed world, the cost of those productions, the hourly wage cost, the healthcare cost that goes into all of that is going to be significantly higher per unit of produced product versus the per unit product price in a market that doesn't have as high of wage costs and healthcare costs.
So that's an inflationary measure that we think is pretty sticky and probably plays out a little bit. Another long-term inflationary pressure that we do see playing out over the next number of years, if not decades, is the transition towards a green economy. Globally speaking, we've heard a number of things about the transition to renewable energy sources and irrespective of your political stripe, there are billions and billions of dollars being spent in that area to electrify our sources of energy and to bring that on. So when governments around the world are spending at that level and billions and trillions of dollars, you throw in some of the wars unfortunately that are going around in the world and the one in Europe with Ukraine and Russia that sort of spun a very sharp spotlight with Western Europe in their energy sources and having their secure own source of energy.
And so those countries are looking to really have sources of energy from home or from very secure stable entities that they want to get into relationships with, whether that's in North America or other parts of the world. The point is is that those countries are going to be spending billions of dollars over the next number of years, if not decades, to secure their own energy sources, to green the economy a little bit, to decarbonize things. And that spending is inflationary. And we think that that plays out over a number of years, a multi-decade type of potential transition. So that's a very inflationary item as well. And I think when you couple those two things together alongside some of the deflationary pressures, which were there years ago when we globalized incorporated the use of technology, technology is very deflationary in nature. But when the world went into lockdown during the pandemic, a lot of companies in the world spent a lot of money on technology so that everybody could become mobile, everybody could work from home, everybody could incorporate into that business or their day-to-day activity.
A lot of that spending is behind us a little bit. And yes, there'll be continued spending in technology and companies will spend that way, but not at that level. So those deflationary pressures are a little bit behind us or they're not as prevalent as they used to be. And we do think that there is some sticky inflationary pressure from deglobalization, reshoring, some of those businesses as well as the greening of the economy globally. So those are some sticking points and there's always benefits from that stuff too. We are very bullish towards the natural resource market. If you think of all those things that I just talked about in terms of deglobalization and bringing those businesses back in as well as greening the economy, there's a lot of money that's going to be spent, but there's also going to be a ton of resources consumed in order to construct those operations in order to build out the infrastructure that's going to be needed for those type of businesses.
So we're actually quite bullish on the resource market and we're actually fairly bullish on value stocks as well. And the reason we're bullish on value stocks is we do think that interest rates, although they're coming off a little bit in Canada, we do think that they're going to be fairly sticky and stubborn to get back to that 2% inflation target. So we might see interest rates stay fairly level where they are now, maybe there's one or two cuts here in Canada because we're a little bit soft economically speaking, but we do think that value stocks benefit when interest rates are at a fairly healthy level as where they are today. Whereas growth stocks, that's a bit of a headwind for growth stocks if you've got interest rates at a higher level longer term. So the jury's out, we shall see where things go. Again, we are very optimistic about the equity markets in general, be selective on pricing and valuations and with fixed income and interest rates, we are good with it, we're happy with it, we think that you're going to receive a very nice rate of return, but the inflation front is going to be a little more challenging we think, than what the market is speaking about today.
So thank you very much, Leanne, for having me on, and if you have any questions, I’d be happy to answer.
Leanne: And that was great. It was a nice summary and you're so great at just speaking without any cues on the slide, that's quite nice. I need the cues. And so something that you said that kind of struck me because a lot of people feel as though that the best place for an exchange traded fund is the S&P 500 and in the US, but as an active manager, what I heard, and I'm kind of a fan of active management in that space right now, is that it's, you need to be selective. Can you talk a little bit more about that?
Mark: Absolutely.
Leanne: And why it changes over time?
Mark: For sure. Definitely. No, that's a great question and a great point. When you look at the S&P 500, which is arguably the most efficient market and stock index in the world today, it's actually very concentrated. People have probably heard of the term, the magnificent seven, seven large mega cap stocks that dominate the business. And Leanne showed a chart earlier with the nice equity rising up to the right, which is great, but that's been dominated by those seven businesses. And arguably four of those seven have really driven those businesses. And so there's some concentration risk there, which from a diversification perspective, all seven of those businesses are somewhat affiliated with technology specifically. Some are, whether it's an Amazon or an Nvidia, which is an AI centric business, they're still very concentrated in that area. And what you're paying for today with an S&P 500 is you're paying a fairly hefty premium for those businesses to continue to grow. In fact, today those seven businesses represent about one third of the S&P 500, so that's very concentrated. In fact, I don't think we've necessarily ever seen that before. So I'd be a little cautious there. It doesn't mean you don't want some exposure. I just think some diversification and some prudency from a stock selection perspective, from
Leanne: As far as having some active management and having that analysis. Correct,
Mark: Absolutely. Yeah, for sure.
Leanne: Definitely. Mark, thank you so very much for coming on. I'm going to do a little bit of tax section and then I'll do a disclaimer and then we'll call it a day. Awesome.
Mark: Thanks for having me.
Leanne: Thank you. Cheers.
[CIBC Private Wealth Logo
Tax Considerations
Capital Gains Inclusion rate increase
From 50% to 2/3
Exception for individuals with gains up to $250,000
Deadline June 25, 2024
**Inquire with your Trusted Accountant**
Corporate Investment Accounts
Non-Principle Residential Properties
Reducing holdings by repayments of shareholder loans and/or distributions of Capital Dividends
Sources: CRA Website (Canada Revenue Agency)
https://www.canada.ca/en/revenue-agency.html]
Leanne: Alright, so onto the tax section here. So this is just a really quick hits. Now of course I'm not an accountant, so you want to vet everything with your trusted accountant, but just as a heads up that your June 25th deadline for the potential, because it's not quite inactive yet, but the potential for moving to the two thirds inclusion rate is coming up really quickly. So what I wouldn't do is I would encourage you to have an inquiry with your trusted accountant, especially in the case of corporate investment accounts, non-principal residencies like rental properties or vacation homes or that sort of thing. And as well, some accountants have been requesting or suggesting that we reduce the size of the corporate investment account by the repayment of some of that shareholder loans and or distributions of capital dividends. And so those are types of topics that you might want to pass by your accountant.
Alright, so spousal income attribution rules. So these rules have been in existence for a really long time, and basically what they're aiming to do is that they're aiming to not allow the splitting of income to a lower income spouse necessarily if one spouse has earned the income. And so then it's kind of not allowing that to be passed on. So what I mean by that is, let's say if one spouse has a million dollars and the other spouse does not, then sometimes the one spouse is thinking of gifting to the lower income spouse, maybe 500,000 or something. So that interest and capital gains and dividends and things can be taxed in their hands as opposed to the higher income Anyways. So the government has rules surrounding this and some of the income generated in that case could be attributed back to the original spouse. So in particular, something that I read this month, care is needed when you're looking at purchasing properties in particular, who and what source of money are you using to pay for that down payment?
[CIBC Private Wealth Logo
Spousal Income Attribution Rules
Gift to spouses
Income generated may be attributed back (div, interest, rent, gains, etc)
Care is needed
Property downpayments
To make bonified:
Loan to spouse at prescribed rate as opposed to gifting (nice idea when rates are lower)
Sources: CRA Website (Canada Revenue Agency)
https://www.canada.ca/en/revenue-agency.html]
And so then it could be that the entire property then is attributed back to the higher income spouse if they're using their money to purchase it. Now again, this is going to be something to vet with the accountants because there's probably nuances to consider, but just to shout out to prescribed rate loans right now is not probably the right time, but this is a way to make this type of thing a bonafide transaction. Alright, so last slide is we have this new Canadian dental care plan. Now individuals over the age of 65 can now start applying for coverage. Now to qualify, you do have to have an adjusted family net income of 90,000 and you can't have access to dental insurance, you have to be Canadian residencies. And so then there's a couple of different criteria, but if you know anybody in that circumstance, you might want to mention that there's this new dental care plan. Alright, so that was our monthly debrief for June. Hopefully you enjoyed it and that you'll join me again next month. Here's our disclaimer.
[CIBC Private Wealth Logo
New Canadian Dental Care Plan
-Now individuals over the age of 65 can apply for coverage.
Qualify
- not have access to dental insurance
What does not having access to dental insurance meam?
-have an adjusted family net income of less than $90,000.
What is adjusted family net income?
-be a Canadian resident for tax purposes
-have filed your tax return in the previous year
Sources: CRA Website (Canada Revenue Agency)
https://www.canada.ca/en/revenue-agency.html]
Disclaimer: This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. CIBC and CIBC World Markets Inc., their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. CIBC World Markets Inc. and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above. © CIBC World Markets Inc. 2024.
Leanne Mamchur is a Senior Portfolio Manager with CIBC Wood Gundy in Calgary. The views of Leanne do not necessarily reflect those of CIBC World Markets Inc.
“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.
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Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.
If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor/Portfolio Manager.
Introduction to Corporate Philanthropy
Introductory to a 3-part series that provides an overview of the tax benefits of charitable giving. Email leanne.mamchur@cibc.com for the full series.
[On screen: CIBC PRIVATE WEALTH
Corporate Philanthropy
Strategically Giving Back
from the desk of
Leanne M. Mamchur, CFA, CFP, FMA ]
[On screen: Leanne M. Mamchur presents with a warm and engaging demeanor. She has shoulder-length dark hair with glasses and is dressed in professional attire, suggesting a businesslike and approachable manner. ]
LEANNE M. MAMCHUR: Hi. Today we get to talk about one of my near and dear topics, which is philanthropy. I know I say that word not quite right, but giving back. Basically, strategically giving back. To stretch your dollars longer and further than you could otherwise do. There's strategy behind it. First off, I think that anybody's listening to this is already doing great because they're thinking about corporate philanthropy and philanthropy in general. I think that we can all give so much back to each other and society and those less fortunate.
I feel as though that's a very good start in the right direction. I wrote an article related to this, and it's called Corporate Philanthropy, Strategically Giving Back. The reason why I wanted to write the article was to give people the concept or idea of trying to expand what they're already intending to do through creative ideas. With Canadian law or the Canadian revenue agency, there's some incentives already built in, especially for corporations, if they were to consider to do charitable donations. Let's dive in.
[Text on screen: CIBC PRIVATE WEALTH
Giving Back to the Community
• • Important objective
• • Both time and money
• • Benefits to humanity
• • Improves donor's quality of life ]
LEANNE: Giving back to the community. This is just the intro video, but basically, it's such an important objective for so many people and so many private clients that I work with. It just fills the bucket of joy within their heart. They give both, it's not just money side, they also are so generous on giving their time and as well as their money. Then they are part of the boards, they're part of fundraising campaigns. They're part of events, they're coordinating events. They're doing all sorts of wonderful things for the community, and I very much applaud them.
[Text on screen: CIBC PRIVATE WEALTH
Improves Donor's Quality of Life1
• • Greater contentment, joy and community
• • Conversation around gifting – enhance family bond ]
LEANNE: They're also sharing. They're sharing their hard-earned money with ventures and charities that are important to them. It's a huge benefit to humanity in having that ability, but it also very much improves the donor's quality of life. It's interesting because there's an article written about how much it improves the donor's quality of life. They get joy from the act of giving. Sometimes somebody might give you a present for your birthday, and you feel bad about it, but you have to just remember that they are getting joy from the ability to gift you something.
That goes the same way for charity and so greater contentment, joy and they also have a sense of community. You can't underplay, especially over these last two years. I'm recording this in 2022, but the last two years of isolation and COVID, and all the trauma that that has caused, the sense of community is very important. To get that back is huge. The other thing I guess would be the improvement of a donor's quality of life in the way that it changes a family and it changes a family dynamic if you want it to.
Some people really like to be anonymous in their donations and don't share anything with the family, but other people really want it to be a lasting legacy. Then they create that ability so that kids can be part of the conversation or nieces or nephews or whomever in the family, and then it creates these family values that just don't exist without this type of structure and strategy. I shouldn't say that they don't exist because they probably, they might in the background, but it just enhances them, I guess, more than anything.
[Text on screen: CIBC PRIVATE WEALTH
World's Major Philanthropists
• • Bill and Melinda Gates
• • Warren Buffett
• • Oprah Winfrey
• • Michael Jordan
• • Serena Williams
• • J.K. Rowling (Harry Potter)
• • Jeff Bezos (former CEO of Amazon) ]
LEANNE: You get an enhancement of family values through this process. Some of the world's most famous philanthropists are listed here on the screen. I'm sure you recognize lots of these names. One of the things that I was noticing when I was researching this, was where are all the Canadians in that list? I know that. I know certain families, and on the private client side that are incredibly generous with their funds and their time. I encountered an article written by Dene Moore, and I know that it's not Demi Moore from Ghost, which is one of my favorite movies.
[Text on screen: CIBC PRIVATE WEALTH
Where are the Canadians?
Article written by Dene Moore for Canadian Family Offices2
• • Quiet way
• • Request for anonymous donation
• • Tend to make donations over time
• • I.e.: Rogers Family Foundation, Weston Family Foundation, etc. ]
LEANNE: Anyways, so Dene Moore for the Canadian Family Offices, or wrote an article for the Canadian Family Offices. It outlines how Canadians are just a little bit more anonymous in their donations, and you get just as much pleasure for being anonymous to being loud. We're more doing our donations in a quiet way. Sometimes when we're doing a donation to a certain charity, people request anonymous donations and so they don't want their family foundation named. They don't want themselves named. You have that ability to stay anonymous but still be giving back.
Other people want to use their donation as a representation of what they would like other people to do in the corporate side. By not being anonymous, sometimes they're trying to encourage others to follow suit. I myself have set up a family foundation, and my husband and I, and I feel as though that it's a really great thing to share because I think that more people could do that type of thing. I'm less on the quiet side, I suppose, even though that I am full-fledged Canadian from Saskatchewan.
Then I feel as though that there's all sorts of different ways of doing it but good examples are Rogers Family Foundation, the Weston Family Foundation here in Canada. Canadians are extremely generous with both their time and their money. The majority of private clients get to a stage, and especially if they're very, very successful. They typically get to a stage where they're almost compelled or called to give back.
[Text on screen: CIBC PRIVATE WEALTH
Corporate Philanthropy
Short Three-Part Series
• • Tax Benefits of Corporate Charitable Giving
• • Strategically creating a Family Foundation
• • Advantages of using Life Insurance Policies ]
LEANNE: It's almost like an inner drive that they have through their success that they want to share, which is lovely. It's beautiful. With corporate philanthropy, I broke this topic into three separate series, so that if you wanted to just watch one or you just have limited time, you could just click play and just hear about one specific topic. I wanted to break it down just a tad, but these are the three parts that I'll be talking about in the next three videos.
It's the tax benefit of corporate charitable giving, the strategy of creating a family foundation or the consideration of doing that, and the advantage of using life insurance policies in a corporate sense to again, enhance what you are able to give. With that, I'm going to turn to notes and references and then followed by a disclaimer slide. I hope that you'll join me in the next three series as I go through and delve into the topic a little bit more. Thank you.
[Text on screen: CIBC PRIVATE WEALTH
Notes and References:
Notes:
1 - https://link.springer.com/article/10.1007/s10902-020-00242-8,
Lawton, R.N., Gramatki, I., Watt, W. et al. Does Volunteering Make Us Happier, or Are Happier People More Likely to Volunteer? Addressing the Problem of Reverse Causality When Estimating the Wellbeing Impacts of Volunteering. J Happiness Stud 22, 599–624
(2021). https://doi.org/10.1007/s10902-020-00242-8
2 - https://canadianfamilyoffices.com/philanthropy/biggest-canadian-philanthropists-give-in-a-more-quiet-way
Biggest Canadian philanthropists 'give in a more quiet way'
Author of the article: Dene Moore • Canadian Family Offices
Publishing date: Aug 05, 2021 ]
[Text on screen: CIBC PRIVATE WEALTH
Disclaimer:
CIBC Private Wealth Management consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. Insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc.
“CIBC Private Wealth Management" is a registered trademark of CIBC, used under license. "Wood Gundy" is a registered trademark of CIBC World Markets Inc.
Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.
The views of Leanne Mamchur do not necessarily reflect those of CIBC World Markets Inc. The information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change.
"CIBC Private Wealth Management" 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 Management services are available to qualified individuals.
If you are currently a CIBC Wood Gundy client, please contact your Investment Advisor. ]