The Wealthy Barber Podcast #24 — Jamie Golombek: Tax and Estate Planning in Canada
Aug 26, 2025
Jamie Golombek, Managing Director of Tax & Estate Planning at CIBC, shares invaluable insights into navigating tax and estate planning in Canada. He emphasizes that aiming for a large tax refund might not be ideal and discusses the advantages of employer-matched savings. Jamie highlights the benefits of the First Home Savings Account (FHSA) and strategic charitable giving, including donating appreciated securities. He also underscores the importance of having a will and maintaining a net worth statement to avoid common estate planning pitfalls.
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Stop Chasing Big Tax Refunds
- Don't celebrate a large tax refund; it means you're overpaying taxes all year.
- File a CRA reduction of tax at source each year so payroll withholds match your deductions.
Always Take The Employer Match
- Enroll in your employer's group RRSP or share purchase plan and use payroll deduction to save automatically.
- Contribute at least enough to get the full employer match because it's effectively free money.
Registered Accounts First
- Use all available registered plans first: RRSP, TFSA, RESP, RDSP and FHSA where applicable.
- These vehicles offer tax efficiency that usually trumps complex wealth products.