Month: June 2022

Advisor suggests investors should take a long-term approach to cryptocurrency

As cryptoassets face severe volatility, some advisors have had to adjust their approaches, especially with client conversations. Bitcoin has declined more than 65% since the beginning of November, when the price was US$60,954.50, and declines have accelerated over the past month. On June 18, Bitcoin plummeted below US$20,000, hitting its lowest level since December 2020. …

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Fed aiming to avoid recession amid inflation fight

It’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakers Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the Senate Banking …

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No relief for accidental RRSP overcontribution

A lack of understanding about spousal RRSP limits was no excuse While RRSP season officially ended with the March 1 deadline for eligible contributions, helping our clients understand the rules to ensure they don’t accidentally overcontribute is an ongoing challenge. Take, for example, the recent case involving a taxpayer hit with a penalty tax for …

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How the new home savings account works

CIBC’s Jamie Golombek breaks down how the new account will work The federal government proposed something “substantial” for first-time homebuyers in Thursday’s budget with the introduction of a new savings account, says Jamie Golombek, managing director of tax and estate planning with CIBC Private Wealth. Listen to the full podcast on AdvisorToGo, powered by CIBC. The …

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