CIBC’s new envelope of capital is targeted mostly at funds in the United States.
CHRIS HELGREN/Reuters
With competition for venture capital funding heating up across the country, Canadian Imperial Bank of Commerce is aiming to expand its business in the United States, earmarking $300-million to invest mostly in U.S.-based venture capital and growth equity funds.
The bank announced a total capital commitment of $450-million on Wednesday, extending a strategy that has already seen CIBC Innovation Banking – the unit catering to tech and life-sciences companies, including startups – invest about $150-million as a limited partner in a dozen Canadian funds over the past few years.
The Toronto-based bank started making similar investments in U.S. venture capital fundsthis summer. And as Canada gets more crowded, CIBC Innovation Banking president and executive managing director Mark McQueen said he believes his unit has the potential to break into the top five U.S. financiers of tech and life-sciences companies.
“Dominating in Canada is impossible with, obviously, so many banks sharing a desire to focus on the early-stage economy,” he said in an interview. “But the U.S. is a much more mature and larger market, and a much bigger pie.”
Domestic competition has increased in technology banking since CIBC’s 2018 acquisition of Wellington Financial, which was led by Mr. McQueen. Rival banks have responded as demand for equity financing and venture debt from the burgeoning tech sector has exploded, fuelled by low interest rates and surging use of e-commerce, software services and health care technologies during the COVID-19 pandemic.
CIBC’s new envelope of capital is targeted mostly at funds in the United States that provide later-stage growth equity funding and participate in Series C funding rounds raised by maturing companies. As CIBC makes a broader push into the U.S. market through its CIBC Bank USA arm, after its 2017 acquisition of Chicago-based PrivateBancorp, its innovation banking unit sees a chance to grab a larger share of the highly competitive U.S. market.
“This next envelope will largely go to our best U.S. venture capital relationships,” Mr. McQueen said. “The last 24 months, we’ve certainly made lots of inroads in Canada … but our next push is to deepen the U.S. relationships.”
The bank’s strategy to invest in venture capital funds is one way CIBC aims to strengthen its ties to venture capital firms that can refer companies in need of growth capital to the bank. CIBC intends to make further investments in Canadian-led funds, but by doubling its capital commitment to venture fund investing it is aiming squarely at the U.S. market.
“Investing in the funds themselves, which is a five- or 10-year commitment, is a great way to tighten that relationship over a generation,” he said. “It’s a different way of embracing the ecosystem.”
The unit has been expanding rapidly, increasing its roster of clients to 275 from 85 in 2019. It has added offices in cities such as Boston, Chicago, Atlanta and Austin, Tex., for a total of 11 outposts in North America. Most recently, the unit hired a managing director in London to serve clients abroad, bringing its employees to 52, with six more joining this month and plans to nearly double its staffing levels to 95 over the next year.
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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
