Tax Issues from the Election: Fall CE Summits

AGENDA

8:00 - 8:30

REGISTRATION AND COFFEE: Pick up your Comprehensive Knowledge Journal, meet our Special Guests and Delegates. Tuition Value Program: Take a sneak peek at special offers and tuition breaks for upcoming Knowledge Bureau programs and sign up on the spot for tuition reductions for CE Summit registrants only!

THOUGHT LEADERSHIP: ISSUES AND TRENDS

8:30 - 9:30

SESSION 1: YEAR-END TAX PLANNING FOR INDIVIDUALS

KEYNOTE Speaker: Evelyn Jacks, MFA, DFA-Tax Services Specialist™, President, Knowledge Bureau

In this election year several significant tax changes have been announced that point to a rethinking of our tax system. Learn the details behind the most recent statistics on the economy, new statistics about profiles of HNW clients, female investors, GenX,Y,Z and the boomers as we drill down and discuss what’s new in year-end planning for 2019 and tax changes coming for 2020. You will learn dozens of new ways to save your clients time and money with investment, retirement and estate planning options to implement before year-end.

Additional Educational Resources: DFA-Tax Services Specialist™ Designation Program

9:30 -10:30

SESSION 2: OWNER-MANAGER COMPENSATION, RETIREMENT AND SUCCESSION PLANNING

Special Guest Speaker: Larry Frostiak, FCPA, FCA, CFP, TEP

More than any time within the last decade, the time-tested paradigms for compensating owner-managers and their family members of privately held corporations have changed. The new “tax on split income” rules have dramatically changed the game plan for owner-managers. What’s even more significant is that these rules have been effective since January 2018, and there could be exposure and tax issues that you and your clients are not even aware of. Find out how these new rules apply, which structures still work and what remuneration planning can be implemented to meet owner cash requirements in advance of the year-end.

Additional Educational Resources: MFA™- Business Services Specialist Program

10:30 -10:45

NETWORKING BREAK AND SPONSORSHIP FAIR

BEST PRACTICES: MANAGING CLIENT RISK

10:45-12:30

SESSION 3: TOPIC – CORPORATE TAX PLANNING WITH NEW PASSIVE INVESTMENT INCOME RULES

Special Guest Speaker: Larry Frostiak, FCPA, FCA, CFP, TEP

A second primary shift in our tax landscape is how business income will be taxed in a small business corporation if it (or an associated corporation) also earns a significant amount of passive investment income. These rules come into effect for 2019 for the most part. Will there be double taxes? Are there coping strategies which can be implemented? Not knowing the rules and basic planning concepts, or taking no action, could mean significantly more taxes payable by your clients. Find out more on how you can help as part of year-end tax planning meetings.

Additional Educational Resources: Tax Planning for Incorporated Professionals Certificate Course

12:30 – 1:00

MEET AND GREET NETWORKING LUNCH

ADVISOR ROUND TABLE: CASE STUDIES, Q & A

1:00 – 1:30

SESSION 4: ADVANCED CASE STUDIES FOR TAX AND FINANCIAL PROFESSIONALS

Special Guest Speaker: Christina Fazio, HOME TRUST (Winnipeg, Toronto, Calgary)

Home trust is focused on a unique segment of the Canadian marketplace: consumers who do not have traditional credit backgrounds and whose specific needs are not met by larger financial institutions. Home Trust offers competitive GIC solutions for Canadians from coast to coast. Learn more about fixed income investment products, GIC portfolio strategies and compliance requirements for GICs.

Additional Educational Resources: EverGreen Explanatory Notes, Knowledge Bureau Calculators

1:30 – 2:30

SESSION 5: REAL WEALTH MANAGEMENT: CORPORATE OWNER-MANAGER PLANNING IN RETIREMENT

Special Guest Speaker: Doug Nelson, B.Comm. (hons), CFP, CLU, MFA™, CIM, RWM™

After 40 years, the Federal Government unilaterally changed how small business owners can organize their corporate structure and manage their profits. Advisors must provide different guidance to their entrepreneurial clients. Most small business owners will be restricted in how they can split income, or profit, with other family members, resulting in a higher family tax bill and potentially less flexibility in where and how to invest for retirement. So, the key questions, and challenges, for entrepreneurs approaching retirement are:

· How do you minimize tax and maximize after-tax income today and in retirement, based on these new realities?

· How can you effectively split income with other family members, in this new and somewhat vague tax regime, and continue to use this approach to minimize tax and build wealth?

· How and where to best save and invest for retirement going forward?

· Which source of income to draw from first, second and third in retirement, and why?

· How has this process changed from advice that may have been given in the past?

• Are there new risks that need to be managed?

Additional Educational Resources:

MFA™- Business Services Specialist Program and the RWM™ Designation Program

2:30 – 2:45

NETWORKING BREAK

2:45–3:00

SESSION 6: STANDARDS OF CONDUCT REVIEW – All clients are interested in knowing more about the quality of advice they are receiving and the accountability their advisors have to them. In this session, we will discuss the new Standards of Conduct for credentialled Knowledge Bureau graduates as a precursor to our next two sessions.

3:00 – 4:00

SESSION 7: OLDER CLIENTS: NEW ISSUES IN RETIREMENT INCOME PLANNING

Special Guest Speaker: Doug Nelson, B.Comm. (hons), CFP, CLU, MFA™, CIM, RWM™

For the past 20 years, discussions have focused on the ageing of the Baby Boomer generation. This demographic is now between age 53 and 73. Now that the bulk of this group is mainly retired, new issues are emerging:

· How do we adjust the plan if one client requires care for an extended period of time while one spouse remains healthy and active?

· How do we adjust the plan if clients have a shorter or longer life expectancy?

• How do we measure the impact to their spouse?

· How do we help the aging client continue to live with dignity when the family may wish for the client to be placed in care prematurely?

· How do we help the aging client in a situation when it appears that someone (family members, or non-family members, a new love interest or a predatory phone solicitor), begins to take advantage?

· In essence, how do we initiate these really hard conversations and create a plan to minimize harm?

This session is designed to help financial and tax advisors a) recognize the importance of these new emerging issues, b) learn how to identify emerging issues through either the client behaviour, changes to the portfolio or changes seen on the tax return and c) present ideas that can be incorporated into your practice that would position you and your team to play a crucial role for the client and their family.

Additional Educational Resources: MFA™-Retirement & Succession Services Specialist Program

LEADERSHIP AND ETHICS

4:00 – 4:30

SESSION 8: CROSSING LINES: LEADERSHIP & ETHICAL CONDUCT IN FINANCIAL SERVICES

Special Guest Speakers – RWM Society. Members of the Real Wealth Management Society will lead this important discussion in each city. Leadership and professionalism are as much about ethical behaviour as it is about the execution of precise expertise. As your client’s most trusted advisor, the credentialled professional must oversee the development of a strategy and the implementation of a process that enhances the overall financial well-being of the client, using the highest standards of conduct. This is critical to build and maintain trust, especially within a multi-stakeholder environment. Moreover, standards of conduct build on and maintain the integrity of the industry you work in. This session will begin with an example of Standards of Conduct used by professionals, including the RWM™, MFA™ and/or DFA-Tax or Bookkeeping Services Specialist™, to maintain their license to use their credentials. Most important, it will feature an open discussion featuring two true-to-life case studies that bring into question the ethical behaviour of the client, a family member, the advisor or a different influencer and asks the audience to answer the question: what would you do?

Additional Educational Resources: Knowledge Bureau’s RWM™ and MFA™- Executive Business Growth Program .

4:30

Closing Remarks and Certification Verifiable Credits – 6.5 In Class, Non-Verifiable Credits – 3.5

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