Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Is a taxable dividend a better option than paying a salary or bonus? There are close to 2 million small businesses in Canada, and many of them are looking for financial professionals to provide simple answers to complex questions such as this, so they can minimize risks to their business.   It’s a big opportunity for practice growth, but to work well with these clients, it’s critical to understand owner-manager remuneration options at year end.  Now you can step up to better guide these clients, by learning from experienced experts on November 18.

Are you ready to train new and staff on personal tax changes for 2020 at a comprehensive professional level?  Knowledge Bureau has just published its all new advanced T1 training course for experienced pros and it features fun and challenging new true-to-life case studies; all of which can be done online.

With the September 30 payment deadline in the past, the longest tax filing season on record is officially over. If it was not already obvious, two big wins came out of it: firstly, 90% of Canadians have fully embraced electronic filing. This phenomenon challenges tax professionals to change their practices to a modern, virtual model permanently.   The second win is this:  the vast majority of us are very compliant with our tax department. But, because there are a few T1s still outstanding (just over half a million compared to last year), there are eight important reasons to nudge your delinquent clients along now.   

As we pause to give thanks for all we have this Thanksgiving; our thoughts turn to how we can give back to our community.  Due to the pandemic, many charities are experiencing a spike in demand for their services, and your favourite charity can use the help even more this year than in other years.

The pandemic has brought a grim reality to personal financial planning:  long term care is fraught with personal health risks. Canadians are worried about the care they will receive as they age, and it’s an issue that tax and financial advisors can help with proactively as part of purposeful year end tax planning. There are three issues to consider.

Do you need to know more about corporate taxes and year end planning for corporate owner-managers? Many personal tax practitioners and financial advisors struggle with understanding the rules for setting up small business corporations, investing within them, and withdrawing funds most tax efficiently. Now, you can have confident knowledge after one day: November 18 at the Virtual CE Summit.