Start Tax Season 2025 on Sound Footing

Filing a tax return is difficult as the playing field is one of constant change:  the tax rules are in flux, particularly in the 2024 tax filing year,  with all the uncertainty around the capital gains provisions.  But in addition, taxpayers have undergone many financial and life event changes since their last T1 filings, each of which must be identified for each family member.  Here’s a primer for new year conversations between advisors and clients that cuts through the noise:  what matters is what you keep!

Ask anyone: does it seem like today’s common financial thread is that financial futures seem out of reach? From burdensome costs of interest, groceries and fuel, and the resulting investment gaps, Canadians just want their financial sea legs back. What does it take to stop, re-assess, and re-engage confident financial outcomes against the backdrop of rapidly changing tax and economic environments? What is the role of the financial professional today in bringing back a methodical approach to financial peace of mind? At the 2024 Acuity Conference or Distinguished Advisors, our panel hosted by Christine Logan and Sponsored by Franklin Templeton will tackle the issues.

The most recent statistics released in August tracking bankruptcies, paint a grim picture of business reality in Canada.  While there is some good news - bankruptcies decreased in June over the month before – it is clear that 2024 has been a difficult one especially for small businesses.  Did the CEBA loan repayment requirement last month push many over the edge?  That and other factors are to blame, and tax and financial advisors are well poised to help.

The August 12 draft legislation released by Finance Canada brought welcome changes to the trust filing requirements for 2024 for many routine family planning matters, including  title holdings on principal residences  for an elderly parent or for the purposes of obtaining a mortgage for an adult child.  However, new rules for 2025 have narrowed the scope but not entirely eliminated the need to file T3 returns and Schedule 15 Beneficial Ownership Information of a Trust.   

Knowledge Bureau is delighted to announce the winners of its 2024 Distinguished Advisor Awards at the Acuity Conference for Distinguished Advisors (DAC) November 10 – 12 in Montreal.  The star-studded ceremony, being held at the exclusive St. James Club, will kick off the three day educational conference – Canada’s only multi-disciplinary conference, featuring 20 thought leaders who will focus on the theme,  Safe Havens: Secure Financial Futures & Wealth Potential.   Winners will be honored in the following categories and contacted under separate cover for ceremony details:

Clients are looking to financial advisors for more tax planning as accountants are inundated with compliance work. The RWM™ is a critical designation that delivers the knowledge you need! Differentiate your practice with new credentials that introduce an integrated approach to growing your business, while building a natural referral network as an RWM™. Join us for a live, virtual discussion with practicing members of the Society of Real Wealth Managers™ August 28 at Noon CT.

The turbulent 2020’s are almost behind us, from a business planning point of view. Building relationships that will amplify results, simply requires a new approach, according to Brian Mennis, author Average to Awesome of Harbourfront Wealth Management  who is leading a session on Building Scaleable Practices at the Acuity Conference for Distinguished Advisors (DAC) on November 11. Mentorship of both new advisors and new clients is a challenge; he says, because what people want is just different. The question is: do you have what it takes to thrive and build your business under such an environment?  If not, what’s the cure?