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.   

The first ever Virtual CE Summit on May 13 garnered rave reviews. It featured 8 incredible thought leaders who offered cutting-edge guidance on providing clients with sound advice for tough times. Good news: you can still access the incredible online content and take until July 15 to finish your 10 CE Credits. More good news: we’re planning to host another Virtual CE Summit on September 30. 

Your practice is changing, and Knowledge Bureau is here to help with a new series of courses for advisors and their clients who are transacting virtually.  The new Knowledge Gap Program has arrived and it offers you a high-value library of short CE courses and new Financial Storyboards that open new virtual conversations. Most importantly, you don’t even need to be tech-savvy, and either do your clients. Here’s why:

When is the last time you reviewed the personal and family net worth statements of a household unit for whom you provide tax or financial services to?  If it hasn’t been addressed since the end of March, 2020, it’s time to do so now.  Dr. Dean Smith will drill down on losses at the May 13 Virtual CE Summit (be sure to register by May 11). Here is a primer to whet your appetite.

It’s worth repeating: filing tax returns on time can really pay off.  About 225,000 Manitoba residents aged 65 and over will be mailed a one-time $200 refundable tax credit cheque in May to help defray pandemic-related costs. But the catch is that you must have filed a 2018 tax return. If you did, you’ll automatically receive the money. Late filers aren’t completely out of luck. But you guessed it; they’ll get it much later.

Tax professionals typically take the stance that Canadians should file their taxes ASAP, especially to get a tax refund, qualify for refundable tax credits and reduce interest costs on balances due.   But an interesting phenomenon occurred in our last poll, when we asked: “Do you like the federal government’s tax filing and balance due extensions to June 1 and September 1, respectively?”

Knowledge Bureau is pleased to announce the publication of a new certificate course, Personal Pension Planning For Corporate Owner-Managers, by JP Laporte, CEO, INTEGRIS Pension Management Corp  and Mark Taucar, CFA, Porfolio Manager, Accilent Capital Management Inc. The PPP® offers many legal features to protect small business owners and their family in these challenging times, and for these reasons every financial advisor needs to know more about this plan.