A Challenge for New Clients: How to Choose a Trusted Advisor

If you’re in business for yourself, you have a unique opportunity to build wealth in an asset class that others don’t have: equity in a business enterprise that some day may be sold for millions of dollars. In addition, that business can spin off income for family members that can provide significant tax advantages, done well. Understanding how to realize on this asset requires the help of a trusted financial advisory team. Who should be on that team and how do you find them? This is a challenge your next new business clients may wrestle with. Here are some tips on how you can open discussions to help them:

It is in December that millions of people around the world will give to one another and to their favorite charities. Typically, gifts will be in cash; however, you may also give gifts in kind and receive a donation receipt. But, you have to be very careful about the tax consequences before and after the gifting.  Here are some tax tips to consider:

The Grinch just keeps showing up at the doorway of Canada’s ailing small business community.  Due to a lack of clarity on the definition of qualifying income levels for the receipt of the Canada Emergency Response Benefit (CERB), many now face the prospect of repaying as much as $14,000 along with some unwelcome tax complexity.  Help from a local tax specialist could help.

Over age 65 and still working?  Should you stop contributing to the CPP at age 65 in favour of a TFSA contribution?  It’s a commonly asked question.  In fact, the TFSA has an especially important multi-generational role in 2020. 

The federal government confirmed that a cap will be applied to the preferred tax treatment of certain employee stock options in their November 30 Fall Economic Statement.  A correction has been made to our Special Report in regard to this figure.

Will COVID-19 push you into retirement? It’s a concept for the times as more teachers, health care workers, business owners and others face their exhaustion from the changes forced upon them by the devastating COVID-19 pandemic.  Others have faced job termination before choosing their own retirement date. Fortunately, a new edition of Master Your Retirement by best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM can help.  We asked Doug why he wrote the book and how it will help with these important deliberations.

Are you training new and returning staff working in independent tax filing firms? Are you a CPA in public practice, a financial advisor, public trustee, legal or financial assistant, municipal officer, payroll or software company serving individuals and business owners with tax compliance?  Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns has gone to a live, virtual format to provide a detailed refresher for a national audience.  Join us for the live event on January 20, 2021, then complete the comprehensive Line-by-Line Advanced T1 Tax Update Course online.  Early registration ends January 15.