Generations Building Wealth Differently

Can Canadians build wealth in the current economic environment? Over the longer term?  After taxes?  These are important questions anytime but particularly at election time.  The traditional way to build wealth for Canadians families has been to buy a home, pay it off and even leverage the equity to borrow money to invest in the financial markets.  These wealth building exercises occur over a lifetime.  But today, new generations are building wealth differently.

The second in a series of new professional development opportunities, The Vantage Series, presented by the Investment Industry Association of Canada and Knowledge Bureau will take place on Monday, October 28th from 11:30 a.m. to 1:30 p.m. at the National Club in Toronto, featuring thought leadership from four outstanding CEOs who will provide invaluable insights to advisors on the theme: Evolution and Change in Wealth Management Services. 

The November CE Summits, taking place in Winnipeg, Toronto, Calgary and Vancouver from November 4-7 focuses on year-end tax planning with investors and small businesses. But will also help you better interpret the effects of the election tax promises and what the results mean for what Canadians can anticipate over the next four years.

The newest program from CAGP, Knowledge Bureau and Spire Philanthropy, the MFA-P™, Master Financial Advisor – Philanthropy was featured in today’s Globe and Mail, highlighting how its educational content makes understanding strategic philanthropy easier, enabling more in-depth conversations between advisors and clients.

Buying and selling mutual funds must be based on their suitability to an investor’s goals, age, capacity for assuming risk and investment knowledge. Also important is how well they have or are projected to perform. However, there are tax implications to be considered as well, which includes the right time to buy and sell mutual funds, especially at year-end.

Most people need to generate the future income they require to sustain their lifestyle by saving money. Saving sooner in life  is better. So is saving in tax-exempt or tax-deferred vehicles. But as wealth accumulates, preservation of value becomes an increasing concern. Two key eroders are taxes and professional fees. Also important is the cost of inflation, even at today’s relatively low rates. Here is why:

Knowledge Bureau’s elections promises chart– from a tax and financial point of view – has proven to be popular and with less than one week to go, we’ve added information on the costs associated with some of the promises made. The Office of the Parliamentary Budget Officer’s (PBO) estimates of the platform promises themselves are enlightening; as are those presented with the highly-anticipated release of the Conservatives costed platform.