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 Canada Revenue Agency (CRA) released their T4002 Self-employed Business, Professional, Commission, Farming, and Fishing Income for 2018 on March 15, 2019, but the print version is not expected to be available on April 2. With the April 30 deadline for paying outstanding taxes coming up quickly, that’s very late notice on rules to claim the massive changes made to Capital Cost Allowance claims for asset purchases after November 20, 2018. 

The March 19, 2019 federal budget was released last week, and along with it came a few hot topics advisors should consider discussing with clients now. After all, proposed changes to the Home Buyers’ Plan, stock options, and mutual funds will affect Canadians and their wealth management strategies in the coming years. In this edition of KBR, we’ll take a deeper dive on the RRSP’s Home Buyers’ Plan.

While the CRA has not yet announced the prescribed interest rate for the second quarter (April to June) in 2019, the rate is actually set by the average rate of three-month treasury bills in the first month of the preceding quarter, rounded to the next whole percentage point. Here’s what you need to know:

The Investment Industry Association of Canada (IIAC) and Knowledge Bureau are proud to introduce the Vantage Breakfast Series for thought leadership in wealth management. The first event is taking place on May 9 at the National Club in Toronto with an outstanding line up of speakers who will address the theme Wealth Management Issues in a Global Environment. Your invitation appears below. Please RSVP by Friday, May 7.

With the federal budget release last week, it’s time to consider what these changes mean to you and your clients. CE Summits is offering a deep dive for professionals in four cities, featuring some of Canada’s leading tax and financial experts. The registration deadline is May 15.

Knowledge Bureau is pleased to announce that Investment Executive and Advisor’s Edge will be the media partners for the 2019 Distinguished Advisor Conference (DAC) November 10-13 in Puerto Vallarta, Mexico.