Foreign Currencies Gains and Losses

As we all know, it’s been a roller coaster week in tariff news. The Canadian dollar started to sink, although not to its lowest historical level-yet. The 30 day pause in implementation of the U.S. tariffs has provided a wake up call: What effect will such a Black Swan event have on portfolios and, by extension, retirement plans?

When it comes to the Canada Pension Plan (CPP)/Quebec Pension Plan (QPP), most Canadians want to know whether they should take it early, at age 60 or defer it. In fact, this is a great trigger question and a core part of the discussion and a core part of the discussion about a pre-retiree's financial strategy. Yet it is surprising how few advisors drill down on this complex, and often uncomfortable decision.

Is more regulation needed to protect consumers from unscrupulous tax and financial advisors? That was the subject of KBR’s July poll, and it’s clear that to industry professionals, the answer isn’t so black and white. Our readers agree it’s a problem, but the solution falls somewhere between simply answering “yes” or “no.”

Canada-US relations have been strained for a variety of reasons, but recently private business owners received what could be a very costly surprise. New guidelines outlined by the I.R.S. for the Transition/Repatriation Tax will take a toll on Canadians with U.S. or dual citizenship who have businesses incorporated in Canada: expect to owe even more tax.

A recent Fidelity Investment report points out that debt is one of the biggest issues that drives couples apart, with 36 percent saying that money is their biggest marital hurdle. But many couples also struggle to communicate about financial matters that could lead to repercussions down the road. The help of astute tax and financial advisors is critical.

Cyber-security has been the subject of daily political news on the world stage, but it hits close to home, too. In 2017, the Federal Conduct Authority (FCA) in the U.K. reported that cyber-attacks in the financial sector increased by 80 percent. Managing this critical risk is the subject of a riveting keynote at this fall’s Distinguished Advisor Conference (DAC) in Quebec City by esteemed columnist and Internet and E-Commerce Law Research Chair, Dr. Michael Geist.

Summertime is family time; but it is also the time of year when people prepare for big life changes taking place in the fall. Young adults make plans to work abroad, travel or go to school and empty-nesters journey to warmer climates. However, non-residency comes with tax consequences, so a visit to a tax advisor should be part of your travel preparation.