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:

The first tax returns of the year will be processed on February 26 this year.  February 28 is the last day to catch up your filings and preserve appeal rights under the old Voluntary Disclosure rules that allow for full interest relief.  That means tax deniers or procrastinators must step up now.

Canadians who earn tips and gratuities are required to report this income on their annual income tax returns. This year the tax auditor is once again taking a closer look, and it’s become easier than ever, as audits of credit card and debt payments provide a reliable record of undeclared amounts.  Here’s what you need to know to bust those tax audits:

Leadership matters.  Your team depends on yours; so do your clients.  A couple of weeks ago, we featured a story on how the components of ethical leadership can be applied to individual leadership styles. It received great traction on the Executive Business Builders Network.  Please chime in this week.

We salute the outstanding achievements of Siegfried Merten, Master Financial Advisor (MFA), who has been recognized internationally for his work in the avoidance of double taxation for retired Canadians.

February promises to go out like a lion with yesterday’s announcement that the 2018 budget will be unveiled on February 27, 2018. It’s interesting timing. Other important milestones: CRA starts processing 2017 tax returns on February 26, the T4/T5 tax slip deadline is on February 28 and the RRSP filing deadline is March 1.

Love this tax tip: all income sources are not taxable. Here’s my top 10 favorite “dark horses” – exempt amounts most people don’t know about.