No More Sworn Testimony, But Audits Are Still Stress Inducing

“That” Phrase: it’s one no taxpayer wants to hear – digitally or otherwise. “You’re being audited.” If you’ve had to deliver that news you’ll know that the reaction can range from indignity to shock to panic. Based on the latest piece of legislation before Parliament, you might have to tell more of your clients to buckle up, it’s going to be a bumpy ride. CRA will now have greater powers. Consider this:

Canadians who work with financial advisors are better off financially than those who do not, and many clients feel that their advisors add more than just financial value, impacting many aspects of their lives. That’s the good news. The bad news? Only 36% of clients said they would stay loyal to their advisor’s business when the advisor retires; in fact, about 50% are prepared to walk when you retire.

The beauty of a Virtual Campus is that you can enrol and study with Knowledge Bureau any time, 24/7. However, our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4.  We are grateful for their hard work and dedication and thank them sincerely for their passion in serving you – our cherished clients – all year long.

CRA released its personal tax credits return on November 27 with few surprises.

Recently a group of professional organizations, including the Society of Trust and Estate Practitioners (STEP), expressed their concerns about amendments to the Income Tax Act (the Act), which received Royal Assent on December 16, 2014. The provisions, related to subsection 104(13.4), the tax treatment of trusts, come into effect on January 1, 2016. The Department of Finance responded to those concerns in an open letter on November 16, 2015, a summary of which follows.

The assets controlled by today’s 34-year-olds will quintuple in coming years, but only 17% of adult children have a relationship with their parents’ advisors. Ignoring them may be one of the most significant mistakes today’s advisor may be making.

Dynamic Funds emerged a winner of the prestigious national Investor Education Award at the Morningstar Awards on November 25, in a star-studded affair at the Royal York in Toronto.  The win was especially joyous for Knowledge Bureau, who wrote and produced a certificate course for advisors as part of the winning submission.