Canada Needs a Financial Plan

According to a July 23 publication by the Fraser Institute, we are getting poorer here in Canada and the prospects for economic growth are looking grim.  This should be of concern to every Canadian concerned about their “real income” – that’s their purchasing power – and by extension - their ability to fund consumption now and for important family milestones in the future:  retirements, education and homeownership.  It’s grim, but there are practical suggestions for a turn around plan. Here’s a synopsis of the report.   

Knowledge Bureau Designate, Maria Cheng shares how she believes that education is a life-long activity. Confident and trusted advisors, she says, should always equip themselves with current knowledge and skills to cope with a changing dynamic world. She also mentions that using collaboration and delegation skills properly increases team spirit and strengthens the trust relationship with clients. See what she had to say about her experience with the Real Wealth Management™ program.

Knowledge Bureau has been looking closely at proposed tax and economic changes on the various party platforms, leading up to the September 20 election.  The object is to delve into tax proposals that beg more detail, to enable a thoughtful exchange with candidates.  This week:  two proposals of interest to pre-retirees, many of whom are experiencing a delayed retirement in an uncertain time. 

Are prices going up in your area?  The topic of inflation has arisen as a key concern during the current election campaign.  This, after news that inflation had risen to 3.7% in July, its highest rate in a decade.  Why do financial advisors need to be able to address this issue with investors?  Older clients who are bondholders may be especially concerned.   Here’s why, from Dr. Robert Ironside, who writes in the Knowledge Bureau’s Real Wealth Management Program.

September and October are busy months to meet year-end tax and financial planning goals. In October, there’s also the new expiration deadline for the planned end to the Canada Recovery Benefit, Canada Recovery Caregiving Benefit, and Canada Recovery Sickness Benefit. Here are the important educational, tax and financial milestones to mark on your calendar  in September and October.

Do you need to make the quarterly tax instalment remittances on September 15? Or, will you be able to keep your money invested?  It’s a question your clients may have, especially if their income dropped in 2020 tax filing year.  Tax, bookkeeping and financial pros can provide an important service with an accurate income tax estimation for tax year 2021. Fortunately, Knowledge Bureau’s Income Tax Estimator can help, too.  Here are the rules to observe:

Join Knowledge Bureau President Evelyn Jacks, and guest speakers for a full professional training experience at the next Virtual CE Summit on September 23, 2021. You'll learn effective audit defence methods for managing the tax risk of your small business owner clients. Act by the September 15 enrolment deadline and save your seat to learn how to help small business owners before tax season starts!