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:

Taxpayers need to quickly sharpen financial skills for the challenging times ahead, and a good way to start is to find the right advisor for their future, says Knowledge Bureau Founder and President Evelyn Jacks, best-selling tax financial author and award-winning educator.  It’s also critically important for both parties to invest anew in their financial education, especially tax education, to push back on the economic malaise predicted for 2023. 

Looking to increase your income or revenues in a tax or financial services practice?  Embrace the demand new small business owners of a bustling “side hustle” have for qualified corporate tax services. Kickstart your career, earn more with new credentials and maximize your potential as a confident tax knowledge leader.  Become a Distinguished Master Advisor by taking the new DMA Corporate Tax Services Specialist Designation Program. 

The tax filing season is just around the corner and now is the time to shake out the cobwebs, learn about the “dark horses” of tax theory behind the lines on the new 2022 T1 return and sharpen the skills of your new and returning staff in your tax preparation office.  Register by January 15 for the Advanced T1 Tax Update and check out our new rates for multiple enrolments: 2, 3 or 4 and more from your office.

Most limits on claiming automobile expenses by employees and proprietors will increase starting on January 1. However, you may be surprised to see which limit has not changed.

There might be gold in prior filed tax returns and cash-strapped Canadians may not know about this.  You too can tap into CRA’s Taxpayer Relief Provisions when there are factors beyond the taxpayer’s control that resulted in penalties or interest charges or in cases where there were errors or omissions.  In fact, CRA can issue refunds for up to 10 years and that means you should review your 2012 tax returns prior to December 31.  What are common missed items?

In times of high inflation and a down-trending economy (like today) Canadians pull out all the punches. They scrimp, they save and they cut corners where they can. Many also started to rely more heavily on the Canada Revenue Agency (CRA) for benefits and importantly their public advocate with the CRA: The Office of the Taxpayers' Ombudsperson (OTO), who fielded a record number of urgent requests this year and prompted millions in uncashed cheques to be cashed.  OTO has also created an important new opportunity for tax advisors.