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:

On Monday Oct 17 at DAC 2022, join Judith Chambers, an Investment Advisor at TD,  on a panel discussion led by Christine Logan, Head of Marketing (Americas) for Franklin Templeton and co-panelist, Saijal Patel, host of Strictly Money.

The Personal Pension Plan is the “Swiss Army Knife” of solutions for retirement planning in a new and changing economic environment. It is therefore a must know for tax and financial advisors working with pre-retirees; in particular, business owners.   

Fall is in the air which means, from a financial planning perspective, a transition to year-end tax planning activities! Tax savings are such an important hedge against inflation, but Canadians are missing out: 

The Department of Finance released draft legislation for public comment on the Tax-Free First Home Savings Account (FHSA) first announced in Budget 2022. The scheduled effective date is January 1, 2023; however, it will likely be little later in the year before firms start offering the option to clients.

CRA has just announced increases in the CPP and EI premiums – statutory deductions – that will be payable by employers and employees in 2023.  In the case of EI (Employment Insurance), the rates had been frozen for two years; but now, with both plans becoming more expensive, these taxes on labor will shrink both take home pay for workers and cash flow for employers in an inflationary winter.

Knowledge Bureau Report asked pros across the country whether the First Home Savings Account (FHSA) or the Registered Retirement Savings Plan (RRSP) is the better savings vehicle for home buyers.  The vote was close.