Retirement Income Planning for Tax and Financial Advisors

Your client, a financial advisor himself, is retiring from his practice and therefore selling non-financial assets, financial assets, real estate assets and a business. Where will the tax be paid and how much will be paid in the hands of the individuals, corporations or trusts involved?

Retirement and succession planning for financial practices can be particularly interesting and, therefore, we have chosen to feature this topic at next week’s Distinguished Advisor Workshops.

It’s still possible to register now by calling 1-866-953-4769 or by registering online at {page_3942}/

Do join us to learn the tax building blocks of effective succession planning for practicing advisors who are retiring, and for their heirs. Our case studies begin with the creation of Family Net Worth Statements, then cover a plan for the tax-efficient transfer of assets during your client’s lifetime and at death.

In addition, you’ll learn in-depth retirement income planning strategies for tax and financial advisors. Whether they are considered to be employed, employed commission salespeople, or self-employed with income sources flowing to an unincorporated business or a corporation (sometimes both), you will find out why and how retirement income planning is impacted differently.

Join in a peer-to-peer environment, learning how to structure retirement income under each scenario; what happens when books of business are sold; and, in the case of the incorporated advisor, how to structure dividend and other tax-efficient income sources for retirement. Use income-splitting techniques, spot planning opportunities and understand how to handle shareholder loan accounts. Find out how to take money out of the capital dividend account, too.

Our instructor is LARRY H. FROSTIAK, FCA, CFP, TEP. He has a wealth of knowledge and brings years of experience to the forefront on these issues.

Larry is a founding partner of Frostiak & Leslie Chartered Accountants Inc. The firm focuses primarily on successful privately owned and family controlled businesses and high-net-worth individuals. Larry provides tax and business advisory services, including trust and estate planning in the overall global wealth management concept.

Larry has an established reputation as a tax specialist, having lectured on trust, estate and corporate business planning topics across Canada for the CA Institute, Society of Trust and Estate Practitioners (STEP} and Knowledge Bureau as part of the Distinguished Advisor Workshops. He was elected to the worldwide council of STEP and served as worldwide treasurer from 2005-2011, inclusive. He was elected as a member of the Council of the Manitoba Institute of Chartered Accountants (2006-2012), and served as an elected Board member on the Manitoba Institute of Chartered Accountants Foundation. Larry currently serves as the Chair of the Institute of Chartered Accountants  of Manitoba Taxation Committee.

He has co-authored two books, Taxation of Trusts and Estates: A Practitioner’s Guide 2014 , by Poyser, Frostiak and Chow, published by Thomson Reuters in 2013, and Master Your Investment in the Family Business, by Frostiak and Bartman, published by Knowledge Bureau. He has also led numerous workshops and conferences including STEP Canada, Prairie Provinces Tax Conference, Winnipeg Estate Planning Council, Law Society of Manitoba, Knowledge Bureau’s Distinguished Advisor Workshops and Distinguished Advisor Conference and has instructed at CICA In-Depth Tax Courses.

Larry was elected as a Fellow of the Manitoba Institute of Chartered Accountants (September 2005) and received the STEP Volunteer of the Year Award (2005). He is a past board member of PTE (Prairie Theatre Exchange), Past Chair of the Federal Finance Committee, Winnipeg Chamber of Commerce, STEP Worldwide Council and University of Winnipeg Foundation tax advisory committee. Larry was just recently awarded the STEP Founder Award for his contributions to the Society.

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