Year-End Tax & Investment Strategies Amidst Change

8:45 – 9:00 AM CT

Log in to your Virtual Auditorium and learn more about the days Agenda and opportunities with Knowledge Bureau.

9:00 – 10:15 AM

EVELYN JACKS

MFA™, RWM™,

DFA-Tax Services Specialist™

SESSION 1: PERSONAL TAX UPDATE AND YEAR END INVESTMENT STRATEGIES

Year-end tax and investment strategies for individuals and small business owners in the context of the current environment has significantly changed. This comprehensive personal update will provide you with an overview of the Fall Economic Report as well as the latest information on personal tax changes for tax year 2023 and 2024. Learn how to navigate tax-efficiency planning in both inflationary and recessionary times. Of particular note are new provisions especially important at year end:

• Fall Economic Report – are there new tax changes?
• Tax Changes For Families – RESPS & CESGS, Canada Learning Bond
• Tax Changes for the Disabled - Registered Disability Savings Plan (RDSP)
• The Tax-Free First Home Savings Account (FHSA)
• Intergenerational RRSP Planning before Year end
• Business Owner Clients: The Canada Emergency Business Account (CEBA)
• Preserving Capital – Transfers of Assets to Spouse, Inter-spousal Loans
• Timely Investments in New Business Assets
• Understanding Increases To Auto Expense Limits on Passenger Vehicles
• Planning for the new Second Tier CPP Premiums in 2024
• New Rules For CCA – Accelerated Expensing
• Tax Debt: Managing Higher Interest Rates
• Strengthening GAAR – Who Will Owe Retroactive Taxes?
• Implementation of Genuine Inter-Generational Transfers Of Small Biz, Family Farms & Fishing Corps

Additional Educational Resources: NEW! DMA™ Designation Program.

Declare your specialty in one of 6 certificate course options. Choose 4 specialized courses in your field plus two optional courses. 

10:15-10:30 AM

COMMUNICATION BREAK

10:30 – 11:45 AM

ALAN ROWELL

CEO, The Accounting Place

DFA-Tax Services Specialist™, MFA-Succession and Estate Planning Specialist™, RWM™

SESSION 2: YEAR END RETIREMENT PLANNING - AVOIDING RRSP AND TFSA PENALTIES

Advisors and/or Taxpayers continuously over-contribute to their RRSP and TFSA accounts. A review of the rules, determining the maximum contributions and perhaps most importantly, fixing the over-contribution problems using T746 and T3012A. What does CRA do and how it affects contribution room in the future and in the past. In particular, what are the tax traps in the year a client turns 71 and 72? What are the proposed changes to RIF withdrawals to add tax intrigue to the equation?

Additional Educational Resources: Certificate Course - Tax Planning for Corporate Owner-Managers, leading to the MFA™- Corporate Tax Services Specialist Designation

11:45 – 12:15 PM

COMMUNICATION BREAK

12:15-1:30 PM

ALAN ROWELL

CEO, The Accounting Place

DFA-Tax Services Specialist™, MFA-Succession and Estate Planning Specialist™, RWM™

SESSION 3: THE AMT AND ITS’ EFFECT ON SIGNIFICANT OWNER MANAGER PLANNING OPPORTUNITIES

Effective January 1, 2024 the methodology and calculations for AMT are changing. In addition, there are new rules for intergenerational transfer for small business, farming and fishing operations. What is the effect of these two new tax reforms? Does it make sense to trigger gains in 2023 to minimize AMT? Or with the indexed increases to the capital gains deduction for small business owners does it make sense to holdover the transaction until 2024? Further, what is the effect of the AMT on in-kind charitable giving? What is the effect on AMT carry-forwards? Particularly in the year of death, what happens with AMT recovery?

Additional Educational Resources: Certificate Course – Canada-US Cross-Border Taxation, leading to the MFA™- Corporate Tax Services Specialist Designation

1:30-1:45 PM

COMMUNICATION BREAK

1:45-3:00 PM

CAROL WILLES

MBA, LLM, TEP

Director, Will & Estate Planning

SESSION 4: TRUST FILING OVERVIEW WITH A STRATEGIC PHILANTHROPIC FOCUS

Trust tax filing compliance is taking a new turn in 2023 when millions of new returns must be filled. Find out more and why so many of your clients may not be aware that they must file trust returns for the first time. Then review for the last quarter of the year a new approach to philanthropic planning, especially for business owners and anyone who has experienced a tax event. 

This session will show options to receive a donation tax receipt and extend time to choose charitable recipients, gain flexibility to change charitable recipients, spread gifts over time to charity, and receive annual donation receipts. Learn more about the importance of philanthropic client conversations, what strategic philanthropy means, the basic math of philanthropy, charitable donation timing and philanthropic structures:

· Insurance

· Beneficiary designations

· RRIF deregistration

· Private foundations

· Donor Advised Funds

· Charitable testamentary trusts

· Charitable remainder trusts

Additional Educational Resources: Certificate Course – Tax Efficient Retirement Income Planning, leading to the MFA™-Pension & Estate Services Specialist Designation

3:00 – 3:15 PM

COMMUNICATION BREAK

3:15 – 4:30 PM

CAROL WILLES

MBA, LLM, TEP

Director, Will & Estate Planning

SESSION 5: ORCHESTRATED ESTATE OUTCOMES – WHO’S JOB IS IT ANYWAY?

This session is ideal information for wealth and tax advisors. Understanding the importance of coordinated structuring will avoid the costly mistakes created by disjointed advice. It explains the tax savings available for clients using the GRE designation and highlights the pitfalls that are so easy to stumble into. Clients want to ensure their personal, family and business’ financial affairs will be efficiently handled on death and are sensitive to the amount of tax and probate payable on their death. Coordinated advance planning will facilitate the best results with proper liquidity planning, business agreements, identification of skilled executors, the use of agents and skilled will drafting. Learn more about how to:

· optimize philanthropy

· minimize exposure to professional liability

· structure comprehensively for optimal estate outcomes, with a focus on business owners

· identify stakeholders and best practices to assist and protect them

· maximize the end-of-life net worth statement

· understand what is and what is not a Graduated Rate Estate (GRE) and how to use it to the best advantage for the deceased’s estate tax situation. 

· understand how the criteria and use of a GRE can avoid costly and irreparable mistakes exposing professionals to both liability and client dissatisfaction.

Additional Educational Resources: Certificate Course – Succession Planning for Owner-Managers leading to the MFA™-Pension & Estate Services Specialist Designation

4:30 – 5:00 PM

Kristin Ramlal,

Alan Rowell,

Carol Willes and Evelyn Jacks

SESSION 6: SOCIETY OF RWM ROUND TABLE THINK TANK - THE DIGITAL PRACTITIONER – HOW AI IS IMPACTING YOUR WORK

Additional Educational Resources: The Digital Practitioner Course. 24/7 on-demand learning that gives students the master blueprint & roadmap to build their digital business.

Additional Educational Resources:

The Theme: IMAGINE – BREAK FREE TO EMBRACE TRANSFORMATIVE CHANGE

DAC 2023 - Nov 12 to 14

Banff, AB