Self-Employment:  The New Retirement Trend?

Does anyone really need to retire anymore? 

The Boomer generation is redefining “retirement” and re-writing the rules of what retirement means and how they want to spend their “golden years”.  As more and more Boomers enter the 65+ age group, they are banishing the stereotypes of what a retiree “looks like” and how retirees spend their retirement days.

Many of these vibrant, active and engaged Canadians have opted to pursue self-employment as a way to leverage their knowledge, expertise, time and money.  This creates a unique set of needs and expectations placed on advisors - a growing demand for expert professional advice with unincorporated small business returns.  Those advisors who are able to provide their clients with the knowledge to support this growing trend in self-employment can quickly and successfully distinguish themselves.

The most effective way to gain the skills and knowledge necessary to help grow this aspect of your business is through specialized training and education.  Knowledge Bureau offers the perfect learning opportunity with the newly updated T1 Professional Tax Preparation – Proprietorships course.  Designed to teach professional advisors tax preparation for proprietorships, the course provides the foundational knowledge to effectively and professionally support clients, including a thorough review of preparation of: Statement of Business or Professional Activities, Capital Cost Allowance statements, worksheets for reporting home office, automobiles, other assets, inventory control, and cost of goods sold.

By becoming well-versed in the unique needs of self-employed clients, regardless of the nature of their business, and being up-to-date on the most recent tax laws and budget proposals, knowledgeable and well-informed advisors play a vital role in ensuring their clients arrange affairs within the framework of the law while ensuring they pay the least taxes possible.

Tapping into the rapidly expanding Boomer self-employment trend by providing the expertise clients require, trusted and knowledgeable advisors can expand their business through referrals.  In essence, an advisor who “grows” their expertise will grow their business.