Virtual CE Summit on Pandemic Financial Fallout: September 30

PART 1: IF POSSIBLE, PLEASE COMPLETE PRIOR TO SEPT 30TH

THE FINANCIAL FALLOUT COURSE

To access it, logon to the Knowledge Bureau Virtual Classroom. Final Deadline: OCTOBER 15, 2020

INTRODUCTION

HOW TO COMPLETE YOUR KNOWLEDGE BUREAU ONLINE COURSE COMPONENTS

Access Your Comprehensive Knowledge Journal, Quizzes and EverGreen Explanatory Notes in the Virtual Campus as soon as you receive your enrolment confirmation. Study at your leisure out of your favorite self-isolation space, or study using Microsoft Teams or other platform, with your business colleagues or staff.Check out your Virtual CE Summits Tuition Value Program and Prizes.

CURRENT ISSUES AND TRENDS IN TAX AND WEALTH MANAGEMENT

CHAPTER 1

The 2019 tax season is finally over today: September 30, the newest filing deadline. Now Canadians must pay their taxes due for last year and face a delayed tax audit season with the expensive costs that come with tax delinquency. Non-filers will lose refundable and social benefits and be required to repay them. And, with only 3 months left in 2020, there are tax efficient investments to make.

In addition, Canada now faces a $1Trillion debt and an annual deficit of close to $350 Billion – and that’s just at the federal level. There is the potential for new taxes on wealth. Come up to speed on the latest economic forecasts and tax changes for 2020 to advise your clients on their tax, investment and retirement options A checklist of the specific tax provisions for 2019/2020 reporting is included for use in your conversations.

CHAPTER 2

NAVIGATING EXTENDED PANDEMIC PROVISIONS AND HOW TO MANAGE WITHOUT THEM

Many of the various pandemic relief provisions introduced this spring have been extended, including two important provisions for business: the Canada Emergency Wage Subsidy and the CERB. Learn how to reach back and recover missed claims and manage and successfully navigate upcoming CRA audits of both. Most important, consider your role in helping your clients navigate – post-pandemic assistance – to move forward financially in their businesses.

BEST PRACTICES: MANAGING RISK TO YOUR BUSINESS

CHAPTER 3

A NEW FINANCIAL CONVERSATION: PERSONAL HEALTH RISK MANAGEMENT

The Global Pandemic has certainly raised awareness of the crucial need for quality long term care as people age, with people over 80 making up more than 80% of the nearly 9,000 Canadian deaths from COVID-19. Canadians are concerned about the care they (and their loved ones) will receive as they age. They recognize the need for financial strategies to incorporate health risks into financial planning. An overview of the various elder care options and choices available, the pros and cons of each including costs, together with various products to consider to help clients pay for their elder care will be discussed. Finally, this session will introduce talking points to help advisors have these important discussions with their clients.

TECHNICAL SESSIONS

CHAPTER 4

FINANCIAL FALLOUT: STEPS TO TAKE WHEN INSOLVENCY RESULTS

Using a case study approach, learn about the options available to your clients when debt becomes too much to handle and confidently answer the following questions: What does insolvency mean from a tax and legal perspective? What can be done beforehand to minimize damage to a family’s net worth? Are there some assets that should not be touched to pay off debt – example, assets exempt from bankruptcy proceedings? Are there legal quagmires to avoid? For example, do your clients understand the ramifications of transferring assets to others before formal proceedings begin; or the fact that avoiding CRA can result in a net worth assessment? What consequences do business owners face when they can’t pay back COVID-relief loans? What are the legal ramifications of declaring bankruptcy – personally and in the business? Are there options? Should the spouse own the family home to avoid a federal writ of execution?

CHAPTER 5

TAX AUDIT DEFENCE: INDIVIDUALS

Are you and your clients prepared to face the tax auditor? Who are the most likely clients in your book of business to be audited? What are the most likely provisions to be audited on individual tax returns for 2019? Those who are claiming home office expenses? CERB payments? Self-employment income? Find out how to face the tax auditor for your clients as you defend the numbers on their personal tax returns. A particular problem: real estate ownership in the U.S .

CHAPTER 6

TAX AUDIT DEFENCE: BUSINESSES

Small business owners have had a short reprieve from active auditing during the pandemic. But tax auditing has now resumed in full force. What are the most likely trouble spots for new and existing business owners? An array of examples of recent tax audit nightmares can help you be more proactive about winning against a formidable challenge for your clients as they struggle to resume their business operations in the pandemic crisis. A particular problem: navigating through net worth assessments.

THE RWM SOCIETY ISSUE: HELPING CLIENTS IN FINANCIAL DISTRESS

CHAPTER 7 –

The Practice Management Thesis (PMT)

We continue the saga: Our fictional family is coping with the financial fallout of their pandemic experience. Grampa age 85 survived a COVID diagnosis, his 55 year old daughter, unfortunately succumbed, but to cancer, in a tragic twist. Her 35 year old son, recovered from COVID, too, but is devastated. He is a new heir of all of his mother’s property and investments. Before her death, he started a fledging business, as he lost his job, and now finds himself in the midst of his executorship for mom and doing double-duty looking after frail Grampa, who is also a cantankerous multi-millionaire.

This is a thoroughly spell-binding discussion that encompasses the technical and ethical standards to employ when relationships with families change due to incapacity and death. Find out how a true RWM model helps these two clients get what they are really paying professional fees for: financial peace of mind in a difficult time.

TESTING AND CERTIFICATION

Testing. Students will be tested on the quizzes at the end of Chapters 1 to 6 and receive 6.5 Verifiable CE/CPD Credits. They will be marked for their attendance and participation at the Virtual CE Summit event and pre-reading in EverGreen Explanatory Notes. For this work, students will receive 3.5 Non-verifiable credits, for a total of 10 CE/CPD Credits.

Certification . An electronic certificate will be provided at the end of all Knowledge Bureau Virtual Events for students who have completed both portions of the required work. Students who require more time to complete the online portion of the course may do so – final deadline is 15 days after the event.

ACCREDITATION

Students will receive accreditation for licensing of their designation marks with Knowledge Bureau, and for licensing with Insurance councils and pre-approval with IIROC for CECAP credits (# of hours to be provided when pre-approval is received.)