CE Credits
Knowledge Bureau - 3.5 CE/CPD Credits - Non-Verifiable
Knowledge Bureau - 6.5 CE/CPD Credits - Verifiable

Year End Planning: For Investors and Small Businesses

Agenda and Workshop Details

* Subject to change. Please come back often as new speakers and topics will be added.
7:30 - 8:30
DISTINGUISHED ADVISOR BREAKFAST

An Exclusive By Invitation Only Breakfast for MFA, DFA-Specialist and RWM Students, Designates and Graduates with a special presentation by Knowledge Bureau President Evelyn Jacks.

8:00 - 8:30
REGISTRATION AND COFFEE

Pick up your Comprehensive Knowledge Journal, Meet Our Special Guests and Delegates
Tuition Value Program:  Take a sneak peek at special offers and tuition breaks for upcoming Knowledge Bureau programs

Part 1
THOUGHT LEADERSHIP: ISSUES AND TRENDS
8:30 - 9:30
YEAR END PLANNING: UNDERSTANDING THE APPROACHING STORM OF COMPLEXITY:

Learn how why year end tax planning is so important in 2017 as a major tax reform takes shape in Canada.  Learn comprehensive tax tips for individuals and investors: including tips on

Investors:  Changes to RRSP, TFSA, RESP and RDSP investment attributes, Corporate class and mutual fund planning, and tips on planning after the death of Canada Savings Bonds

Families and Students: Changes to family tax credits including tuition, education and textbook amounts, the new Canada Caregiver Amount, moving, medical expenses and charitable donations planning, changes to brackets, rates, clawbacks.

Retirement Planning.  Featuring a checklist of compliance milestones for 2018, documentation checklists and strategies for retirement and estate planning to discuss with your clients and a special report on changes to the Voluntary Disclosures Policy.

Evelyn Jacks, President, Knowledge Bureau, MFA™, DFA-Tax Services Specialist™

9:30 - 10:30
TAXATION OF PRIVATE CORPORATIONS – A NEW REGIME PART 1

This session will examine the tax proposals contained in the July 18, 2017 Finance release on the taxation of private corporations, with a particular analysis of the tax integration models with respect to active and passive income.  The proposed changes are far-reaching and will affect corporate wealth accumulation and distribution.  In some cases, the effective tax rates on certain passive income will hit 73%, and 93% on the death of certain non-active shareholders of such private corporations.  It will be critical for the advisor to understand the inter-play of these new proposals and position their clients to make the right decisions on a go-forward basis.

Content will include examples and calculations of active and passive integration models and recommendations to minimize tax.  In particular, case study examples will be presented to illustrate the concepts and set out the implications for existing corporate structures with a look at the “before”, the “after” and the “now”.  Discussions will cover whether a new “V-Day” will become relevant, with corporate valuations designed to crystalize existing fair market value due to proposed capital gains exemption changes.  Implications on a go-forward basis will be examined as will the tax issues connected with respect to the existing value within the private corporation.

Larry Frostiak, FCA, CFP, TEP, Knowledge Bureau Faculty Member

10:30 – 10:45
NETWORKING BREAK AND SPONSORSHIP FAIR
Part 2
BEST PRACTICES: MANAGING CLIENT RISK
10:45 – 12:30
TAXATION OF PRIVATE CORPORATIONS – A NEW REGIME PART 2

This session will examine the particular mechanics of the July 18, 2017 Finance proposals, including
• Restrictions on the ability to income-split with family members who are shareholders in the corporation;
• Restrictions on the use of the Lifetime Capital Gain Exemption;
• Strategies which might be used including crystallization of existing gains, a possible roll-out of shareholdings held through a family trust, valuation issues, and Alternative Minimum Tax (AMT) implications; and the new deemed dividend rules affecting capital gains and the related Sec 84.1 issue

Discussion will also include proposed new income-splitting tests associated with “reasonableness”, “contribution” to the business and “capital invested” in the business.

WHY IS THIS PROGRAM ESPECIALLY TIMELY?  There may be an entire “paradigm-shift” in the planning models currently used for privately-owned corporations.  Up to now, owners have utilized privately-owned corporations to income-split and capital gains split with adult family members.  This type of planning may well have come to an abrupt end.  There will be a great deal more uncertainty in implementing any form of planning and in remunerating family members of a privately-owned corporation.  This session will examine the boundaries and provide guidance and interpretation of these new proposals. in context of “what was”, the “go-forward” options and the possible transition to a new model.  Case Study examples will be featured to illustrate the concepts and to provide numerical analysis of the tax implications.

Larry Frostiak, FCA, CFP, TEP, Knowledge Bureau Faculty Member

12:30 - 1:00
MEET AND GREET NETWORKING LUNCH
1:00 - 2:00
FAMILY DEBT MANAGEMENT

Good Debt vs. Bad Debt? What is the effect of Debt on Wealth Management now that interest rates are going up?  What can advisors do to properly prepare clients for a more expensive future?  Assemble data to build a a projected net worth statement,assess financial stability  and provide guidance on tax-efficient cash flow management.  Learn how to incorporate professional advice on this critical topic in 2017:
Managing Debt through Life Milestones – Advisors will learn what are tax consequences on your gross earnings, how can spending be impacted with a better plan throughout different life changes.  Finding new money to pay down debt using RRSP’s, TFSA’s and other strategies to prepare for retirement. 
Managing Consumer Debt – For families, consolidation of different lines of credit, student loans and credit cards to finance life events is a key ingredient to solvency and savings.  The advisor should be instrumental in helping clients choose the right debt and achieving better credit scores.
Presenting Debt Reduction Solutions – How to consolidate debt in various stages of life cycles: Students, Families and Seniors.  Tools: Debt Reduction solutions Calculator

Marcia Elaschuk, DFA-Business Services Specialist, Knowledge Bureau Faculty Member

2:00 - 2:45
MANAGING SPECIFIC DEBT SOURCES

Mortgages: A better mortgage reduction plan – How much is affordable, what to do when it’s unaffordable, what should your debt to asset ratio be?  When to borrow against equity: converting non-deductible debt to deductible debt.  Tapping into equity in retirement.
Vehicle Loans & Leasing -  should you own or rent?  This is an important question all advisors need to answer for their clients.  The after-tax results are a critical piece of the puzzle.  Understand hidden fees, and add-ons at purchase and on disposition. Tools: Income Tax Estimator, Take Home Pay Calculator
Business Debt – Understanding the cash flow statement of a business and what lenders look for in accessing creditworthiness of a business.  What ratios are important for a business to maintain; Debt Ratio, Debt Service Coverage ratio, Current Ratio, Quick Ratio and Receivable Turnover.
Active and Working Cash Flow – Identify fixed and variable costs in a typical family balance sheet when things change.  How the difference between active and working cash flow used to grow family wealth is important.  How do we add in life insurance, disability, critical illness to manage risk to assets and debt?  Tools: Financial Assessment Calculator

Marcia Elaschuk, Knowledge Bureau Faculty Member

2:45– 3:00
NETWORKING BREAK AND SPONSORSHIP FAIR
Part 4
ROUND TABLE: VOLUNTARY DISCLOSURE PROGRAM CHANGES
3:00 - 3:30
BIG CHANGES ARE COMING

Big changes are coming to CRA’s Voluntary Disclosures Program (VDP).  The changes are broad-based and indicate a shift away from an opportunity for taxpayers to come forward to correct errors and omissions in a self-assessment system, to the use of  the VDP to generate revenues at a modest cost to government.  Anyone with errors or omissions to correct should act now, while the current, more lenient rules are still in effect.  Soon CRA will be using some of its close to $1 billion in new funding to crack down on tax cheats.  But, in the process it will limit the breadth of the VDP. 

In addition, the CRA will narrow the criteria for who is eligible for penalty and interest relief and make the pre-payment of the estimated taxes and interest owing will become a condition of qualifying for the program.  Learn more about managing errors and omissions when your clients find themselves offside with CRA.

3:30 - 4:15
BUILDING RELATIONSHIPS IN YOUR KNOWLEDGE-BASED PRACTICE

How do you become a better leader in building your business and guiding the people you work with.  Learn invaluable tips in executing on a personal leadership journey that will build your income, your equity and your relationships with clients and colleagues.

4:15 - 4:30
CLOSING REMARKS AND CERTIFICATION

Verifiable Credits – 6.5  Non-Verifiable Credits – 3.5