Nine in 10 Business and Financial Pros Oppose Morneau’s Tax Proposals

By : Tamar Satov Posted in: Strategic Thinking, Federal Government, Financial Advisor, taxation, knowledge bureau, Evelyn Jacks, income tax, tax evasion, Small Business, Canadian economy, financial education, tax preparer, tax reform, proprietorship, financial planner, wealth manager, proposed tax changes, tax regulation, tax regime, Canadian small business, private business, business owners, tax in Canada, standards of living
Accountants, bookkeepers, financial advisors and business leaders are joining the chorus of dissent against Ottawa’s proposed tax changes affecting private corporations, warning of dire consequences to the Canadian economy if implemented, a Knowledge Bureau survey finds.

Poll Comment of the Month: Canadians Betrayed by Tax Proposals

VIA: Knowledge Bureau Posted in: Strategic Thinking, Federal Government, DAC, capital gains, taxation, knowledge bureau, Evelyn Jacks, income tax, Small Business, distinguished advisor conference, Canadian economy, inflation, tax changes, tax reform, tax rates, entrepreneur, tax proposals, passive investment income tax, Knowledge Bureau poll, Liberal government, layoffs, private corporation, proprietorship, Larry Frostiak, CE Summit, Knowledge Bureau CE Summit, Knowledge Bureau Distinguished Advisor Workshops
We received dozens of thoughtful, well-crafted comments to our August poll on the proposals to tax passive investment income inside a small business corporation at top personal rates. But this “Letter to the Government” submitted by Brad is a must-read.

Back to School Tax Tip: Understand and Use the RESP

By: Evelyn Jacks Posted in: Strategic Thinking, Federal Government, knowledge bureau, Evelyn Jacks, tax tips, RESP, back to school, tax deductions, CESG, post-secondary education, Registered Education Savings Plan, Canada Education Savings Grant, saving for education, tax benefits, Education Assistance Payments, investment earnings, RESP contribution limits, government assistance for education, tuition fees
Did you know that dentistry, pharmacy, medicine and law are the professions with the highest undergraduate tuition fees in Canada, ranging from $10,000 to $18,000 per year? The average tuition fee for all faculties is just under $6,000 a year. With this in mind, most families could find it challenging to fund their family’s lifelong educational needs. The Registered Education Savings Plan (RESP) can help.

7 Factors for Classifying Your Side-Gig Income with the CRA

By: Evelyn Jacks Posted in: Strategic Thinking, Tax Planning, CRA, Financial Advisor, knowledge bureau, Canada Revenue Agency, Evelyn Jacks, income tax, tax advisor, tax deductions, tax preparation for proprietorships, tax education, tax preparer, entrepreneur, self-employment, side gig, taxpayer, proprietorships, sole proprietor, self-employed income, business ownership, extra income
About 32 per cent of workers are starting their own businesses on the side for a variety of reasons — including 25 per cent of those who earn more than $75,000 and 19 per cent of those with income over $100,000. For tax purposes, it’s critical to know the difference between someone who is employed and someone who is considered self-employed.

Will Robo-Advisors Threaten the Future of Your Financial Services Business?

VIA: Knowledge Bureau Posted in: Strategic Thinking, Tax Planning, investments, relationship management, retirement planning, financial advisors, wealth management, tax advisors, financial services, investment advice, entrepreneur, innovative thinking, thought leadership, financial advice, future-proof, robo-advisors, value proposition, artificial intelligence, cyborgs, high-net-worth clients, complex financial issues, customer relationships, holistic advice, growing your business
As a financial advisor, you rely on technology to do your job effectively, but it’s also a disruptor in the industry these days. Robo-advisors are a force to be reckoned with, offering automated services that provide low-cost advice. Are they turning financial advice into a commodity? Will you be priced out of the market? How can you compete with robo-advisors?

Life Purpose – The Importance of Education

Posted in: Strategic Thinking
“Learning is not compulsory... neither is survival.” —W. Edwards Deming