SESSION OVERVIEW:

Advisors must know the details behind emergency response provisions as diverse as tax filing deadline and remittance deferrals to the numbers behind increased refundable tax credits, RRIF withdrawal reductions and the $2000 per individual Canada Emergency Response Benefit. They must also be prepared to speak to the details of new guaranteed loan availability and a variety of new wage subsidies, all of which are taxable.

APPROACH:

A dizzying array of new financial measures has been introduced during the COVID-19 pandemic. They are worth over $200 Billion and affect income, debt and capital asset management for individuals and small business owners. However, new tax provisions are key to income relief but also pose the threat of subsequent audits. Advisors in the know will add significant value to their relationships with their clients.

WHAT YOU WILL LEARN:

• How, when, and for how long a client invests has a significant impact on wealth accumulation - which determines whether a client will have income for life and beyond
• Registered and non-registered accounts both have a role to play in client saving strategies, but it is important to understand how to do so
• Income and capital considerations are important aspects of using registered and non-registered accounts

LEARNING ACTIVITIES: To test the learning process, the student will answer multiple-choice questions and contemplate the role of the advisor.