DAW Special Report

Hundreds of leaders in the tax and financial services took part in a significant educational event last week:  transition planning featuring the new federal budget provisions including the Graduate Trust Estate rules. 

Articulate, award-winning instructors led students through the new laws, citing experiential case studies and examples, and challenged the tax and financial advisors in the audience to re-think their value propositions in light of the significant new opportunities that arise in personal tax planning for multi-generations.  The cross-country tour, which wrapped up in Toronto on Monday June 22, was an outstanding pre-cursor to the Distinguished Advisor Conference showcase, being held November 8 - 11.

Knowledge Bureau was pleased to invite three outstanding sponsors to the program – Farber Financial Group, TaxCycle and Intuit, each of whom contributed to the practice management topic selections:   relationship management with CRA, advances in the paperless office, and compliance through cloud accounting.

From a tax theory point of view, attendees across the country were treated to a full line-up of outstanding speakers presenting on all aspects of Transition Planning—tax, legal, financial, and the softer side of working effectively with clients in this area. Delegates were pre-engaged on the wide range of topics covered, with selected research topics in EverGreen Explanatory Notes, and then participated in lively discussion to uncover new new strategies to share with their clients and build referrals. 

Some of the highlights:

• Evelyn Jacks, founder of the Knowledge Bureau, shared an enlightening overview of major changes in the April 21 federal budget. Many of these changes offer significant opportunities for families and retirees, making this an excellent time to have a transition planning or succession planning discussion with your clients.
• Elise Pulver, a partner with Aird &Berlis LLP’s Tax Group and a member of the firm’s Estates & Trusts Group and Wealth Management & Succession Planning Team, discussed innovative ways of using trusts and primary and secondary wills to minimize probate taxes.
• Greer Jacks was present in Vancouver for a steadfast review of Use of Trust  principles under the new environment as an overlay to explaining the new rules.  Greer will complete the update of the Knowledge Bureau course of the same name later this month.   Walter Harder and Evelyn Jacks embellished on their considerable experience in personal tax preparation to deliver a T1 terminal return primer in this growing area of demand for tax practitioners.
• James Bell, Director of Tax Solutions Canada (a member of Farber Financial Group), gave a rare glimpse into the inside workings of the Canada Revenue Agency. With over 22 years in various roles at CRA (including audit, collections, and others), James revealed some little-known tips and tricks for working with and around the CRA’s policies and procedures.
• David Christianson of Christianson Wealth Advisors and Vice President of National Bank Financial, led us through case studies and best practices of working with asset-rich clients, with an emphasis on advising families throughout life and through multiple generations, ongoing wealth management even after a client’s death, and the role of the advisor and of a multi-advisor team. David is again Master of Ceremonies at this year’s Distinguished Advisor Conference, back by popular demand, and once of Canada’s top 50 wealth advisors.

Stay tuned for video stories featuring our DAW speakers, sponsors, and even stories from our delegates, who shared their secrets for success in growing their practices and influence with multi-generations in the family. They’ll be airing on the Knowledge Bureau Network in just a couple of weeks.