A Challenge for New Clients: How to Choose a Trusted Advisor

If you’re in business for yourself, you have a unique opportunity to build wealth in an asset class that others don’t have: equity in a business enterprise that some day may be sold for millions of dollars. In addition, that business can spin off income for family members that can provide significant tax advantages, done well. Understanding how to realize on this asset requires the help of a trusted financial advisory team. Who should be on that team and how do you find them? This is a challenge your next new business clients may wrestle with. Here are some tips on how you can open discussions to help them:

It was a close race with our most recent poll question, with respondents torn when it came to the question “Do you believe a potential anti-flipping capital gains tax on principal residences is a good idea?” This was a change proposed in the election and while the majority were in favour, most of the comments were in the negative, here’s what you said:

Trouble finding qualified help for tax season?  Canada’s most comprehensive and popular advanced tax update is now taking registrations for January 19 Virtual event featuring the “Tax Bible” – the popular name for the comprehensive desk top reference coveted by tax and accounting professionals from coast to coast.  This is the time to train staff in a new and improved hybrid live and online course to shake out the cobwebs and drill down on dark horses and news for filing 2021 tax returns.  

About 1.4 million Canadians are business owners under the age of 71 who are receiving some form of T4 income from their own companies, and there’s an opportunity to trigger massive tax savings with 7 extra deductions beyond what the RRSP offers. Why should your clients give that hard-earned cash to the CRA when it can be put to work in a tax-sheltered account in their name instead? Learn more at the first annual virtual Pension Conference for Accounting Firm Partners and their staff taking place on November 30, 2021!

Chelsey McEwen, BA, RRC, MFA-P™ shares her experience in perusing her MFA-P™ Philanthropy Designation.   She was  “looking for a focused approach to more niche planning that isn’t talked about that much in the industry.”  It may make good sense for you and your clients too.  Here’s why her insights matter:

It’s financial literacy month and that includes tax literacy.  High income earners, for example, will be interested to know that the RRSP maximum dollar limit - $30,780 – was recently announced for 2023. 

APPLY NOW: A $12.5M Retrain Manitoba Program that was just announced will reimburse Manitoba businesses up to $2,500 per employee for any training relevant to their industry and role.  Tax accounting and financial services business owners can use the money to train new and returning staff for tax season 2022, retroactive to April 1, 2021 will also be eligible to apply for reimbursement. Those who have trained their teams with Knowledge Bureau, and meet all other criteria, will be eligible for reimbursement through this program.