Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

Advisors should be aware of the definition of principal residence and the Canadian tax implications regarding the sale of a principal residence. Awareness of the provisions outlined in this article will provide detailed information about qualifying for the principal residence exemption and calculating the optimal time to dispose of capital real property. This is part 1 of a 3 part series on the topic.

While it may be politically popular to consider raising corporate tax rates, it is the opposite that may be needed to get back to economic health in Canada. At least according to the authors of a new report on tax competitiveness, Philip Bazel and Dr. Jack Mintz who will share wisdoms on October 18 at DAC Acuity 2021. The report, entitled “2020 Tax Competitiveness Report: Canada's Investment Challenge” share some startling facts about Canada’s current economic malaise and offers solutions:

It’s a lucrative non-refundable tax credit many people miss out on, particularly those who are younger. The Disability Tax Credit has a real dollar value of about $1300 on the federal return for 2021.  The provision, however, may not be claimable, if long term care home costs over $10,000 are claimed as medical expenses.  Advocates for those who have suffered catastrophic disabilities believe neither of these tax provisions adequately reflect the economic hardship the individual and families endures in these cases. A true story from Knowledge Bureau Faculty Member Kareen Rekowski follows:

Do you have clients who want to develop a Winner’s Mindset about money to achieve financial independence on his or her own terms?  Treat them to a new Canadian bestseller, the second edition just published by Knowledge Bureau. Managing the Bull provides the secret sauce for financial decision-making in today’s uncertain times for a simple reason.  It is written by a trusted advisor with over 35 years real experience advising real people and educating thousands more:  Mr. David Christianson, BA, CFP, R.F.P., TEP, CIM

Many ultra-high net worth families have implemented a ‘family office” to focus on a collaborative and holistic approach to their wealth management.  Famous examples include the DuPont, J.P. Morgan and Rockefeller Families. Now, this concept is democratized in the new  Real Wealth Management™ Designation Program. Available this month, the new program brings required technical expertise, new conversation guides and a consistent practice management framework to formulate a strategic plan like minded professionals can work cohesively with as part of a client’s “outsourced” family office.

Knowledge Bureau Designate, Maria Cheng shares how she believes that education is a life-long activity. Confident and trusted advisors, she says, should always equip themselves with current knowledge and skills to cope with a changing dynamic world. She also mentions that using collaboration and delegation skills properly increases team spirit and strengthens the trust relationship with clients. See what she had to say about her experience with the Real Wealth Management™ program.