Tax Shock Adds to Family Heartbreak

Last month the sad story of an Ontario family who suddenly lost both parents in 2024 was shared in Burlington Today.  The tax outcomes were just as shocking as the two deaths from unrelated causes.  There was a cottage, a large RRSP and a big tax bill.   Some of the outcomes could have been mitigated with some planning.   I sat down with CTV’s Pat Foran to discuss the outcomes – with a message important to family planning.  

In an increasingly global economy, more and more Canadians find themselves vacationing, owning property, and earning income in the U.S. If your client has financial stakes across the border, it’s important to know the tax implications associated with them. This can include cross border contract work and owning and renting vacation properties.

Don’t miss the opportunity to both plan with your high net worth clients, and weigh in with Finance Canada on two important tax changes proposed in the 2019 Federal Budget. The proposals impact employee stock options and annuities. To provide your views diarize the following deadlines and ensure you act soon: September 16 in the case of Employee Stock Option Plans and October 7 for the new annuity options.

Freedom 55 for Boomers? Unfortunately not.  Canada’s average age of retirement is on the rise. The average age across all retirees in Canada was 63.8, rising steadily from 63 years of age in 2014, according Statistics Canada*. Who is working longer – employed or self-employed people? The trends are interesting and speak to the need for proactive planning.

Will the current income inclusion rate of 50% for capital gains be increased to 75% after the next federal election? It’s an idea that’s been floated by at least one of the parties and a bad one at that, says the vast majority of KBR July poll respondents. Many are especially concerned about a lack of fairness, and a dire impact on the Canadian economy, and they had plenty to say about that.   

Tax knowledge matters. It’s the hot value-add for anyone in the business of providing financial advice. Two new reports highlight why: the tax burden of the average Canadian is significant, and helping your clients understand key tax savings opportunities matters when implementing sound wealth management strategies today.

Good leaders are hard to find. It’s a secret ingredient for business and career growth because these skills can help you navigate the significant changes that are occurring in the economy today. Why does it matter? Because you will be better able to grow a highly engaged team for your mutual success. It's the key reason why the Business Builder Retreat (BBR), this November in Puerto Vallarta, is such an important learning opportunity. You’ll be treated to the wisdoms and experience of Knowledge Bureau author of the course Business Leadership, Culture, and Continuity, Joanne Sigurdson who will be joined by 7 other compelling speakers and holistic health practitioners to enlighten you as you build your strategic leadership skills.