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:

The Finance Department is proposing alternatives to the taxation of passive income earned in a private corporation. This will dramatically alter after-tax income results, essentially taxing the income earned by corporate investing at the top marginal rates and then taxing distributions once more at personal tax rates. 

Day trading is effective for RRSPs and RRIFs accounts but not for TFSA investing activities. This doesn’t seem to be a logical strategy on CRA’s part, seeing as it is currently looking for millions in penalties and interest from investors who didn’t understand the rules.

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”  —Steve Jobs

Be sure to make room on your calendar to join us this fall in Kelowna, November 5-8, for the absolute best educational experience of the year, packed with cutting-edge programs. 

The financial industry is truly at a crossroads of change. We feel pressure from disrupting forces like fintech and advisor-bots. Our clients need us more than ever, but they have concerns about our professionalism following the financial crisis of 2008. And we put pressure on ourselves to stay competitive and knowledgeable. But these are the kinds of challenges that we as entrepreneurs live for. They’re what make us survivors.

Robbyn Swiscoski sings her praises of the T1 Professional Tax Preparation – Advanced Course