Tax Avoidance, Financial Stress & Well Being

Earlier this month, Statistics Canada published a report titled Stretching the Loonie: a time series analysis of financial difficulty and quality of life. The report is based on a nation-wide survey and the results are concerning. They reveal a serious trend and it is possible this is contributing to the late filing trend we are seeing this tax season.

With recent changes to the taxation of trusts, more beneficiaries may find themselves reporting trust income personally, when they are in a lower tax bracket than the trust itself. Executors, too, need to be informed about the best planning strategies. For these reasons, tax advisors must prepare themselves to answer questions about trust filing and planning.

Tax and financial advisors need to pay attention to cross-border taxation issues for Canadian clients who have real estate or financial assets in the US, and for US citizens who live in Canada or face the real possibility of legal action for any failure to report to either government. The Distinguished Advisor Workshops (DAW) being held in six cities May 29 to June 6 will cover the most pressing questions advisors have in this area, together with detailed analysis of the March 22, 2017, federal budget.

It's time once again for our skill-testing financial trivia contest—your chance to win a free registration to DAC in beautiful Kelowna, British Columbia, where this year’s theme will be CANADA 150: Financial Advice at the Crossroads of Change.

Making new progress and refreshing your knowledge: Lori Campbell, Master Financial Advisor, Manitoba

“Money is the sixth sense that makes it possible to enjoy the other five.” - Richard Ney

The Devil Is in The Details:  Budget 2017 Gives to Some, But Small Business Pays More Again.