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:

CRA has been prolific recently, releasing its 2015 T1 General Income Tax and Benefits return, its schedules and auxiliary tax forms, together with accompanying guides and pamphlets. To get through them all is a challenge; so is understanding the volume of changes for the 2016 tax year.

CRA is saying “Happy New Year” by launching two new mobile apps: one for individuals and one for businesses. Taxpayers and their advisors may want to check them out. Individual taxpayers can now securely view certain information from their MyAccount data on a mobile app called MyCRA; for example, their notice of assessment, and RRSP and TFSA contribution room are all accessible to them on the go. They can also find out the status of their tax return – just how long that refund is going to take, and information about their social benefits and tax credits.

Last week, KBR took a look at the case of Blue v. the Queen in the Tax Court of Canada, in which the deductibility of support payments was challenged by the CRA. The leading case on the matter of deductible support payments is The Queen v. McKimmon [1990]. The following commentary summarizing the criteria was submitted by Greer Jacks.

Be curious. Enjoy the process. Marvel at life and its richness as you go along. Dr. Susan Biali, M.D.

Learn all the details behind the lines on the 2015 T1 return. But hurry: registration ends Friday January 15.  Designed for the busy tax and financial professional, Knowledge Bureau’s Advanced Tax Workshop is custom-designed to provide the most recent advanced updates from CRA and Finance Canada and to shake out the cobwebs in time for tax season. Ideal for training new and returning staff, too.

The time is now to earn a diploma as a Certified Personal Tax Practitioner. These professional credentials offer you the chance to have a current and well-rounded educational experience and get work in a career that’s in high demand.