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:

Cybersecurity is an issue all tax and financial advisors may find themselves answering questions about this tax season.

Canadians who work with financial advisors are better off financially than those who do not, and many clients feel that their advisors add more than just financial value, impacting many aspects of their lives. That’s the good news. The bad news? Only 36% of clients said they would stay loyal to their advisor’s business when the advisor retires; in fact, about 50% are prepared to walk when you retire.

The beauty of a Virtual Campus is that you can enrol and study with Knowledge Bureau any time, 24/7. However, our head office staff will be taking a well-deserved family break from noon December 24, returning bright and early on January 4.  We are grateful for their hard work and dedication and thank them sincerely for their passion in serving you – our cherished clients – all year long.

CRA released its personal tax credits return on November 27 with few surprises.

Recently a group of professional organizations, including the Society of Trust and Estate Practitioners (STEP), expressed their concerns about amendments to the Income Tax Act (the Act), which received Royal Assent on December 16, 2014. The provisions, related to subsection 104(13.4), the tax treatment of trusts, come into effect on January 1, 2016. The Department of Finance responded to those concerns in an open letter on November 16, 2015, a summary of which follows.

The assets controlled by today’s 34-year-olds will quintuple in coming years, but only 17% of adult children have a relationship with their parents’ advisors. Ignoring them may be one of the most significant mistakes today’s advisor may be making.