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:

Tax is a trigger for affluent families. They seek credible, trusted, and expert solutions to their investment strategies and expect to work with professionals who can increase returns with tax efficiency.

Richard Yasinski is a DFA-Tax Services Specialist and a Certified Financial Planner (CFP) who offers financial planning on the cutting edge. “What makes our firm unique is that we focus on not just financial planning, but tax planning, estate planning, education planning – all aspects of personal financial planning that I think everyone should be interested in.”

The prescribed interest rates for October 1 to December 31, 2015, remain unchanged on overdue taxes and tax overpayments, and for calculations of taxable benefits and shareholder loans. However, the interest rates on PLOI – Pertinent Loans or Indebtedness –have been reduced this quarter.

Service Canada has just announced the fourth quarter rates for Old Age Security.

Donor beware: A charity’s charitable status can be revoked if the charity does not maintain the direction and control of its assets when dealing with another foreign charity intermediary. This requirement was underscored in a recent case at the Federal Court of Appeal (FCA).

Canadians donated close to $11 billion to charity in 2010 according to Statistics Canada. Becoming more philanthropic and giving more to causes that are important to them, like the current refugee crisis or environmental issues, should be top of mind in year-end tax planning conversations, given the significant tax rewards associated with giving.