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:

Ensure you and your staff provide your clients with the most accurate and current tax information and services. Our T1 Professional Tax Preparation – Basic course now includes the latest tax changes for the 2013 and 2014 tax years, including announcements made in the February 11, 2014 federal budget.

With EverGreen Explanatory Notes, you have an indispensable wealth of resources at your fingertips when interacting with your clients. Buy a 3-month subscription ($199) and increase your Irish luck with a FREE 3-month Calculators subscription ($249 value!).

On February 23, the same day Canadians watched their men soar to gold in hockey over Sweden, the G20 Finance Ministers and Central Bank governors reported ten points of great news from their meeting in Sydney, Australia.

Don’t forget the RRSP contribution deadline of March 3, to maximize your 2013 RRSP deduction and reduce net and taxable income.

G & J Muirhead Holdings Ltd. v. The Queen (2014) TCC 49, a recently released judgment from the Tax Court of Canada (TCC), serves as an important reminder to all taxpayers that rely on the corporate status of their small business for favourable tax treatment: the personal services business distinction could cost you. 

Are you making choices between investing in a TFSA or an RRSP? Which should come first?