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:Actions Speak in Employee / Independent Contract Disputes
In the recently decided case of Mallon v. MNR, the Tax Court of Canada provided further insight into the determination of the status of relationships: employee or independent contractor under the Income Tax Act (the Act).
Evelyn Jacks: The Groundhog, the Cupid…and the Link to Wealth Planning
It’s February, and that means that the Groundhog and Cupid vie for our attention. They seem to personify the challenge Canadians have with their fiscal balancing act: the ongoing lure to demonstrate love through wallets, with the fiscal obligations to spend and plan for our futures responsibility.
Grad Spotlight - Margaret Hodgson, DFA-Tax Services Specialist
Earning her DFA-Tax Services Specialist designation in 2007, Margaret Hodgson has been an active alumna of Knowledge Bureau ever since, regularly attending our live Distinguished Advisor Workshops and making the annual trip to the Distinguished Advisor Conference.
Reporting Foreign Pensions
Self-reported pension sources can include amounts received from foreign pension sources. Depending on the terms of the tax treaty between Canada and the country in question, some or all of that income may be deductible.
Maximizing Your Child’s RESP and CESG
I have a 13 year old son for whom I just opened an RESP in 2013. How much would I have to annually contribute to the RESP in order to catch up and maximize on the savings grant that the government contributes before my son turns 18?
The Tax Facts Guide that Will Help You Get the Biggest Tax Refund
Maximize your tax refund by ensuring you have claimed every credit possible. Check out this week’s Jacks on Tax Tip: Line 128 Support Payments...
