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:

It’s Financial Literacy month! Help your clients assess risk and return as a more effective financial educator. The goal is better joint decision-making in managing family wealth. Learn conveniently online and qualify for 30 CE/CPD credits before year end. Enrol in Financial Literacy: Assessing Risk and Return by November 13 and save $200 on tax deductible tuition fees.

Financial Literacy month at Knowledge Bureau includes tools to map out your financial future with the Financial Assessment Calculator. Take a free trial!

According to the Bank of Canada’s Monetary Policy Report released this month, the Canadian economy is expected to grow by a lackluster 1.6% in 2013, 2.3% in 2014, and 2.6% in 2015, and to reach full production capacity around the end of 2015. 

CRA has just issued a revision to Form T1198 Statement of Qualifying Retroactive Lump-Sum Payments, which is completed by the payer of qualifying amounts.  

Residents of Canada must file tax returns to report world income in Canadian funds. That means taxpayers will need to gather documentation to report offshore earnings — and new for 2013, more specific information about income earned by offshore assets with a cost of $100,000 or more.

Retirement planning may begin for you–quite unexpectedly–with the receipt of a retiring allowance or severance package from your employer.