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:

Got a toothache? Need more prescriptions? When you move up your medical appointments to before year-end, you may also increase your tax refund. That makes a visit to your dentist, eye doctor, or medical doctor a tax wise strategy at year-end.

I am excited about our upcoming national workshop tours with Cameron Peters, President of Trilogy Software, Larry Frostiak, FCA, and Alan Rowell, MFA, DFA-Tax Services Specialist.

With year-end tax planning now in our thoughts, one investment option to consider is the Tax Free Savings Account (TFSA). 

What happens with income earned after death? Most payments received by the deceased after death will have to be returned.

Training costs will not be deductible if they are considered to be “capital” in nature—that is, if they result in a lasting benefit to the taxpayer.

The Disability Tax Credit is lucrative—be sure to take the time to review the Disability Tax Credit Certificate (Form T2201) with your doctor.