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:

Income from both domestic and foreign sources must reported on the Canadian tax return by residents of Canada. Starting with the 2013 taxation year, the CRA will require Canadians holding foreign property with a cost of over $100,000 to file out a new, enhanced Foreign Income Verification Statement (Form T1135).

Planning for caregivers of the sick and the disabled is an important role for Real Wealth Managers™ who are well connected to their clients. Often the biggest concern for caregivers is the maintenance of income sources while they give care to their sick loved ones.

How will the continued weakening of the Canadian Dollar affect personal and family net worth? It’s an important question, especially for families who have recently purchased US property and are forced to pay soft costs with a diminishing currency.  Planning is required.

CRA will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding. A federal business return filed by August 2, 2013, will be considered as filed on time.

If you’ve lived in a prescribed northern or intermediate zone for a period of at least six consecutive months beginning or ending in the tax year, you may be able to claim the Northern Residents Deduction on Line 255.  Not sure if you qualify? 

Alan Rowell, MFA, DFA-Tax Services Specialist, shines a light on a new communications issue at CRA...how would you advise a client with this problem?