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:

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Affluenza is a problem!  What challenges do advisors face in building wealth for the children of their clients, especially in the case of high net worth clients?  

The RRSP is the most versatile vehicle available for tax planning for most Canadians although it is often poorly utilized. The RRSP Savings Calculator provides quick answers about the potential tax savings that can be obtained through an RRSP contribution as well as the consequences of borrowing to make that contribution.

On June 12, 2013, the Federal Court of Appeal released its decision in Canada v. Guindon (2013 FCA 153). The issue to be determined was whether advisor penalties levied under Section 163.2 of the Income Tax Act (the “Act”) created an “offence” within the purview of Section 11 of the Canadian Charter of Rights and Freedoms (the “Charter”).

On June 20, the Honourable Ted Menzies, Minister of State, Finance, announced that the selection process for the first Financial Literacy Leader of Canada was officially underway.