Top Three Reasons to Grow Beyond a One- or Two-Person Practice

Tax, accounting, and financial services professionals are navigating a period of rapid change. New technologies, increasingly complex regulations, and growing client expectations are reshaping how advisory services are delivered. For many practitioners working alone or with very small teams, the challenge is not simply keeping up with technical change, but finding the time and capacity to manage growing demands while continuing to deliver high-quality advice. That is the focus of the Business Builder Summit on March 25, a live-virtual event designed to help professionals shift their mindset from practitioner to CEO of a growing advisory practice.  Why does growth matter? Consider three key reasons.

Last week, The Financial Services Regulatory Authority of Ontario (FSRA) sent an important reminder to Life Agents in the province to complete CE requirements or they may face regulatory action. It’s an important reminder for all industry professionals to get onside with CE now – and Knowledge Bureau has a great new educational solution: The CE Savvy Collections, which are Accredited with KB, Insurance Councils, Advocis and FP Canada.

Economic uncertainty, war, inflation, rising interest rates, market volatility and looming tax change – all have led to significant financial triggers to keep Real Wealth Managers on their toes. How can one person ensure that their client's holistic wealth plan is maximizing Real Wealth (sustainable inter-generational wealth after taxes, fees and inflation) when so many triggers occur at once?

Keep an eye on your email for your VIP access to enrol in Canada’s most-up-to-date income tax course…coming soon from Knowledge Bureau. This is a great course on personal taxation if you are new to the business as well as a solid refresher for experienced professional tax accountants. Learn the fundamentals of T1 income tax preparation and planning in this course as well as what has changed and what is coming for the next tax year. Today, we’re giving you a sneak peek...

Provincial Budget Season continues, and while the Yukon Territories had no new income tax measures to announce on March 2, Manitoba made a seismic shift, introducing significant personal tax cuts in their March 7 budget. Specifically, the Basic Personal Amount increased 38% to match the federal amount of $15,000 in 2023. If passed, the budget will bring inflation-fighting relief to Manitobans who will see reduced withholding taxes starting July 1. Further, tax brackets will move up 27.5% in the lowest tax bracket and 25.5% in the middle tax bracket in 2024.  Details below:

In the financial industry in Canada, we are fortunate to see an increasing number of women joining the industry, relative to other sectors, where the women and men are starting their careers at parity. However, men have historically been the beneficiaries of more career promotions, rising to the top faster than women, despite studies showing that women leaders create higher employee retention, increased engagement, and productivity within organizations.  There may be several reasons for this dilemma, including:

After eight consecutive rate hikes, the Bank of Canada held its key interest rate at 4.5% on March 8, as the Canadian economy appears to be on track for an inflation rate near 3% by the summer. That’s really good news for worried borrowers, in particular small business owners, who, according a CFIB survey, continue to be burdened by rising costs of running their businesses. A key issue this month for those with a side hustle is the cash flow crunch fueled by tax debt. Tax professionals can be important advocates.