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As baby boomers age, technology makes it possible for people and businesses to operate globally, and economic changes make it appealing for people and businesses to purchase investment property globally. As well as the increase in the sharing of financial information between countries, cross border taxation issues become key for cross border employment, entrepreneurship or asset ownership, as does the issue of residency and U.S. citizenship.
New Course Alert: The Digital Practitioner Course (Your Guide to Remote Work)
When the pandemic hit, there was a natural surge in employees working from home.
In Canada, the percentage of *core-age employees working from home was about 43% in May 2020.
As the pandemic subsided, in December 2021, 26% of core-age employees in Canada worked from home, compared with 13% in the United States. Majority of people who are working remotely—want to keep it that way.
Disabled people represent the world’s largest minority. There are 1.1 Billion people in this category around the world and the reality is that this is a minority group everyone has the potential to join – any time. Planning for incapacity is therefore a prime-of-life topic that advisors must raise proactively in order to maximize the opportunities for preparedness and importantly, the assistance that may be available through the tax system.
In Canada, as in many advanced economies, the age group that grew the fastest in recent years was those aged 65 and over. That’s not pandemic-related, it’s simply the aging of the baby boomers. Those over 65 tend to have the lowest labour force participation rate, and that has been pulling down the growth of Canada’s labour force in recent years, according to recent remarks by Tiff Macklem, Governor of the Bank of Canada. In addition, many small businesses in Canada are owned by Baby Boomers. There’s a potential problem if Baby Boomers own a business and plan to use the money they’ve invested to pay for their retirement years.
Nothing like a positive headline to grab your attention. The Financial Post article goes on to say: It’s been a miserable year for the global economy. And things could get worse with a mild recession potentially on the horizon. In an extreme downside scenario, this could wipe out US$5 trillion in global output, according to Bloomberg Economics. So, what to do?
There is no doubt your clients are interested in knowing how to inflation proof and recession-proof their wealth and navigate successfully through emerging risks from the CRA.
To accomplish the former, advisors must have broader knowledge on upcoming tax changes and how astute investment planning in a very new economic environment can help clients maximize after-tax income and reduce capital erosion.
Do you believe Canada’s tax system based, on self-assessment, has suffered under recent changes at CRA and by Finance Canada? If so, what is the one wish you have for tax reform?
As baby boomers age, technology makes it possible for people and businesses to operate globally, and economic changes make it appealing for people and businesses to purchase investment property globally. As well as the increase in the sharing of financial information between countries, cross border taxation issues become key for cross border employment, entrepreneurship or asset ownership, as does the issue of residency and U.S. citizenship.
New Course Alert: The Digital Practitioner Course (Your Guide to Remote Work)
When the pandemic hit, there was a natural surge in employees working from home.
In Canada, the percentage of *core-age employees working from home was about 43% in May 2020.
As the pandemic subsided, in December 2021, 26% of core-age employees in Canada worked from home, compared with 13% in the United States. Majority of people who are working remotely—want to keep it that way.
Disabled people represent the world’s largest minority. There are 1.1 Billion people in this category around the world and the reality is that this is a minority group everyone has the potential to join – any time. Planning for incapacity is therefore a prime-of-life topic that advisors must raise proactively in order to maximize the opportunities for preparedness and importantly, the assistance that may be available through the tax system.
In Canada, as in many advanced economies, the age group that grew the fastest in recent years was those aged 65 and over. That’s not pandemic-related, it’s simply the aging of the baby boomers. Those over 65 tend to have the lowest labour force participation rate, and that has been pulling down the growth of Canada’s labour force in recent years, according to recent remarks by Tiff Macklem, Governor of the Bank of Canada. In addition, many small businesses in Canada are owned by Baby Boomers. There’s a potential problem if Baby Boomers own a business and plan to use the money they’ve invested to pay for their retirement years.
Nothing like a positive headline to grab your attention. The Financial Post article goes on to say: It’s been a miserable year for the global economy. And things could get worse with a mild recession potentially on the horizon. In an extreme downside scenario, this could wipe out US$5 trillion in global output, according to Bloomberg Economics. So, what to do?
There is no doubt your clients are interested in knowing how to inflation proof and recession-proof their wealth and navigate successfully through emerging risks from the CRA.
To accomplish the former, advisors must have broader knowledge on upcoming tax changes and how astute investment planning in a very new economic environment can help clients maximize after-tax income and reduce capital erosion.
