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A thorough analysis of today’s financial news—delivered weekly to your inbox or via social media. As part of Knowledge Bureau’s interactive network, the Report covers current issues on the tax and financial services landscape and provides a wide range of professional benefits, including access to peer-to-peer blogs, opinion polls, online lessons, and vital industry information from Canada’s only multi-disciplinary financial educator.

This Week’s Edition of KBR:

October 2023 Poll

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Understanding Terminal Losses

At a time when money is in motion, the buying and selling of assets can result in complex tax treatment.  It’s important for tax advisors to work together with clients who are in these processes and bring in the right stakeholder group of legal and financial advisors to close on these transactions.  The tax consequences should always form part of informed negotiations.  In this excerpt from Evergreen Explanatory Notes, we present a primer on terminal losses.

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Proposed AMT: Wealth sustainability at risk for both HNW Donors & the Community

Most donors with higher net worth portfolios know that donating appreciated publicly traded securities, and other financial instruments such as mutual funds, segregated funds, and exchange traded funds, is a great way to amplify giving potential with tax savings.  It’s a triple win: a leveraged opportunity to  support community causes and a great tax and estate planning opportunity for the taxpayer and their survivors.  But there are tax clouds on the horizon.  Wealth managers, and in particular RWM™ (Real Wealth Manager) and MFA-P™ Designates are well positioned to help assemble a multi-stakeholder solution, but need to take action now.

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Break Free to Transformative Change

Fifteen outstanding organizations have come together to support the 20th Annual Distinguished Advisor Conference November 12-14 at the beautiful Banff Springs Hotel. You don’t want to miss hearing from the thought leaders representing these fine organizations with mission critical topics to the theme:  Imagine – Break Free to Transformative Change.  

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Adapting to the Generational Wealth Gap: A Call to Financial Advisors

In this final installment of our three-part series on the financial challenges facing younger generations in Canada, we delve into the role financial advisors can play in guiding their clients through these tough economic times. In the first part of the series, we analyzed the alarming rise in consumer and business insolvencies, particularly among younger Canadians, drawing attention to the gravity of the situation​​. The second part of the series provided insights into the potential benefits of referring financially struggling individuals to Licensed Insolvency Trustees, rather than resorting to immediate bailouts. Now, in this third part, we explore how financial advisors can become better equipped to advise their clients on managing debt and planning for future financial security.

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Buying and Selling Cars? Get Some Tax Advice

Cars are hot commodities these days. While auto sales declined by close to 8% in 2022 over 2021 this year is much brighter for auto dealers, with a 4.4% increase in sales in the first quarter.  The forecast for North American auto product is also good – expected to rise by 9.3% to 15.5 million units in 2023.  Buying and selling cars has tax consequences for taxpayer who take auto write-offs, and the rules are complicated in particular for Capital Cost Allowances (CCA) claims, recapture and terminal loss.  In this report, we’ll zero in on existing car disposals.

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