The Great Reboot:  Year End Tax Planning Critical for 2021

Beth Graddon

Tax year 2021 may represent the year millions of Canadians made a significant career shift and with that comes a new tax filing profile. Astute tax advisors will make it their business to consult with clients early, especially if new employment and self-employment trends hold true in their communities.

A recent study by Robert Half repots that 62% of Canadians have felt suck when it comes to salary and career growth during the pandemic, and others have been feeling burnt out. One in three study participants who have been working remotely during the pandemic feel they may quit their jobs if they’re required to return to the office full-time. Career and lifestyle transitions are important triggers for tax advisors to touch base with clients and focus on proactive planning.

An upcoming live, virtual event from Knowledge Bureau will help professionals prepare for this great reboot. The November 10, 2021 Virtual CE Summit will address year-end tax planning for investors and owner-managers. Check out the comprehensive agenda and be sure to enrol by the November 3 early-bird deadline.

AGENDA

YEAR END TAX PLANNING FOR INVESTORS AND OWNER MANAGERS

NOVEMBER 10, 2021

NEW TO THE KNOWLEDGE BUREAU AUDITORIUM?

JOIN US FOR OUR REHERSAL FOR DELEGATES NOVEMBER 9 @ 8:30 AM OR 5:00 PM CT

8:30 AM

Central Time

Log into the KB Auditorium: Virtual Welcome

8:30 – 8:55 AM

Central Time

LET’S TALK! Network with your “Tax & Financial Pro Support Group” and share stories about the issues you and your clients face in your industry.

9:00 - 9:45 AM

Evelyn Jacks

MFA™, RWM™,

DFA-Tax Services Specialist™

SESSION 1 PERSONAL TAX UPDATE AND YEAR END INVESTMENT STRATEGIES

This comprehensive update will provide you with the latest information on personal tax changes for 2021 and 2022 and overview year end investment strategies for individuals of all income levels. Of particular note are medical and donations strategies before year, strategies for investors, seniors, students, parents and caregivers. The key insights and tax provisions in Canadian Fall Economic Statements and Reports on Global Wealth Trends will be highlighted so that you can best advise your clients on planning for opportunities and threats to sustainable wealth.

9:45 - 9:55 AM

CHAIR YOGA STRETCH

Sponsored by: Home Trust

9:55 - 10:35 AM

Dr. Dean Smith

Ph.D., CFP, TEP, CPA, CA, RWM™

 

SESSION 2 NEW REALITIES: OWNER MANAGER COMPENSATION PLANNING

Higher taxes on wealth are on the horizon. In this important session, learn critical year-end tax planning strategies for corporate owner managers with investments and business in Canada and abroad. Special attention will be given to understanding family compensation requirements in the new post-election tax environment, including the tax treatment of salary, benefits and bonuses, including TOSI rules and how they are affected by potential pandemic supports audits. Planning using a holding company, trust and sale or transfer of a business before year end will also be discussed.

10:35 - 10:45 AM

COMMUNICATIONS BREAK

Sponsored by: Home Trust

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

10:45 – 11:30 AM

Dr. Dean Smith

SESSION 3: BRAIN DRAIN - CROSS BORDER PLANNING WITH PROFESSIONALS

The exodus of medical and other professionals is real as Canada contemplates higher tax rates at the top tax brackets as well as minimum taxes for those who use a significant number of non-refundable tax credits; in particular, donations. The issue: These clients must rely on their higher income streams to fund their retirement because it is difficult to build significant equity for sale or transition in their practices. Their alternative? Many are leaving the country to move south.

Find out what the tax calculations required for emigration to the U.S. is on Canadian tax returns as well as the opposite effect: what happens when Canadians return home and need to undo their departure taxes.

11:30-11:35 AM

COMMUNICATIONS BREAK

Sponsored by: Home Trust

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

11:35 – 12:30 PM

Alan Rowell

DFA-Tax Services Specialist, MFA-Succession and Estate Planning Specialist, RWM™

SESSION 4: PREPARING FOR THE SMALL BUSINESS OWNER RETIREMENT

Only 1% of Canadian business environment is made up of large corporations. The other 99% of business enterprises are small business owners that have a critical impact on the economy. But recent studies show that the pandemic has had a disproportionate affect on small businesses’ revenues, profitability and therefore the value of their potential retirement nest egg on the sale of this important asset. In this important overview, learn new strategies for structuring retirement income sources from government, registered and non-registered funds for a business owner who wishes to retire within the next 2 years, but has suffered the consequences of pandemic loss.

Additional Educational Resources:

12:30 - 1:00 PM

LUNCH BREAK

1:00 – 1:45 PM

Alan Rowell

DFA-Tax Services Specialist, MFA-Succession and Estate Planning Specialist, RWM™

SESSION 5: PREPARING FOR EXIT

What happens to unspent retirement income sources? What strategies can be used to maximize the after-tax value of remaining sources of income and capital? In a case study approach, learn how to best advise high net worth clients with financial and non-financial assets in the millions of dollars to better prepare their financial estates with sound tax efficient retirement and estate planning.

Additional Educational Resources:

1:45-1:50PM

COMMUNICATIONS BREAK

Sponsored by: HomeTrust

1:50-2:35

NICOLA ELKINS

CFRE, MFA-P™

CEO BenefAction Foundation

SESSION 6: CHARITABLE DONATION STRATEGIES FOR OWNER-MANAGERS

 

Charitable giving can be complicated and for these reasons is an excellent way for tax accounting and financial to add value at year end. In this informative session learn about the current and deferred gifting vehicles available to structure a sound year end charitable donations plan, which is particularly important in 2021 in anticipation of a new minimum tax. Topics include an overview of Donor Advised Funds, Public and Private Foundations and the use of deferred gifts in a strategic planning.

 

Additional Educational Resources: MFA-P™ Designation Program

2:35-2:45 PM

COMMUNICATIONS BREAK

Sponsored by: HomeTrust

Visit the Exhibit Hall and the Networking Area to meet sponsors and fellow attendees.

2:45-3:25

HOST: ALAN ROWELL, DEAN SMITH, NICOLA ELKINS, EVELYN JACKS

SESSION 7: THE SWOT: ADAPT, CHANGE AND THRIVE IN TAX SEASON 2022

The rules have changed. Much like when Henry Ford began the assembly line, the way your business is conducted has changed – forever. To succeed and flourish in the new reality, a new plan is necessary, and not necessarily the one that suits you, but rather, the one that suits your clients.

Most people hate “change”; but for advisors in the tax, bookkeeping and financial services the changes coming out of the pandemic require a re-evaluation of business models and plans, both for advisors and their clients. The choice is simple – adapt or become irrelevant.

In this vibrant round table discussion, learn how to revisit your value proposition in light of the new business reality with wisdoms from today’s speakers and your fellow delegates.

3:25-3:30 PM

CLOSING REMARKS