Virtual CE Summits:
September 30, 2020

Financial Fallout:
Tax, Audits and Bankruptcies

The financial fallout of the Pandemic will manifest itself in several ways this fall: tax auditing for individuals receiving the CERB and EI payments, estimated Canada Child Benefits, OAS and other government benefits, tax audits for businesses receiving wage subsidies and GST/HST tax filing relief as well as personal and business bankruptcy. As important, financial distress relating to family health care is at the forefront of planning.

Tax, bookkeeping and financial professionals who want to help clients weather these financial storms need to come up to speed on these issues. This important Virtual CE Summit is here to help.

Gain Broad Insights into The Financial Questions Top of Mind For Your Clients

Tax,bookkeeping and financial advisors who will be helping clients to navigate the tax audit requirements of the delayed 2020 tax filing requirements for individuals, seniors and business.

Why Is This Timely?

With tax filing and payment deadlines extended to September 1, auditing will begin in earnest around the end of September, with many clients having to repay estimated benefits advanced. Business owners who have take advantage of wage subsidies and loan programs will also have to start
their repayments. It is expected that
many will have trouble doing so.

Tuition Fees - Registration Offer

Buy an annual pass to attend 4 CE Summits. You pay $1,580 ($395 per event). Regular tuition is $695.

Plus, bring additional team members for only $195 each.

The Virtual Course

Included as part of this event, the online course component launches on September 15, 2020

The Virtual Event

Live on Zoom, September 30, 2020

Detailed Agenda

(Come back often as new details are released)

PART 1

HOW TO COMPLETE YOUR KNOWLEDGE BUREAU ONLINE COURSE COMPONENTS

Access your comprehensive Knowledge Journal, Quizzes and EverGreen Explanatory Notes in the Virtual Campus as soon as you receive your enrolment confirmation. Study at your leisure out of your favorite self-isolation space, or study using Microsoft Teams or other platform, with your business colleagues or staff. Check out your Virtual CE Summits Tuition Value Program and Prizes.

CURRENT ISSUES AND TRENDS IN TAX AND WEALTH MANAGEMENT

CHAPTER 1

The 2019 tax season is finally over today: September 30, the newest filing deadline. Now Canadians must pay their taxes due for last year and face a delayed tax audit season with the expensive costs that come with tax delinquency. Non-filers will lose refundable and social benefits and be required to repay them. And, with only 3 months left in 2020, there are tax efficient investments to make.

In addition, Canada now faces a $1Trillion debt and an annual deficit of close to $350 Billion – and that’s just at the federal level. There is the potential for new taxes on wealth. Come up to speed on the latest economic forecasts and tax changes for 2020 to advise your clients on their tax, investment and retirement options A checklist of the specific tax provisions for 2019/2020 reporting is included for use in your conversations.

CHAPTER 2

NAVIGATING EXTENDED PANDEMIC PROVISIONS AND HOW TO MANAGE WITHOUT THEM

Many of the various pandemic relief provisions introduced this spring have been extended, including two important provisions for business: the Canada Emergency Wage Subsidy and the CERB. Learn how to reach back and recover missed claims and manage and successfully navigate upcoming CRA audits of both. Most important, consider your role in helping your clients navigate – post-pandemic assistance – to move forward financially in their businesses.

BEST PRACTICES: MANAGING RISK TO YOUR BUSINESS

CHAPTER 3

A NEW FINANCIAL CONVERSATION: PERSONAL HEALTH RISK MANAGEMENT

The Global Pandemic has certainly raised awareness of the crucial need for quality long term care as people age, with people over 80 making up more than 80% of the nearly 9,000 Canadian deaths from COVID-19. Canadians are concerned about the care they (and their loved ones) will receive as they age. They recognize the need for financial strategies to incorporate health risks into financial planning. An overview of the various elder care options and choices available, the pros and cons of each including costs, together with various products to consider to help clients pay for their elder care will be discussed. Finally, this session will introduce talking points to help advisors have these important discussions with their clients.

CHAPTER 4

FINANCIAL FALLOUT: STEPS TO TAKE WHEN INSOLVENCY RESULTS

Using a case study approach, learn about the options available to your clients when debt becomes too much to handle and confidently answer the following questions: What does insolvency mean from a tax and legal perspective? What can be done beforehand to minimize damage
to a family’s net worth? Are there some assets that should not be touched to pay off debt – example, assets exempt from bankruptcy proceedings? Are there legal quagmires to avoid? For example, do your clients understand the ramifications of transferring assets to others
before formal proceedings begin; or the fact that avoiding CRA can result in a net worth assessment? What consequences do business owners face when they can’t pay back COVID-relief loans? What are the legal ramifications of declaring bankruptcy – personally and in the business? Are there options? Should the spouse own the family home to avoid a federal writ of execution?

CHAPTER 5

TAX AUDIT DEFENCE: INDIVIDUALS

Are you and your clients prepared to face the tax auditor? Who are the most likely clients in your book of business to be audited? What are the most likely provisions to be audited on individual tax returns for 2019? Those who are claiming home office expenses? CERB payments? Self-employment income? Find out how to face the tax auditor for your clients as you defend the numbers on their personal tax returns. A particular problem: real estate ownership in the U.S.

CHAPTER 6

TAX AUDIT DEFENCE: BUSINESSES

Small business owners have had a short reprieve from active auditing during the pandemic. But tax auditing has now resumed in full force. What are the most likely trouble spots for new and existing business owners? An array of examples of recent tax audit nightmares can help you be more proactive about winning against a formidable challenge for your clients as they struggle to resume their business operations in the pandemic crisis. A particular problem: navigating through net worth assessments.

THE RWM SOCIETY ISSUE: HELPING CLIENTS IN FINANCIAL DISTRESS

CHAPTER 7

The Practice Management Thesis (PMT)

We continue the saga: Our fictional family is coping with the financial fallout of their pandemic experience. Grampa age 85 survived a COVID diagnosis, his 55 year old daughter, unfortunately succumbed, but to cancer, in a tragic twist. Her 35 year old son, recovered from COVID, too, but is devastated. He is a new heir of all of his mother’s property and investments. Before her death, he started a fledgling business, as he lost his job, and now finds himself in the midst of his executorship for mom and doing double-duty looking after frail Grampa, who is also a cantankerous multi-millionaire.

This is a thoroughly spell-binding discussion that encompasses the technical and ethical standards to employ when relationships with families change due to incapacity and death. Find out how a true RWM™ model helps these two clients get what they are really paying professional fees for: financial peace of mind in a difficult time.

TESTING AND CERTIFICATION

Testing. Students will be tested on the quizzes at the end of Chapters 1 to 6 and receive 6.5 Verifiable CE/CPD Credits. They will be marked for their attendance and participation at the Virtual CE Summit event and pre-reading in EverGreen Explanatory Notes. For this work, students will receive 3.5 Non-verifiable credits, for a total of 10 CE/CPD Credits.

Certification. An electronic certificate will be provided at the end of all Knowledge Bureau Virtual Events for students who have completed both portions of the required work. Students who require more time to complete the online portion of the course may do so – final deadline is 15 days after the event.

ACCREDITATION

Students will receive accreditation for licensing of their designation marks with Knowledge Bureau, and for licensing with Insurance councils and pre-approval with IIROC for CECAP credits (# of hours to be provided when pre-approval is received.)

PART 2

INTERACTIVE ZOOM WEBINAR – SEPTEMBER 30

9:30 AM – 2:00 PM

(All times listed in Central Standard Time)

9:30 AM

Each Session includes a 25 minute presentation, then 5 minutes for Q&A and Polling.

Each Registrant must answer the Poll as part of the session to be eligible for CE.

9:45 AM

WELCOME AND OVERVIEW With Your Host Evelyn Jacks, President, Knowledge Bureau and Moderator Barbara McRae, CMP, RWM™, Strategic Events.

We look forward to sharing details on how the day will unfold so that you get the most out of our first ever Virtual CE Summit. We explain how the Q&A and Polling will work and will introduce the speakers and Agenda.

Evelyn Jacks is Canada’s most respected educator in tax and financial literacy, a best-selling financial author, a trail-blazing businesswoman and an influential business leader, having twice been named one of Canada’s Top 25 Women of Influence.

She is the Founder and President of Knowledge Bureau™ - a world class financial education institute and publisher which provides continuing professional development to tax, bookkeeping and financial advisory firms. Knowledge Bureau™ is the educational home to tens of thousands of graduates in the tax, accounting & financial services who have earned new credentials as specialists, based on the principals of Real Wealth Management™. This is a multi-stakeholder approach to family wealth management.

One of Canada’s most prolific financial authors, Evelyn has written 55 books, many of them best-sellers. Evelyn is a sought-after tax and financial commentator who appears regularly in MoneySense Magazine, and on national and regional networks including BNN, CBC, and Global to interpret breaking financial news.

10:00 AM

CURRENT ISSUES AND TRENDS IN TAX AND WEALTH MANAGEMENT

Evelyn Jacks

10:30 AM

THE ENDING OF PANDEMIC RELIEF PROVISIONS

Evelyn Jacks

11:05 AM

​A NEW FINANCIAL CONVERSATION: PERSONAL HEALTH AND RISK MANAGEMENT

Terri Williams, CFP

11:35 AM

BANKRUPTCY: EVERYTHING YOU NEED TO KNOW TO DISCUSS THE FINANCIAL FALLOUT

Vicky Doell, Licensed Insolvency Trustee at BDO Canada and Andrea R. Doyle, Thompson Dorfman Sweatman

12:05 PM

STRETCH BREAK AND COFFEE REFILLS

12:10 PM

​TAX AUDIT DEFENSE - INDIVIDUALS & BUSINESSES

Dr. Dean Smith

1:20 PM

SOCIETY OF RWM™ PANEL DISCUSSION: HELPING CLIENTS IN FINANCIAL DISTRESS

1:50 PM

​AUDIENCE PARTICIPATION DISCUSSION

2:00 PM

Closing Remarks and Certification:6.5 Verifiable credits for the Virtual Class & 3.5 for the Webinar

Well done by all, thoroughly enjoyed it. I have been working my way through the course materials and they are laid out well. Easy to follow and reasonably quick to work your way through. The recorded presentations were good. In this new world, I think the way you conducted the meeting and the event was first class. Plenty of variety and good energy. 5 Stars!” - Douglas V. Nelson B.Comm.(hons.), CFP, CLU, MFA, CIM, RWM