Summertime is family time; but it is also the time of year when people prepare for big life changes taking place in the fall. Young adults make plans to work abroad, travel or go to school and empty-nesters journey to warmer climates. However, non-residency comes with tax consequences, so a visit to a tax advisor should be part of your travel preparation. In fact, it can pay handsomely to find a cross-border tax expert who can help you determine with […]

The Canadian Securities Administrators (CSA) recently proposed expanded guidelines on registrants’ obligations to act in a client’s best interests and on its proposals regarding embedded commissions. Knowledge Bureau is pleased to announce that Ian Russell, President and CEO of the Investment Industry Association of Canada (IIAC) will provide expert commentary on the matter at the Distinguished Advisor Conference November 10-14 in Quebec City. The proposed amendments outline ways in which a registrant may tailor it’s Know Your Client (KYC) process […]

On June 21st the Canadian Securities Administrators (CSA) released a harmonized set of proposals that requires investment industry representatives (registrants) to promote the best interests of their clients and put them first, to improve client outcomes. It’s something most clients would expect of their professional advisors; yet there are several investor protection concerns to address. The CSA, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) – together known as the SROs – have […]

Donald Trump’s U.S. tax reforms are having a significant spillover effect north of the border, as many individuals with private businesses in Canada are facing an enormous tax bill in the U.S. If your client base includes any corporation in which a U.S. shareholder controls at least 10 percent of the voting rights or value, you need to know the details of this punitive measure. he one-time “repatriation” tax of 15.5 percent that is part of Trump’s Tax Cuts and […]

The IMF predicts that if Canada and the U.S. fail to reach agreement on NAFTA, Canada’s competitiveness could take a serious hit, resulting in a drop of 0.4 percentage points or more in GDP. Donald Trump’s tweets about Justin Trudeau could further dampen the outlook. But, astute financial advisors can help clients meet their goals in these difficult times by staying on course. According to CBC, the IMF lists the recent tense trade negotiations and the threat of major correction […]

Every year there is a milestone date when Canadians can shift their focus from paying taxes due to using their income to secure their financial future. Several countries track “Tax Freedom Day” annually, and Canada’s is coming up in June. It falls weeks behind other countries, which can have negative repercussions to wealth management and retirement planning. In 2017, Canada’s Tax Freedom Day was June 9, one day later than 2016’s June 8. Compared to the U.S. date of April […]

Significant gains in transfer payments combined with good market income growth translated into an increase in median income for Canadian households, to $57,000 in the period 2000 to 2016. There is a message in the numbers for pre-retirees, and in particular women: be proactive about tax-efficient investing now or risk poverty in retirement. According to Statistics Canada’s Canadian Income Survey 2016, an increase of 8.7 percent in income from market sources—which includes employment, investment and retirement income—added more to retirement income […]

Canadian personal debt levels are now at such an alarming level, that most Canadians can’t even comprehend the size of the rising figure: $2 Trillion, as of last week. As part of their best interest duties to clients, financial advisors need to broach this uncomfortable subject, as things could get worse, soon. According to the Bank of Canada, increasing interest rates, anticipated in the second half of 2018, could impact the financial security of many Canadians. On May 1, Bank […]

A nationwide initiative that would provide Canadians with a base guaranteed income is under consideration. It’s a move with polarizing opinions, with many citing an increased burden upon taxpayers to fund the program. With a pilot project already underway in Ontario, the Parliamentary Budget Officer (PBO) released a report outlining the financial impact of introducing a nationwide program. The program proposes Canadians are never forced to live on an income that isn’t sustainable, regardless of their employment status. The estimated cost to taxpayers is […]