Advisor’s Edge offers refresher for tax time

(November 11, 2004) It’s that time of year again! As the temperature drops and parts of the country get their first snowfall, it’s hard to ignore the season that is fast approaching — yep, tax time will be here before you know it!

So now is the time to get your clients into the office to look at their year-end preparations.

“In our November issue, our cover story is entitled ‘Beat The Tax.’ It looks at year-end tax planning,” says Deanne Gage, managing editor of Advisor’s Edge. “This is the time of year when you should be getting clients into the office to discuss strategy.”

In this article, Jamie Golombek reminds advisors of what they need to get done before December 31, including final RRSP contributions for those turning 69, claiming RESP grants and paying investment expenses. He also points out the strategies that might be available, such as spousal RRSP contributions and transfer of losses.

“We also have part one of our three-part RRSP Survival Guide series, called ‘Gearing Up for the Season’,” Gage says. “There is a profile of a successful advisor in Winnipeg who has a process that works for him and a checklist of things an advisor should keep in mind when discussing RRSPs.”

In “False Moves,” David Christianson offers a case study, walking the reader through the meetings he had with a new client and advising how to avoid missing key details.

“It’s a really good article because it shows that even if you’re a really successful advisor, you can still make mistakes,” says Gage.

In this month’s issue, Advisor’s Edge also looks at individual pension plans and who they make sense for, as well as a piece on the relationship between IDA advisors and their insurance specialists.

“This story talks about how investment advisors incorporate insurance into their practice and how you can do the same, if you’re not currently doing so,” she says.

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com