In the News
Being audited by the Canada Revenue Agency (CRA) is never a fun ordeal, but advisors can play an important role in helping their clients get through the process as stress-free as possible. In fact, that role could become more prominent for advisors as a recent C.D. Howe Institute paper says the CRA could come under pressure to raise additional revenue through aggressive tax audits to help pay for the lower tax revenue and relief measures resulting from the COVID-19 crisis.
According to the most recent data from the Canadian ETF Association, Canadians now have 766 ETFs to choose from, 87 more than the year before. Investors can access ETFs covering everything from the broad index to geographic or sector-specific strategies like India, automobile innovation, cannabis or U.S. healthcare, and investment strategies such as low volatility.
With schools adjusting to new online and in-person classroom setups, the pandemic has left many working parents struggling to juggle their careers along with acting as full-time caregivers and teachers. Even those with kids physically back in school are worried how long that will last.
Paying for private school can be a stretch for many families, especially over several years, but the economic challenges brought on by the COVID-19 pandemic have made it particularly hard this year.
Financial advisors are used to talking to clients about saving and investing to raise a family, maybe start a business and eventually retire, but what about supporting their aging parents financially?
Parents are often more than willing to help their adult children financially – whether it’s getting ahead with an education, buying a first home, or with financial hardships such as a job loss or business failure.
On the roller coaster ride that is the stock market, many dividend investors are used to a smoother trip. That’s part of the appeal of owning stocks in large, established companies that reward shareholders by regularly distributing a slice of their earnings through dividends.
Calling clients has become even more important for advisors as stock markets whipsaw and businesses struggle under the pressure of the pandemic.
Rona Birenbaum, founder and certified financial planner at Caring for Clients, a fee-for-service financial-planning firm in Toronto, encourages advisors to discuss with clients, especially older ones, how the current market volatility might impact their retirement plans.
Prior to the COVID-19 pandemic, life insurance wasn’t necessarily a major concern for Canadians. But the new coronavirus has done a stellar job of showing us just how quickly our financial security can be disrupted.