Welcome to eFORUM!

The newsletter of influence for financial advisors

Created by the editorial team of FORUM magazine, eFORUM delivers Advocis members content they can use in their everyday communications with clients. Designed to inform and help advisors, eFORUM features practice management, insurance, tax, and estate planning strategies. Look for eFORUM in your inbox four times a year.

What’s New at Advocis

As autumn presses on, the cool and crisp weather continues to invigorate all of us at Advocis! A few highlights include:

The launch of Digicat 2.0 by our newly renamed Technology and Innovation Committee (TIC), formerly known as the Tech Task Force (TTF). Please login to your member dashboard to check out the latest and greatest in recommended digital tools!
Speaking of membership, a reminder that membership renewal notices for 2022 will be coming out shortly – please keep your eyes peeled for a notification in November! Information will also be posted directly on our website.
Symposium 2021 will take place on November 16, featuring virtual panels on insurance technology, client-focused reforms, and a keynote presentation from Broadcaster and Three-Time Olympian Jennifer Botterill. Grab a ticket while you still can!
If you’ve not yet completed our 2021 Financial Literacy Month Survey, please do so as soon as possible! We need your contribution to create as in-depth a portrait as possible of the state of financial literacy in Canada.
Update 2021 National Webinars explores inclusion, flexibility, and innovative solutions in facilitated, half-day sessions. Registration opens on November 1, 2021.

Enjoy the departure from a long hot summer, stay safe, and enjoy this edition of eFORUM!

What the Federal Election Outcome Means for Tax Policies

By Jamie Golombek
October 19, 2021

Last month’s election saw the Liberals maintain their minority in the House of Commons, paving the way for some of their election promises to perhaps come to fruition in the months ahead. Here’s a brief look at three of them.

First Home Savings Account

To help younger Canadians afford a down payment fast, the Liberals promised to introduce a new tax-free First Home Savings Account. This new type of tax-preferred account would combine features of both the Registered Retirement Savings Plan (RRSP) and the Tax Free Savings Account (TFSA). Put another way, the Liberal platform describes it as “tax-free in, tax-free out.” [..] Read more

Life Interest Trusts and Life Insurance – Potential Double Tax Whammy

By Kevin Wark
October 19, 2021

The Income Tax Act allows individuals to establish certain types of trusts (referred to as life interest trusts) to facilitate their estate planning. Let’s consider several tax and non-tax benefits of using a life interest trust:

capital property will “roll over” to the trust, avoiding the triggering of capital gains;
the first “deemed disposition” of capital property in a life interest trust only takes place on the death of the life interest beneficiary (or surviving life interest beneficiary); and[..] Read more

How a Reluctance to Retire Affects You — and Your Clients

By Christine Timms
October 19, 2021

The ideal retirement age is not the same for everyone. Each advisor and their circumstances is unique, but vulnerabilities can grow with the age of the advisor, especially for those beyond traditional retirement age.

Many of the issues creep up so slowly that they often go unnoticed until something big happens to draw attention to the problem. The lack of awareness or acknowledgment of these vulnerabilities can hurt the advisor’s practice and the people they care about in many ways.[..] Read more

The Power of Podcasts

By Erin Bury
October 19, 2021

Podcasts have become a mainstream medium with millions of listeners. According to a 2020 report from Edison Research, 25% of adults in Canada are weekly podcast listeners, and overall, 15 million Canadians listen to podcasts. These listeners are largely affluent, educated Millennials who now account for the majority of our workforce and have the most purchasing power.

“Podcasts fit in really well into our busy lives. We can be driving to work and listening to a podcast, but we can’t be watching a Netflix show. We can be washing our dishes and listening to a podcast, but we can’t be reading an article,” says Fatima Zaidi, the founder of podcasting agency and tech platform Quill.[..] Read more