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.

Please send any feedback to Deanne Gage, Editor, FORUM Magazine.

What’s New at Advocis

As we enter spring, things have continued to heat up at Advocis! A few highlights include:

Update 2022 launches on April 21st and will be available through your local chapter. Visit the Advocis Events Calendar to see when this event is occurring in your region.
The Newfoundland and Labrador chapter is calling all Advocis Members and Non-members to join them in person for this year's Strategies for Success conference on Tuesday June 28, 2022.
Advocis Coffee Talks brews brand-new espresso-sized webinars throughout 2022. Exclusive to Advocis members these 30-minute webinars provide CE accreditation.
De-mystifying Title Protection: An Update on What It Means For You (you will need to sign into your Advocis account to view the video), is now available in our video archives. See what our regulatory affairs experts at Advocis have to say about Title Protection and the impact this new regulation will have.

Federal Budget 2022: The Lowdown on the New FHSA

By Jamie Golombek
April 13, 2022

The April 2022 federal budget introduced more details on the proposed launch of the Tax-Free First Home Savings Account (FHSA), a new registered account to help individuals save for their first home. No doubt our clients have already been asking us how they might take advantage of the new plan come 2023 and where it fits in with other ways of saving for a down payment for a new home, such as via a Tax-Free Savings Account (TFSA) or accessing Registered Retirement Savings Plan (RRSP) funds via the Home Buyers’ Plan (HBP). While much more information is sure to come out in the months ahead regarding the details of the FHSA, let’s take a quick look at what we know so far.[..] Read more

Show Caution with Insurance Policy Beneficiaries

By Jamie Golombek and Debbie Pearl-Weinberg
April 13, 2022

It’s common for a private corporation to purchase a life insurance policy on the life of a key person to the business. The corporation pays the premiums, generally at a lower after-tax cost than if the premiums were paid personally. And, in most cases, the corporation would be named as the beneficiary of the policy and, upon the death of the key person, would receive the tax-free death benefit. The death benefit could then be flowed out to the shareholder(s) as a tax-free capital dividend.[..] Read more

Returning to the Office: What’s Right for Your Team?

By Kelly Maxwell
April 13, 2022

As the easing of pandemic restrictions continue, advisors are also contending with the idea of going back to the office.

This isn’t to say that all advisors have been working remotely for the past few years. Our coaches have seen advisor clients back in the office for quite some time, but staying remote with clients. On the other hand, for many advisory teams, especially in Ontario, they have worked remotely for the majority of the pandemic. Going back to the office will be a big change again. [..] Read more

Beneficiary Designations and Resulting Trusts Revisited

By Kevin Wark
April 13, 2022

By now most insurance advisors will be familiar with the 2020 Ontario court decision in Calmusky v. Calmusky relating to the application of the presumption of resulting trusts to statutory designations, and the ripple effect it has caused for insurance and estate advisors and their clients. A trio of more recent court decisions across Canada have now considered the merits of the Calmusky decision. As well, there has been ongoing representations to the Ontario government by a number of organizations seeking legislative changes to address this issue. Let’s briefly review the Calmusky decision as well as highlight the more recent court decisions and industry efforts. [..] Read more

What the New Title Protection Law Means for You

By Vikram Barhat
April 13, 2022

The long overdue regulation of “financial advisor” (FA) and “financial planner” (FP) titles has come into effect, as of March 28. The regulation grants the regulator enforcement authority over individuals for unapproved use of restricted titles.

The new regime dictates that the two titles are restricted to those who hold recognized credentials from an approved recognized credentialing entity. “Using a restricted title without a registered credential is now against the law,” said Greg Pollock, president and CEO of Advocis, speaking at an Advocis webinar. [..] Read more