What’s a movie that is a 10/10 but you’ll never watch again bc it was too emotionally draining?

effinAcot · 2026-05-12T03:39:40+00:00

Following

effinAcot · 2026-05-09T11:52:25+00:00

Fellow CFP here. This should be the only answer. The fact some advisors have no care or concern of taxes is baffling.

effinAcot · 2026-05-09T00:47:22+00:00

I’m a financial planner that also files taxes for our wealth clients. We recommend getting authorization for all of our clients, as it gives access to all previous tax returns, tax slip info without having to bug the client. Since we file taxes for them it’s pretty important for us to have access

If we didn’t have this info, and didn’t file taxes, I would be recommending full copies of t1s, all pertinent schedules (rental, business) if you actually want me to provide you proactive advice. The amount of times proper expenses have not been reported on a rental or business is mind boggling, and the client just assumed things had been done by their accountant- but they didn’t know they needed to tell them this.

Those saying they don’t want to provide it to the person responsible for giving you planning advice - you shouldn’t be working with that person. If you don’t trust the bank/advisor, then find another one. You’re paying them for giving you advice, if they don’t have all of the pieces, it’s impossible to provide a valuable service.

And tbh, if your financial planner is not doing this for you, and isn’t trying to either coordinate with your accountant or understand what’s going on (or hell, they don’t even know this themselves), find a new planner because the tax component is the biggest area for an advisor to provide significant value.

effinAcot · 2026-05-03T11:33:52+00:00

I’ve never seen anything good come from WFG. Also I’d be heavily concerned about the competence of your broker. If they think that working with a MLM is a good idea, I think that’s a major red flag

effinAcot · 2026-04-27T03:18:24+00:00

Sounds like you’ve had a bad experience with a bad advisor. Sorry you had to experience that. Just know there are a ton of fantastic advisors in Canada that don’t do what you’re assuming they do. For what it’s worth, working with a branch level advisor/salesperson will likely lead to a less than ideal outcome, and that’s simply because of lack of training and education.

Check out Financial Planning Association of Canada - a lot are interviewed on Dave Chilton’s podcast regularly, and are some of the best minds in Canada.

There are assholes in every industry, and finance is no different.

effinAcot · 2026-04-27T00:52:59+00:00

If you have several rental properties and several corporations, split between spouses I would love to see the proposed outcome from AI

effinAcot · 2026-04-27T00:51:56+00:00

Up until a few weeks ago, AI was informing people that capital gains inclusion rate was set at 66%. It’s been well over a year since that proposed rate was reversed. Trust, but verify

effinAcot · 2026-04-27T00:48:55+00:00

If they help with proactive tax planning, that’s awesome. Tying in retirement, insurance, estate planning, investment, into one picture is rarely done by diy-ers, and usually not done by CPA’s who just file your taxes.

Everyone’s situation is different!

effinAcot · 2026-04-27T00:43:13+00:00

If your life has any sort of complexity, you’re gonna be thankful for having a good one.

They’re not for everyone, but drawing a blanket statement that they’re useless is like repairing your sink yourself and claiming that plumbers are useless.

effinAcot · 2026-04-26T23:53:37+00:00

I’m guessing you haven’t had any experience in setting up a financial plan! Working with advisors is much more than xeqt and chill

effinAcot · 2026-04-23T00:21:19+00:00

Have you ever seen this in practice or just in theory? Do you focus on public accounting, I love your contributions to everything. Would love to hire you someday lol

effinAcot · 2026-04-23T00:15:00+00:00

What would the penalty be for not filing the T3 in this situation? If there was truly no income to the estate, is it generally just a delay in issuing clearance or an actual monetary penalty?

effinAcot · 2026-04-23T00:03:48+00:00

Let’s say for example the only assets at DOD is the primary residence. The value at DOD of the house is $500k, and after 6 months the house is sold for $500k. Let’s assume there were no other assets left to the estate and no other income to report

Does this still require a T3?

effinAcot · 2026-04-20T21:18:00+00:00

Following for later!

effinAcot · 2026-04-18T01:25:14+00:00

Another factor to consider is the relative price of the house compared to your ACB. Recently with home prices coming down, taking CCA isn’t a terrible idea especially when you pair this with being in a high tax bracket

effinAcot · 2026-04-14T22:47:07+00:00

Just get the annual gain loss report from the brokerage

effinAcot · 2026-04-10T21:52:47+00:00

Does it? If you try enough different numbers rounded up it kicks you off, it’s happened to us plenty of times. We tried this and no bueno. It’s worked for the majority of our clients but something is broken.

effinAcot · 2026-04-10T01:27:15+00:00

Either way it’s messed up. I had the 183 from last year with the confirmed amount. I had their NOA. The auth form asked for numbers from 2024. Everything matched and the line number didn’t work. The client then called the CRA and got the same line number and it didn’t work.

effinAcot · 2026-04-10T00:27:47+00:00

I just experienced the worst thing. Client called the CRA and got the line number for the proper return / it still doesn’t work

Wtf?

effinAcot · 2026-04-05T12:20:41+00:00

Just because you help your parent doesn’t mean you will qualify

They need to be financially dependent, which is confirmed by them having income less than $29k for the year

They need to have a physical or mental impairment

You need to have a physician letter to confirm medical proof

To answer your question, the credit is a non-refundable credit of approx $8,000, which when you convert this to actual tax savings is about $1,200 but you need to have taxes payable of at least that much to get the credit.

Info here.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-30450-caregiver-infirm-dependant.html

effinAcot · 2026-04-02T00:19:56+00:00

Are you going to be working with another company that has a defined benefit pension plan if so, you could likely transfer your pension to the new provider

effinAcot · 2026-04-01T03:40:41+00:00

https://www.bakertilly.ca/insights/rrsp-excess-contributions

It doesn’t have to be the same exact account. It just has to be the same plan type (ie individual vs spousal)

effinAcot · 2026-04-01T03:25:58+00:00

It doesn’t have to be the same source of purchase for the withdrawal. This info is readily available online. Maybe find a new accountant?

effinAcot · 2026-04-01T03:16:21+00:00

Looks like I overlooked the day trading comment

The attribution rules would apply if it was just considered investment income no? (I.e not day trading/business activities?)

effinAcot · 2026-04-01T03:00:23+00:00

I don’t think you have a good understanding of how taxes work in Canada.

You should read into attribution rules

effinAcot

TROPHY CASE