Guides and updates on Canadian licensing: LLQP, CIRO's proficiency model, CFP/QAFP and insurance careers, from BCC's instructors.
13 articles
Financial Planning
Background/ Basics The Projection Assumption Guidelines are published annually jointly by the Institute of Financial Planning (the Institute, and FP Canada Standards Council™. By using standardized assumptions based in method can help in protecting both the planner and the client. Financial Planners can reply on these assumptions and their sources
Financial Planning
Given that our theme for this quarter is compliance and regulation, it’s timely that I have the chance to talk about two regulatory changes. Both are welcome changes that will improve our industry for the better. The first is that FP Canada has backed off on its degree requirement. You
Financial Planning
At the time of this article’s publication, students across the country will be writing their QAFP™ or CFP® Exams. Most exam writers will have put in about two years of prep, somewhere around $6,000 – $8,000, and a lot of blood, sweat, and tears. Here’s an article we put together
Financial Planning
Financial fraud isn’t a new concept by any means, but in the age of the internet and social media, the general perception is that scams that rid you of your money only primarily affect the older generations. There’s tons of info about spreading awareness to your parents and grandparents about
Financial Planning
The Income Tax Act permits the deduction of child care expenses under certain circumstances. A quick summary of those rules: Only the lower earner in the household can deduct the expenses. For a separated couple, the same rule applies receiving child support can deduct the expenses. There are some exceptions,
Financial Planning
When we discuss the professionalization of the delivery of financial advice, we often discuss fees, minimum education requirements, and obligations to clients. One of the significant items missing from the discussion is a robust body of research. Four years ago, my eyes were opened to the extent to which I
Financial Planning
As in 2018, Business Career College was the Platinum Sponsor for FP Canada’s Financial Planning Week 2019 activities. This is our fourth year sponsoring Financial Planning Week activities; we have sponsored the Ethics Breakfast in the past as well. This major event had 3 distinct components this year: The Celebration
Financial Planning
Behavioural finance research makes it clear that we are all victims of our own biases. Dan Kahneman, who is likely the world’s leading researcher on bias, has this depressing conclusion as it concerns bias: “The odd thing is that educating people doesn’t seem to be enough, because we find that
Financial Planning
Since the introduction of the TFSA, I have often heard that low-income Canadians cannot benefit from the RRSP and should be using the TFSA instead. The argument here generally hinges on qualifying for the Guaranteed Income Supplement (GIS). For a quick review, the GIS is paid to those who have
Estate Planning
A question that comes up regularly in class, and features much confusion, concerns RRSP beneficiary designations. I expect that most people are aware that an RRSP annuitant can name a spouse as beneficiary and achieve a rollover to the spouse’s RRSP on death. Similar rules apply to RRIFs. Common-law partners
Estate Planning
I have spent a bunch of time over the past couple of months reviewing students’ Capstone course work, as they pursue the CFP® Certification. While it is not new to me, a pattern that I see is that financial advisors tend to present the avoidance of probate as a virtue.
Financial Planning
Your clients are likely rounding the corner to tax season, and gathering up receipts to support their desire to minimize their tax bills. Some of those receipts will likely include medical expense receipts. As we know, most families have relatively low direct health care costs. The things that do carry
Financial Planning
For many of our clients, February is RRSP (Registered Retirement Savings Plan) season. We don’t run a lot of classes in the last two weeks of February, and we normally see a lull in activity as advisors scramble to meet their clients’ last-minute tax planning needs. I am going to
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