PODCAST

Investing Matters: CEO John Nicola Answers Your Biggest Questions for Tax Season

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00:00:00
00:25:30

PostedNovember 9, 2021

Episode Summary

In this episode CEO John Nicola sits down with Senior Vice President of Advisory Services Vanessa Flockton to answer some of your biggest questions on taxation and the current minority Liberal government.

Vanessa Flockton, the Senior Vice President of Advisory Services, interviews John Nicola, the Chairman and Chief Executive Officer of Nicola Wealth. Fielding questions from listeners, Vanessa asks John about how tax rates may increase, what clients should do regarding these potential increases, and other changes to the tax system that are likely to happen in this next cycle. They also discuss strategies that can be used to successfully manage tax outcomes as well as a range of possible tax measures that could be taken in the upcoming budget.



Key Takeaways


Timeline
Content
[00:00:32]
About today’s episode with John Nicola and Vanessa Flockton.
[00:00:58]
What should clients do regarding potential increases in capital gains inclusion rates? Should they be going ahead and crystallizing gains?
[00:3:08]
Donating appreciated shares to charity: is there a risk that the government might take that away?
[00:4:09]
John shares his insights on how he sees taxes increasing, whether or not the government may release a wealth tax, and whether there is anything someone can do today to get in front of it.
[00:6:05]
What might marginal tax rates rising might look like?
[00:7:20]
John’s insights into whether or not inheritance tax will be introduced in Canada. [8:25] Does John predict that there are things that won’t be changed with regard to tax outcomes?
[00:10:11]
Does John think that the dividend tax rate will go up?
[00:12:46]
Can income splitting on IPPs with both spouses be done at any age?
[00:13:20]
If you’re in your early 60s and semi-retired, should you move $1 million into an IPP or life insurance? What are the pros and the cons?
[00:14:53]
John shares which changes to the tax system he thinks are most likely to happen in the next budget cycle.
[00:18:14]
When does John expect the next capital gains tax to be and when does he anticipate that increase to occur?
[00:19:26]
When John talks about the differences between net income and taxable income.
[00:20:43]
John’s thoughts on citizenship tax (i.e. taxing Canadians regardless of place of residence).

Episode Featured on:


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Guest Bio


John Nicola

A veteran of the financial services industry since 1974, John provides strategic leadership to Nicola Wealth, exercising his passion for providing innovative solutions to clients’ complex problems.

His areas of expertise include investment management, estate and financial planning, as well as business planning with a focus on best practices for wealth building, exit strategies, and shareholder agreements.

In 2011, John was selected as the winner of the Ernst & Young Entrepreneur of the Year (Financial and Professional Services in the Pacific Region), in 2015 John was named the Winner of Business In Vancouver’s BC CEO of the Year Award – Small-Medium Private Company, and most recently, John was recognized as one of Canada’s Most Admired CEOs.

He is a Founding Member of CALU (Conference for Life Underwriters) and has continued to contribute to the organization for example, by serving as the Chair for the 2003 annual meeting.

Read John’s full bio here: www.nicolawealth.com/our-team/john-nicola



About The Host - Vanessa Flockton

As Senior Vice President Advisory Services at Nicola Wealth, Vanessa leads a growing and dynamic team of Financial Advisors and Associates dedicated to providing business owners, professionals, foundations, and affluent families across Canada with integrated financial planning solutions and advice.

She is focused on creating a team of trusted advisors who are committed to ongoing professional development and sharing their expertise with clients and each other. Her leadership of the Advisory Services team includes responsibility for developing and implementing a strategic vision for a rapidly growing team and ensuring that the necessary structures & processes are in place for the team to deliver an exceptional client experience.

Read Vanessa’s full bio here: www.nicolawealth.com/our-team/vanessa-flockton



Disclaimer

This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM Fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.