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Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

Choosing Qualified Financial Planners: Insights from Aaron Hector, President of the IAFP

In this episode of Financial Planning for Canadian Business Owners, host Jason speaks with Aaron Hector, president of the Institute of Advanced Financial Planners (IAFP), about the importance of finding qualified financial advisors in Canada. They discuss the Registered Financial Planner (RFP) designation, the IAFP's role in credentialing and supporting financial planners, and the rigorous process required to become an RFP. The conversation also covers the benefits of working with an RFP, the IAFP's symposiums, ongoing discussions among member financial planners, and tips for selecting the right financial planner. The episode aims to guide business owners and other individuals seeking reliable financial advice.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:22 Overview of the Institute of Advanced Financial Planners (IFP)

00:45 Understanding the Registered Financial Planner (RFP) Designation

02:15 Qualifications and Process to Become an RFP

03:50 The Importance of Peer Review and Feedback

05:57 The Role of the IFP in Supporting RFPs

08:43 Benefits of Working with an RFP

13:21 Tips for Selecting the Right Financial Planner

19:14 Conclusion and Final Thoughts

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Navigating Financial Planning in Canada with FP Canada

In this episode of 'Financial Planning for Canadian Business Owners,' the focus is on finding credible financial advice. Special guest Tasha Batstone, President and CEO of FP Canada, discusses the role of FP Canada as a certifying body, emphasizing their mission to advance professional financial planning. The conversation delves into the standards and importance of the CFP designation and introduces the QAFP designation tailored for less complex financial needs. The discussion also highlights the education, certification, and ethical requirements involved in becoming a financial planner in Canada, and the stringent processes FP Canada employs to ensure public protection and professional accountability.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:39 Finding Credible Financial Planners

00:50 Profile of FP Canada

02:15 Importance of the CFP Standard

06:37 Path to Becoming a CFP

14:28 The QAFP Designation

22:01 Accountability and Enforcement in Financial Planning

28:46 Why Work with a CFP Professional?

30:05 Conclusion and Final Thoughts

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Elevating Financial Planning Standards: An In-Depth Look at FPAC with Julia Chung

In this episode of Financial Planning for Canadian Business Owners, host Jason Pereira delves into the importance of seeking high-quality financial advice. He is joined by Julia Chung, the chairperson of the Financial Planning Association of Canada (FPAC), to discuss the goals and benefits of the organization. Julia elaborates on FPAC's commitment to advancing financial planning as a profession through education, community support, and advocacy for fiduciary standards. They explore membership requirements, the value of a psychologically safe professional community, and FPAC's role in elevating the industry. The episode concludes with guidance on seeking financial planning services and the significance of choosing a true financial planner.

00:00 Introduction to Financial Planning for Canadian Business Owners

01:05 Meet Julia Chung: Chairperson of FPAC

04:18 The Importance of Fiduciary Standards

07:12 FPAC's Vision and Membership

13:01 The Role of Financial Planners in Clients' Lives

19:56 FPAC's Community and Educational Resources

25:01 Finding the Right Financial Planner

27:12 Conclusion and Call to Action

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Unlocking Insights: Expert Tips on Career Growth & Innovation

In this episode, we explore critical insights from industry experts on how to supercharge your career and drive innovation. Key topics include strategies for effective leadership, fostering creativity within your team, and the importance of continuous learning. The discussion also highlights personal anecdotes and practical advice on navigating challenges in professional environments. Listeners will gain valuable lessons to enhance their career trajectory and embrace innovative thinking in their daily work life.

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avigating Gray Areas in Insurance and Tax Law In this episode, host Jason Pereira, alongside guest Jason Watt, embarks on an in-depth discussion about the gray areas in insurance and tax law that Canadian business owners need to be aware of. They explore complex issues surrounding the Income Tax Act’s treatment of insurance, the potential risks involved with current sales tactics, and the specifics regarding corporate-owned insurance and individual policies. They discuss critical illness insurance, the implications of using corporate assets for personal loans, the nuances of the Capital Dividend Account (CDA), the mechanics of health spending accounts, and group benefits. They also touch upon the responsibilities and potential liabilities for insurance agents and financial planners. This episode aims to provide clarity and caution on often misunderstood and convoluted topics in the insurance field.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:11 Gray Areas in Insurance and Tax Law

01:04 Historical Context of Insurance in the Income Tax Act

02:01 Critical Illness Insurance and Tax Code Gaps

02:59 Taxation of Corporate-Owned Insurance

05:06 Complexities of Borrowing Against Insurance Policies

10:45 Offshore Insurance Arrangements

13:56 Capital Dividend Account (CDA) Explained

17:05 Critical Illness Insurance with Return of Premium

20:43 Understanding Actuarial Valuation for ROP

21:06 Critical Illness Insurance: Real-Life Scenarios

21:56 Tax Implications and Full Disclosure

24:21 Group Benefits: Tax Outcomes and Gray Areas

29:14 Health Spending Accounts: Rules and Risks

33:43 Shareholder Benefits and Tax Risks

37:49 Agent's Obligations and Client Protection

41:52 CRA's Response and Tax Court Realities

45:11 Conclusion and Final Thoughts

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor

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Exploring Defined Contribution Health Plans with Steve McEwen

In this episode of 'Financial Planning for Canadian Business Owners,' host Jason Pereira welcomes Steve McEwen from My HSA to discuss defined contribution benefits programs, specifically Health Spending Accounts (HSAs) in Canada. They delve into the differences between traditional benefits programs and HSAs, the flexibility and advantages of HSAs, and the insurance options that can be layered with these accounts. McEwen provides insights on setup, costs, and the use of technology to manage claims, fraud prevention, and the overall benefits for both employers and employees.

00:00 Introduction to Financial Planning for Canadian Business Owners

00:25 Understanding Health Spending Accounts (HSAs)

01:39 Comparing HSAs to Traditional Benefits Programs

04:34 Catastrophic Insurance and Additional Coverage Options

07:52 Privacy and Legal Considerations for Employers

10:39 Setting Up and Administering HSAs

17:14 Cost and Tax Implications of HSAs

23:37 Employee Experience and Fraud Prevention

28:54 Conclusion and Final Thoughts

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