Wealth Management

At KWB, we understand that financial wealth is only a small part of personal wealth.

For many of our clients, business success isn’t measured solely by how much money they’ve earned, but by their ability to wisely manage what they do have in order to achieve goals, such as paying for their child’s tuition, buying their dream home, taking an annual vacation, or simply having more time to spend with their family.

We have partnered with the Angus Watt Advisory Group to bring you wealth management services. We work with our partners to get a whole-picture view of your finances and help you create a stable plan. We make recommendations to help you minimize taxes and save money, while our partners help you to preserve your wealth and grow it safely. You can meet with our partners in our office, saving you time and energy.

If you are already working with a financial planner or investment advisor, we can work with them to give you a complete strategy to grow and manage your wealth.

We provide wealth management services for every stage of your life:

Blog posts about Wealth Management

Nov 29 2016
OAS Benefits

What is the value of deferring my OAS benefits, sometimes also called OAS pension, to a future year? There are several reasons why you might want to defer your OAS benefits, such as: 1)     Based on current and future sources of income you may be able to keep thousands more. 2)     You’re planning to work past 65

Jul 14 2013
The Enlightened Investor - Fees & Expenses

Fees and expenses are the single biggest reason professional money managers fail to outperform the market return. Learn a little more about what are reasonable fees and what makes up most investment fees.

Feb 19 2015
US Tax Filing

Are you a US citizen? Do you spend more than 120 days per year in the US? If so you may be required to file a US personal tax return.

Jun 9 2013
The Enlightened Investor-Understanding Returns

One thing frustrated investors often lament are their returns. So here's a question. Do you know what your returns really are? Find out more about how to measure your returns including some great but simple investment benchmarks over the last 5 years.

Nov 15 2016
Top 4 Financial Tips for the New Parent

Here are our top 4 financial tips for the new parent: Apply for a Social Insurance Number (SIN) for your child: It’s a good idea for you to apply for a Social Insurance Number for your child as soon as they are born. This way, you will not be left scrambling to obtain one when your

Oct 18 2016
Canada Child Benefit

Beginning July 2016, the Liberal government combined the Canada Child Tax Benefit, National Child Benefit Supplement and the Universal Child Care Benefit into the Canada Child Benefit. Under the new Canada Child Benefit, families with children under the age of 18 will be eligible for a maximum annual benefit of $6,400 ($533 per month) per

Sep 20 2016
New Home Rebate

Buying or building a new home? Did you know that if you purchase a new home or have substantially renovated your own, you can claim a rebate on the GST or HST you paid through CRA’s new home rebate. What qualifies? Your home must meet the following conditions: Must be you or your relation’s primary

Sep 6 2016
Home Buyers Plan

The Home Buyers Plan (HBP) is a program that allows you to withdraw up to $25,000, per person from each of your RRSP accounts in a calendar year to buy, or build, a qualifying home. To be eligible for the Home Buyers Plan, the following must be met: You must be considered a first-time

Aug 16 2016
Supporting Documents for a Charitable Donation

When you make a charitable donation, one of the key benefits is the donation tax credit you receive on your tax return. In order to be able to claim a charitable donation and get a credit, Canada Revenue Agency (CRA) requires that individuals keep supporting documents and proof of payment (i.e. cancelled cheques, pledge

Aug 30 2016
Graduated Rate Estates – New Rules for 2016

Starting for 2016 taxation years, inter vivos trusts, trusts created by will and certain estates will be subject to the top taxation rate. There are two exceptions to this change: graduated rate estates and qualified disability trusts. Graduated tax rates will still apply to these types of estates and trusts. Income earned and retained in

Feb 5 2014
Are RRSP’s the right investment choice?

RRSPs are one of the few last minute and flexible deductions available to people with employment income from a T4. However, if you are an owner of the business and have some control over your salary, you should consider some of the other alternatives first. Even if you can’t control your own salary you should

Jul 28 2016
The Enlightened Investor: Powers of Attorney for Property

A power of attorney for property is a written document by which a grantor appoints an attorney to act as a substitute decision maker with respect to the grantors property or financial affairs. This grant of power becomes effective immediately upon the grantor signing the document unless otherwise indicated. While a General Power of Attorney

Jun 14 2016
Registered Education Savings Plan (RESP)

An RESP is an education savings account that is registered with the Government of Canada that helps you save for a child’s post-secondary education. With an RESP, you may be able to receive other saving incentives, such as the: Canada Learning Bond Basic and Additional Canada Education Savings Grant There are two different types of RESPs

May 31 2016
Electing out of CPP payments

Did you know that if you are receiving CPP benefits, are still working and are between the ages of 65 and 70, you can elect to stop making CPP contributions. Contributing to the Canada Pension Plan (CPP) is mandatory for working Canadians between the ages of 18 and 64, but optional after age 65. This

May 11 2016
The Enlightened Investor: A New Trustee Act for Alberta

Provincial legislation is periodically updated. In Alberta, a revised Wills and Succession Act came into effect in 2012, an updated Estate Administration Act was passed in 2015 and now an initiative is underway to co-ordinate the Trustee legislation across Canada. The Alberta Trustee Act is the provincial legislation governing the administration of trusts. A trust

Apr 26 2016
Estate Planning Gifting Strategy

An estate planning gifting strategy is basically when you start to give away some of your assets prior to death in order to optimize taxes within the family. Usually, an estate planning gifting strategy refers to how we will distribute our assets when we die.  But you might be overlooking significant tax savings by not

Apr 12 2016
Spousal Loan - Tax Savings Opportunity

If you are in a much higher income tax bracket then your spouse and have investments outside of an RRSP or TFSA then a spousal loan could reduce your taxes. Money that is earned directly by you through employment or investing is considered yours and can’t just be given to your spouse to invest. 

Jan 5 2016
EI for the self-employed

An advantage to being self-employed is that you don’t pay into Employment Insurance (EI) like employees do. However, a program was introduced in 2010 which allows self-employed individuals to opt in to pay Employment Insurance (EI) premiums. Now that this has been in effect for a number of years, let’s revisit some of the key

Dec 15 2015
The Enlightened Investor:Calculating the Cost Base of a Security Held in Multiple Taxable Accounts

Congratulations! You just sold and realized a profit on that promising investment (stock, mutual fund, ETF etc.). When you’re done planning how to spend your windfall you might also consider how much tax you owe on that gain. Unless the sale occurred within a non-taxable RSP or TSFA. Normally, this is fairly straightforward. You

Oct 20 2015
The Enlightened Investor: What is meant by “market return”?

The investment industry and media often refer to the “market” and the “market return”. Or that the market was up or down on the day and that a portfolio manager's return outperformed or underperformed the market return. So what exactly do they mean and how does it relate to you? The market generally refers to

Oct 6 2015
Deciding when it’s time to start taking your CPP retirement benefits

You can start receiving CPP pension benefits when you reach age 65 (the month after your 65th birthday) which will entitle you to a full CPP benefit depending on how much and how long you have contributed to the CPP. However, you have the following choices: Take a reduced CPP retirement pension as early as

Sep 29 2015
The Enlightened Investor - Moving Small LIRA’s to Your RSP

When you have a job transition, you may transfer your pension plan savings to a locked-in-retirement account (LIRA). LIRA’s are similar to Retirement Savings Plans (RSP’s) but with more restrictions. Adding another investment account will also add extra administration to managing your retirement savings. Alberta pension legislation allows people age 50 or older to transfer

Aug 11 2015
Applying for a trust account number or asking for a clearance certificate

Applying for a trust account number Trustees can apply for a trust account number before filing their T3RET, T3 Trust Income Tax and Information Return. Trust account numbers start with the letter “T” and are followed by an eight-digit number. You can use Form T3 APP, Application for Trust Account Number to apply for a

Jul 23 2015
Change in use of property from capital to inventory or vice versa.

There are no immediate repercussions for the change in business use of property from capital to inventory. The differences arise upon sale of the real estate. There is no provision in the Income Tax Act which describes the circumstances in which gains from the sale of real estate are to be determined as being either

May 7 2015
The Enlightened Investor – Risk (ETF’s)

Investors often remark that the world economy has changed and that it's more volatile than ever. They are less trusting of stock markets and they don't want to take risk. I can't say I blame them. I might ask though, if the world has changed, if it is more volatile, "how are you changing the

Sep 23 2014
Retirement Planning Alternatives

We have all been told to plan for our retirement.  Yet, have you ever wondered WHY? Perhaps you have a plan, most people do, but is it the RIGHT plan? In the following example, it is clear how ADVANCED planning can make a huge difference for you and your loved ones. In the table

Nov 18 2014
Year End Tax Tips

There are a number of perfectly valid actions you may still be able to take before the end of the year to cut your taxes and to optimize your wealth management planning. As tax planning specialists, we at KWB can help you decide exactly what to do, when to do it, and what not to

Sep 16 2014
The Enlightened Investor - A Game Plan

Do you make investment decisions according to what looks good at the moment? These purchases are often based on opinion and influenced by emotion. It can be exciting - much like buying lottery tickets. Clearly, following a predetermined, diversified, well-thought-out, long-term investment strategy is preferable. Here’s why. Dalbar’s study[1] of investor behavior shows how investor

Feb 23 2016
Why should I review my Unanimous Shareholder Agreement?

If you haven’t reviewed your Unanimous Shareholder Agreement (USA) recently, here are 3 excellent reasons why you should do so:  In 2006, the Federal Budget introduced a second dividend rate. Corporate earnings in Alberta, up to $500,000 are taxed at 14%; when a dividend is paid to an individual shareholder this “ineligible-dividend” is taxed

Jul 16 2015
The Enlightened Investor: A Diversified Portfolio vs. a Collection of Investments “The Only Two Things You Need to Know About Modern Portfolio Theory”

Our best technique for protecting portfolios is called Modern Portfolio Theory. This Nobel Prize winning idea said it is insufficient to look at investments in isolation as is done in the traditional approach of picking stocks and bonds. Rather rational investors will seek out “efficiently diversified portfolios” offering the highest expected return for each level

Nov 4 2014
FACTA Bank Reporting Requirements

Beginning in July of 2014, Canadian financial institutions will be required to start gathering and reporting information on accounts held by U.S. residents and U.S. citizens, including those who are resident of Canada. The account information will be collected and reported to the Canada Revenue Agency (CRA), who will then transfer the information

Nov 12 2014
The "Family Tax Cut" credit

Prime Minister Stephen Harper and Finance Minister Joe Oliver recently announced a “Family Tax Cut” credit which allows certain Canadian families to reduce their overall federal income tax. This relief will be available starting in 2014. The new measure would allow a higher income spouse to shift a portion of their income to a lower

Nov 25 2014
T1135 Foreign Income Reporting

Canada Revenue Agency (CRA) has further revised form T1135, Foreign Income Verification Statement. The T1135 is designed to request more information on foreign property in an effort “to better target international tax evasion and aggressive tax avoidance”.  While the reporting requirements have changed, the criteria for those who must file form T1135 has not. 

Jun 23 2015
The Enlightened Investor: A Diversified Portfolio vs. a Collection of Investments - “Recovery Returns”

Do you want a portfolio that’s vulnerable to wild swings in value? Likely not. In fact less volatile portfolios are both easier on the stomach and they help you achieve better long-term returns. For example, a portfolio that declines 10% this year requires an increase of 12% next year to recover its losses. If your

Jun 9 2015
The Enlightened Investor-Deadline for the $500 Alberta Centennial Education Savings Grant (ACES)

If you have a child that is 10 years old or younger (born in Alberta between January 1, 2005 and March 31, 2015) they are eligible for a one-time $500 grant from the provincial government. However, you only have until July 31, 2015 to submit the form and apply for this grant before it ends

Jun 2 2015
Structuring the legal ownership of your home

What's the best structure to have for the legal title of your home? The answer is...it depends. Are you asking for tax planning purposes or for estate planning purposes? Often you may be advised that it's important for you to have the title of your home shared with somebody else so that if something

May 21 2015
Principle Residence Exemption

If you have sold your home and it is your principle residence then you should be able to use the principle residence exemption to reduce or eliminate any capital gain for income tax purposes on the sale of the property. CRA states that a principle residence can be a house, cottage, condominium, apartment, trailer, mobile

May 15 2015
Benefits available to individuals on death

Canada Pension Plan (CPP) death benefit The CPP death benefit is a one-time, lump-sum payment to the estate of the deceased contributor.  It must be applied for within 60 days of the decedent’s date of death. The CPP death benefit can be paid to: The estate of the decedent(if there is an estate) The

Apr 15 2015
What will interest rates do in 2015

When it comes to interest rates here in Canada and around the world, the only thing we know is that we don’t know. For the past 4 years economists around the world have expected interest rates to increase and not go lower. What we do know is that Stephen Poloz, the Governor of the Bank

Dec 9 2014
The Enlightened Investor-Retirement Income

Eventually investors move from the “saving-years” to the “drawing-years”, when they want to start drawing an income from their portfolios. This can be confusing. For many the natural inclination is to liquidate their diversified portfolio in favor of income-producing stocks or bonds. However, the idea that retired individuals should load up on dividend-paying common shares

Mar 26 2015
The Enlightened Investor: Is Your Portfolio Leaking Tax?

It may be obvious to state that an investor only keeps the after-tax return. It is less obvious how to minimize the tax leakage from your portfolio. A good starting point is to identify the two primary causes of tax; portfolio turnover and an inefficient portfolio structure. Taxes resulting from portfolio turnover can cost you

Jan 10 2017
Changes to the Principal Residence Exemption for 2016

The Canada Revenue Agency (CRA) has made a major change to the Principal Residence Exemption that will affect Canadians when filing their 2016 tax returns. Regardless of whether the sale is exempt or not, individuals will now be required to report the sale of their principal residence on their personal tax return. Under the Principal

Mar 1 2017
Child Rearing Provision

If you left the work force or reduced your working hours to be the primary caregiver for your children, it will likely be to your benefit to apply for the CPP child rearing provision when applying for CPP benefits. To apply for the CPP child rearing provision you would complete section 11A in the application

Jul 11 2017
Direct Beneficiary Designation - RRSP or RRIF

If you are considering a direct beneficiary designation for either a Registered Retirement Savings Plan (RRSP) or a Registered Retirement Income Fund (RRIF), you should be aware of some negative consequences that can occur. A direct beneficiary designation can result in unintended tax consequences to the estate, the inequitable treatment of heirs or the distribution