Turkey talk and capital gains uncertainty

All happy families are alike, Leo Tolstoy wrote in the opening line of Anna Karenina, while every unhappy family is unhappy in its own way. But almost all families are similarly unhappy when talking about money. With that in mind, Happy Thanksgiving.
Some advisors see the autumn holiday as an opportunity for families to, well, talk turkey. But to avoid any tears or choking on stuffing, there should be a strategy. Barbara Balfour asked advisors for tips this week. Here are some highlights from her article:
First, there was the underused housing tax. Then, there were bare trusts. Now, as tax advisors wait for Parliament to pass legislation on the new capital gains inclusion rate, delays could lead to another minefield for taxpayers and the Canada Revenue Agency.
Wishing all of our readers and their happy families a stress-free long weekend. Feel free to let me know how it goes: [email protected].
Behind the advice: Xin Lou, a wealth planner at Coast Capital Investment Management in Surrey, B.C., once dreamed of being a detective. He also had a side gig as a crypto-mining entrepreneur. In the latest instalment of our Behind the Advice series, he tells Brenda Bouw how selling suits led him to his first job in financial services. Listen to the podcast here.
Behind the succession plan: Many advisors who have a plan in place for their practice see succession as their retirement plan. Few consider the worst-case scenario such as death or disability. Deanne Gage reports on how Toronto-based insurance and financial firm Al G. Brown & Associates, founded in 1943, managed its succession after the sudden death of a senior partner. This is the third article in a three-part series. Read the first article here and the second article here.
Behind the border: Many Canadians have built businesses in other countries, have vacation homes abroad or, if they’ve immigrated here, hold assets or own properties in their land of origin. That challenges advisors to help clients address tax and asset disposition implications that might span jurisdictions. Jamie Sturgeon reports.
Change of scene: In 2015, Michael Kaumeyer founded Grayhawk, a portfolio-management company that served about 30 of Canada’s richest families. The company grew to $1.5-billion in assets before Power Corp.’s alternative-asset management arm, Sagard Holdings, purchased a majority stake in Grayhawk in 2020. Earlier this year, Mr. Kaumeyer left his leadership role at Grayhawk. Now, as Clare O’Hara reports, he’s joined Nicola Wealth Management Ltd. to help build a new ultrahigh-net-worth business.
Change of priorities: Grandparents used to seek advice about chipping in for tuition. But in this housing market? Advisors say helping with down payments is a new priority.
Changing market: Mortgage lender Romspen Investment Corp. has faced challenges over the past two years, when the market for real estate development froze as interest rates rose and many companies filed for creditor protection. Now, the firm’s Toronto office has been searched by Quebec’s tax agency during an investigation into one of the private mortgage lender’s borrowers. Tim Kiladze and Nicolas Van Praet report.