On April 5th, 2016 advisors gathered for Advocis Peel Halton’s Advanced Learning Series breakfast meeting at Credit Valley Golf Club. The meeting, which is designed to deliver content of an advanced nature, was focused on the topic of Philanthropic Giving and the tax effective gifting strategies available. The meeting was incredibly well received by those in attendance. Below is a summary of the content presented. The morning was kicked off by Eileen Mackenzie, President and CEO of the Mississauga Community Foundation. Eileen is an expert in the field of charitable giving as she works directly with donors and their advisors to create the most tax effective methods of gifting to realize client’s philanthropic goals. Of particular interest to those in attendance were Eileen’s remarks surrounding the motivation of donors and how we as advisors should be incorporating the charitable giving conversation into our client discussions. Eileen provided a variety of statistics that showed that the majority of High Net Worth Individuals (those with at least $1,000,000 of investable assets) wanted to discuss charitable endeavours yet only a small minority of advisors are bringing the topic up with their clients. Next on the agenda we heard from Armando Minicucci - Principle of Tax Services at Grant Thonton LLP in Mississauga. Armando provides tax services to a diverse group of private and owner-managed businesses and high net worth individuals. He helps business owners develop their succession objectives and implement tax strategies to maximize the value of wealth to be transferred to the next generation. As such he has strong experience serving charities and private foundations which was very evident in his presentation. Armando covered off recent changes to charitable giving in the Income Tax act and provided the group with summaries of the differences between donating personally vs corporately. Armando also provided the group with a unique tax strategy available to business owners who are in a position to make a gift which is extremely tax effective. Whether working with business owners or high income individuals, this presentation was extremely valuable. Our final speaker was Craig Ross, Partner and Practice Group Head of the Wills, Estates and Trusts department at Pallett Valo LLP. A regular and valued supporter of Advocis, Craig provided a summary discussion titled “Planning for beneficiaries with disabilities and the Ramifications of the Qualified Disability Trust”. There have been several significant tax changes in the past year with respect to Trust planning. Craig is a leader in his field and he provided an excellent summary of the information that we as advisors need to be aware of. Craig is also passionate about the impact that charities have upon those dealing with disabilities. As exhibited by Craig, there is definitely a correlation to the planning that we bring to the table and the affiliated charities to those with disabilities. We are lucky to have a network of accomplished professionals like Eileen, Armando and Craig willing to help us with our development. I thank them for contributing to a terrific morning of learning. I know I took many ideas away which I will be able to incorporate in my practice in the coming days. Our next Advanced Learning Series breakfast will be held on October 5th, 2016 at Credit Valley Golf and Country Club. I look forward to seeing you then! John Stregger CFP, CLU, CH.F.C.
April 5, 2016 Institute Meeting
Published by Monique Gaudet on Apr 14, 2016