GTA Wealth Finanical News

Informative financial and tax related articles from GTA Wealth Management Inc.

BMO Financial Planner’s ‘Erroneous’ advice loses Ontario couple almost $50,000

A retired couple claims that a Bank of Montreal Financial Advisor’s advice cost them nearly $50,000. The couple wanted to transfer some savings from an American retirement savings account to a Canadian RRSP. However, financial planners at two other big banks advised against the transfer, indicating that the couple would lose a huge chunk in taxes in Canada and the United States. After receiving this information, the couple proceeded to stop by a BMO branch in Bellville, Ontario, where they knew the branch manager.

CBC Report Uncovers The Banks' Atrocious Financial Advice

CBC recently reviewed the financial advice that banks provide to its customers. According to the CBC report, the financial advisors at the bank provided atrocious advice.

Beware of These T1135 Traps

It is required that clients with over $100,000 in foreign property file a T1135 form. It is crucial for accountants to acquire relevant and complete information due to the complexity level of this form. The $100,000 threshold was planned to be increased; however, the Liberal government may not change this limit.

Views on recent market volatility

Given the recent market volatility, investors should not let the recent uncertainty because of short-term effects hinder their decisions; investors should stick to their initial investment plan. History has shown that any sudden dip or weakening of the markets usually causes a rebound afterwards. Investors are better off staying the course and endure the full market cycle by sacrificing the present difficulties in order to gain on the long-term recovery. Certain professionally managed solutions provide diversification; this includes global allocation and asset allocation.