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.

Understanding Wealth Management

Stages of your Wealth Planning - Starting out in life | The Family Stage | The Wealth Generation Stage | The Cash Flow Stage

Wealth management applies to everyone; however, everyone's situation is unique. Find out about the wealth management process and how it applies to you.

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.


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