We’ve assembled in one place the status of tax-related proposals from the 2024 federal budget. Notable omissions from the budget implementation bill include the capital gains changes, the increase in the lifetime capital gains exemption and the Canadian Entrepreneurs’ Incentive. The House of Commons is adjourned until next week.

Advisor Sue Foley shared her experience of calling a trusted contact person after the line of communication with her clients — a married couple — broke down when the wife was defrauded. In an unexpected twist, the trusted contact questioned whether Foley was really the couple’s advisor. The tense scenario, which was successfully resolved in the end, left Foley with plenty to discuss with clients during KYC updates.

If you’re considering switching firms, you’ll want to check out the tips in this article, from assessing compensation to company culture. And as industry veteran George Hartman suggests, knowing the value of your own practice will help you determine whether an offer is right for you.

A client whose employer offers equity in the company as part of a compensation package may experience income volatility, unlike with a predictable all-cash salary. You can help manage that volatility with planning and diversification considerations.

Based on my email this week, the challenges of switching firms, and of buying or selling books of business, are on advisors’ minds — largely because of the potential for things to go south. If you switched firms, or bought or sold a book, was your due diligence successful? Looking back, how would you improve your process? If you have insights for other advisors, let me know in an email.