In this week's edition

Administrative guidance from the Canada Revenue Agency regarding the mandatory disclosure regime (effective since June 2023) landed over the summer. Issues addressed include limitation of liability, tax indemnities in employment agreements and insurance for business sales. The guidance is bittersweet, however, for tax advisors dealing with the uncertainty around the fledgling regime.

Wealthy Canadians in the U.K. will need to consider how their potential tax exposure will change as the newly elected Labour government begins the process of eliminating the country’s controversial non-domicile tax status.

Research shows that gen-Z investors believe they’ll need the support of financial advisors to reach their goals. While the younger generation is keen to invest, they also want compensation transparency and value for fees, sources suggest.

Psychology can play a big part in the decisions clients make and how advisors guide them to achieve goals. Encouraging clients to imagine their future selves is one evidence-based suggestion to motivate clients to save more. Sources offer additional tips, including asking a certain “miracle question.”

I recently spoke with a member of CFA Society Toronto about how to ask better questions (the member aims to help financial analysts improve their skills in this area). That conversation, along with the miracle question above, got me thinking about my most effective interview question. What about you? What is your most effective question when trying to undercover client motivations, objectives or feelings? Let me know in an email.