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John Harper 1916

“My name is Steve Crain. Like many of you here, I am one of the survivors of the sinking of RMS Titanic. Today I want to honour one man whose heroic actions changed the future of my life.

I can remember floundering for my life in the sea. The cold cut through me like a knife. It took all my energy to cry out for help. My only hope of survival in those freezing waters, debris from the doomed ship, a wooden spar. I didn’t want to die.

Suddenly, over the cries of other desperate passengers, and beyond the macabre sight of the bodies of those who had already succumbed to the North Atlantic’s bone-numbing waters, I could make out the form of a man swimming from person to person through the swirling waters and finally toward me.

He was trying to say something. As he drew near to me, I saw that he wasn’t wearing a lifejacket. I then realised I had met him earlier in the voyage. I had often heard him speaking to individuals and small groups of passengers about their need to receive Christ as their Saviour. More often than not, those who listened were more interested in enjoying their life in the here and now rather than worry about where they were going after death. Though both friendly and persuasive in his Gospel presentations I, like others, walked away not ready to believe his message.

With sheer determination, Harper took hold of the debris I clung to. His face was pale, his lips blue from imminent hyperthermia, above the sound of the turmoil around me though his voice was weakening I heard him ask,

“Are you saved?”

I replied, “No.”

Harper shouted the words, “Believe in the Lord Jesus and you shall be saved.”

Even in my desperation, something in me wanted to reject his offer.

Waves drifted us apart, but a few minutes later the current brought us together.

In one final attempt to persuade me to accept the remedy for my lost soul, again Harper shouted,

“Are you saved?”

He asked me to believe in Jesus. Then he slipped under the waves for the last time, never to be seen in this world again. I was touched. Given that second chance and with untold miles of water beneath my frozen feet, then and there I gave my life to Jesus.

Not long after, I was plucked from the waters and found myself in a lifeboat, saved from physical death. As I sat there bobbing on the ocean swell, I was acutely aware of an unexpected stillness and peace within me. I knew something had happened within me and that I was also saved from sin’s deadly power, safe in Christ, my heavenly lifeboat.

I was John Harper’s last convert!”
----------------
Steve Cain
Re: Pastor John Harper
Titanic Survivor’s Meeting
Ontario, Canada,
1916.

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Capital Gain Appraisals FAQ

Why should I get an appraisal done on my income property ? 

1.  Subject: Capital Gains Appraisals

"Hi Tim,
I  had a couple questions for you regarding capital gains for income properties. Who would request an appraisal for capital gains calculations when it comes to income properties? Would that request come directly from the CRA? Or is that something that is recommended by accountants? Trying to get a feel if these appraisal requests are pretty common.  Thanks again."

Typically an appraisal like this is recommended to get a handle on what the potential Capital Gains will be on a property if sold, or if transferred ie, in an estate or tax plan. I could see this being a good market for sure.

Sometimes we want to justify a higher price and sometimes a lower price depending on the goals and objectives of the plan. So having a range is pretty important.  CRA typically does not request this unless they are looking for a 2nd or 3rd opinion. Having the info for planning purposes is very helpful when giving advice for this. Sometimes people will get a realtors opinion on it as well, so they could be a potential niche market for referrals, helps them reduce some liability and gets that job off their to do lists.

Those are my main thoughts on the matter, if I can think of anything else I will let you know. Also happy to answer any questions you may have about it, even a sounding board if you like, I would be good for that.

One other thought, it would be great if the appraisal disclosed purchase info of the property, peoples memories are not always the best, if it’s in the appraisal, those mysteries are resolved and helps establish some cost basis for tax purposes, will not be all of them, but a basis just the same. I see that being very useful, as those numbers will reveal clues to how much depreciation may have been claimed in the past, potential mismatches to values on the tax return, etc. and that will be useful and provide confidence in the estate planning process.

Hope that helps
TLR

PS: I am sure there is some great articles writen about this, as I find them, I will post them in the comment section



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FAQ Investment Fees

In this posting will provide an overview of investment costs, financial advice some FAQ. 

 

Let's start with this video on Understanding MER's , you will find MER fees stated on Fund Fact Sheets. 

 

https://www.youtube.com/watch?v=gkq86w9aIa4

 

What is an MER? An MER is the total cost of running a mutual fund for a year, expressed as a percentage. The MER is the total of the fund's management fee, operating expenses (or fixed administration fee) and provincial/federal taxes charged to the fund during that year.

 

https://www.rbcgam.com/en/ca/learn-plan/types-of-investments/what-is-a-management-expense-ratio-mer/detail

Watch the Video

The transcript .... 

What is an MER?



 

It’s important to understand the costs of investing. And when comparing options, it’s equally important to understand the value you receive for what you pay. Let's take a closer look.

The cost of a mutual fund is the MER or Management Expense Ratio.

Let’s take a look at the MER for two different series of a mutual fund – Series F and Series A.

Series F only reflects the cost of the fund itself. It is used in fee-based accounts, where your advisor charges a separate fee for advice and service. The MER for Series F includes the fee paid to the mutual fund company for investment management, the fund’s operating expenses and taxes. Let’s start with the investment management fee. In our example, the management fee is 60 basis points, or 0.60 percent per year.

We’ve used that figure because it’s the fee charged on a typical Canadian equity fund from RBC Global Asset Management. A typical fixed income fund fee would be lower. So, what does the investment management fee cover? It pays for professional investment management and research, risk management and oversight, the service and support for you and your advisor’s firm, and the day-to-day management of the mutual fund company.

Let’s look at the second component of the MER – operating expenses. These are typically in the neighborhood of 10 basis points or 0.10% depending on the fund. Operating expenses include the costs associated with unitholder recordkeeping and other day-to-day expenses such as accounting and fund valuation, custody, audit and legal services, regulatory filing and costs of preparing and distributing annual and semi-annual reports and prospectuses.

The management fee and operating expenses are subject to tax at a rate that is determined by the tax rate in the provinces where the funds’ unitholders live. We’ve estimated 8 basis points in our example as HST is generally between 10-13% So, adding up all the components, the total is 78 basis points, or 0.78% per year. Now let’s look at the MER for Series A.

Series A reflects the cost of the fund AND includes a fee payable to your advisor for advice and service. In this case, the Management fee is made up of an investment management fee – which we already discussed – and a trailing commission. Instead of paying your advisor separately, the trailing commission is collected as part of the management fee and paid to your advisor’s firm by the fund company.

The trailing commission is an ongoing fee paid to your advisor’s firm and the financial advisor who provides ongoing financial advice and service. It is often called the “fee for advice.” So what does the “fee for advice” cover? It can be broken down into three components: The first is Advice: Your financial advisor provides you expert advice on a variety of matters like selecting the right investments to meet your needs as you plan for retirement, seek income or save for life events, building financial plans, tax planning, and monitoring and rebalancing your portfolio to name just a few.

The 2nd component is Access, which covers the infrastructure required by your financial advisor and their firm to support the distribution, sale & servicing of mutual funds. And the third component is Service. Things like trade confirmations, opening and closing accounts, issuing statements and other client communications and regulatory compliance activities.

In our illustration, the trailing commission is one percent, which is a typical percentage for an equity fund. In general, trailing commissions range from 0.5 percent to 1 percent. For an investment of $100,000, a 1% trailing commission would pay your advisor’s firm $1000 for the advice and service they provide you. When you add up the management fee, operating expenses and taxes for Series A, the total is 189 basis points, or 1.89% per year.

Let’s talk about fees and your returns. It’s important to remember when you check how your fund is doing that Performance is reported NET of the MER. That means the fund’s performance is calculated AFTER the MER deducted. So the returns you see are the returns you actually receive. As you’ve learned, there are different fees, depending on whether you own Series F or Series A.

Remember, Series A will have a higher MER because it includes the trailing commission that pays for advice, access and service. Series F is used in fee-based accounts, where any fees for advice, access and service are billed directly by your advisor’s firm.

At RBC Global Asset Management, we offer Series F and Series A. to support the different ways that investors and advisors choose to work together. We hope this introduction to MERs answers most of your questions. If you want to find out more, please see the other resources listed on this page or talk to your advisor.

 

https://www.youtube.com/watch?v=L-UjHVj5bmw

 

https://www.youtube.com/watch?v=aE-UpB9S1Y4

 

https://www.youtube.com/watch?v=0TyhjO8aRrs

 

https://www.youtube.com/watch?v=Uw_QyeHo8f0

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FAQ - RSP Withdrawals & Tax Consquences

Todays FAQ was about rsp deductions and the impact of taxes. 

 

"Greetings Tim,

I need your expertise to help me understand how RRSP withdrawals & taxes held back by the government work.

The government website indicates that anyone withdrawing RRSP's over $15000.00 is required to pay a 30% holding tax to the government. How is this tax calculated at the time of withdrawal? i.e. $30,000.00. What would the taxes withheld by the government be on that amount? 

When given the figures something didn't sit right with me. Want to make sure prior to signing anything." 

******

For RSP withdrawals. The government mandates that taxes be withheld at source. The amount ( percentage) depends on the total gross withdrawn.

For amounts over 15,000, 30% is deducted and sent to CRA and you receive the net amount.

For your example of $30,000 , 30,000 X 30% = 9000 tax , net to you is 21,000.
The 30,000 becomes taxable income in the year you do the withdrawal. So if your doing this now, it would be year 2023. You will then be taxed for your total income in the year and what we call a marginal tax rate would kick in. You will receive a T4RSP tax slip for year 2023 next year usually by end of Feb 2024. Depending on your taxable income you may or may not owe additional taxes. You get credit for the withheld taxes.

I did a quick example, let’s say your income was 30,000 and all the taxes had been paid up. Your income would now be 60,000 and you would get a refund of 1580. If your income was 60,000 before the RSP income you would owe 186

So the withholding tax kind-a protects you from owing a large amount next tax time.

The next thing to consider, is sometimes people want to have a certain amount of money , so let’s say you want 30,000 to be deposited into your account. The RSP issuer would have to redeem 30,000/(1-.3) = 42857.14 , net (42857.14 * 30% = 12857.14 in taxes, ( 42857.14-12857.14) = 29999.998 =30,000 deposit.

In this case, let’s say the income is 60,000, this brings taxable income to 102857 and amount of tax owing = 1014

If your income was 30,000 pre rsp, then your refund = 1475

Hope that helps you in your decision making process.

We provide a family office service at my firm, so we can give guidance on all these matters. Perhaps we can be of service for your future tax and investment needs.

****

"Thank you so much Tim.

Your explanation is excellent. It really helped me better understand the calculations behind RSP withdrawals & the taxes that are withheld.

Really appreciate that our friend sent me in the right direction.

Thank you for offering your services. Will certainly keep that in mind.

Sincere gratitude & appreciation" 

 ***

FYI

RSRP withdrawals up to 5000, the withholding tax is 10%  = 500 on 5000, so you net 4500  ( 20% in Quebec)

Between 5001 to 15,000, the withholding tax is 20%  son let's say a 10,000 request woudl be 2000 deducted, yo net 8000 ( 25% in Quebec) 

If you wanted 10,000 deposited in yoru account 10,000 / (1-.2) = 12500 total reemption  required ( 12500 * 20%=2500, net 12500-2500=10,000

With smaller amounts , depending on your income , you are m,ore likely to owe taxes due to teh marginal tax calculations, expecially if you have a mid to larger income. If your income is lower, not so much. 

 

Hope that FAQ is helpful. If you have a question, please email me at advisor@timothyross.com and will see if we can do up a good FAQ article for you.

Have a blessed day !

Timothy Ross, Family Advisor ©, CEO & Founder,
Brock Shores Financial, Family Office providing Omega Stewardship ©


https://improvingfutures.ning.com/blog/timothy-ross-family-advisor-ceo-founder-brock-shores-financial


Mutual Funds offered through PEAK Investment Services Inc. Life & Travel, Insurance, Seg Funds & Banking offered through Financial Horizons Group. Tax Services offered through Timothy Ross & Associates & Brock Shores Income Tax Corp; Planning Services offered through Brock Shores Planning Corp.


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"The beauty of being in business is that your business engages all aspects of your mind, I think that is why you become successful, business challenges you to be more than you are, and that is where the miracle takes place." Timothy Ross, May 2004

I like Winston Churchill, he had the incredible ability to move the English language into action. My mentor Jim Rohn, say's , "Don't be afraid to borrow if someone else has said it well. Winston Churchill said, "The truth is incontrovertible. Malice may attack it and ignorance may deride it, but in the end, there it is." That's so well said. You could stay up all night and not think of that. " ~ Timothy Ross

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Going for 100 Plus

"Everyone wants to live longer but no one wants to grow old"

 

Larry Lewis (1867-1974) - Find a Grave Memorial

https://www.findagrave.com/memorial/162125436/larry-lewis

 

I spoke of running to play golf earlier my good friend the well-known golfing writer Gary wiring tells the man in San
36:37
Francisco who jogs 6.7 miles every morning as the distance around Golden Gate Park he also walks five miles to
36:45
and from work he works as a banquet waiter boxes a couple of times a week and toss it in eight or nine games a
36:50
handball as you can imagine he's in magnificent physical condition he's also 103 years old
36:56
his name is Larry Lewis and he began running in 1876 at the age of nine and he's been running and keeping as active
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as he was at that early age ever since he's made the comment that you should never refer it to a person as being so
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many years old since old often means something dilapidated Larry Lewis doesn't intend to become dilapidated
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especially during his second 100 years Gary wiring suggests that each of us should ask himself these questions are
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my muscles getting soft and flabby do I feel chronically tired and dragged out Emma clumsy performing physical tasks
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which once were relatively easy for me can I feel and see unsightly bulges of
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fat on my body do I have to stop and catch my breath after climbing one or two flights of stairs is my physical zest for Life
37:42
missing or rapidly failing if you agreed to more than a couple of those questions you may well become a victim of
37:47
premature aging here's another great contributor to the cardiovascular plague I mentioned earlier it isn't that we
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want to live forever even as old as Larry Lewis maybe although I think it's a great idea if you're enjoying life but ...
 
 
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Marble Rock Adventures

It's been awhile since we have explored Marble Rock, so long that I thought it was Crystal Rock. There is lots of white crystals on that trail, thus the name sake Marble Rock. 

 

Here  is a few links to those trails

 

https://www.alltrails.com/parks/canada/ontario/marble-rock-conservation-area

 

https://cataraquiconservation.ca/pages/marble-rock

 

https://ontariohiking.com/marble-rock-conservation-area/

 

This is an interesting read and some great pics. 

https://www.adventurereport.ca/the-north-and-south-loops-at-marble-rock-conservation-area-a-7-1-or-10-6k-hike-in-gananoque-on/

 

Next time we explore there will add some comments to this post. 

#BeTheAdventure

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Blueberry Sandbox

Blueberries are spherical or semispherical or semispherical, tiny, soft, and sweet blue fruits ranging from 0.7 to 1.5 cm in diameter.

These fruits can be consumed without peeling or cutting and contain glucose and fructose. Blueberries were popularized as a “super fruit” due mainly to their high antioxidant activity and abundant bioactive compounds.
Despite the benefits of blueberries, they are seasonal fruit.
Lowbush blueberries are typically grown for processed blueberries used in baked goods, yogurts, and fresh and processed organic fruit.
Highbush blueberry fruit is used fresh and frozen for use in processed foods.

In countries that are large blueberry producers, blueberries not intended for fresh consumption are most often frozen in fluidized tunnel freezers. In the world markets, fresh blueberries are sold in retail packages, and frozen blueberries are sold in bulk packages.

The latter, as half-products, are used for processing, that is, for making jams, conserves, or juices. Fruit collected by machine is sorted and stored, and most of it is later sold for industrial processing. The advantage of such a procedure is the effective use of almost the entire crop. Even unripe and defective fruit can be processed.
Healthy but damaged fruit is processed as an ingredient for yogurts or ice creams, whereas unripe fruit is treated as a source of selected biologically active compounds.

Generally, blueberries in a fresh form consist of water, carbohydrates, proteins, and fat. Blueberries are a good source of dietary fiber that constitutes 3% – 3.5% of fruit weight, which may be varied depending on the horticultural practices.
Besides the taste, the main interest in this fruit is due to the moderate vitamin C content and other vitamins like vitamins A, D, and E. One hundred grams of blueberries provide, on average, 10 mg of ascorbic acid, which is equal to 1/3 of the daily recommended intake.
Moreover, blueberries have bioactive compounds such as flavonoids (especially anthocyanins), tannins, and phenolic acids, as well as various beneficial health properties attributed to blueberries.

*The active compounds may be varied depending on the horticultural practices of the plantation.

#crop #crops #botany #agriculture #agricultureandfarming #farm #farming #horticulture #plant #plants #plantfact #plantfacts #blueberry #berry #berries #anthocyanin #nutrition #nutritionalfact #vitamin #fiber #minerals #health

Wow, gleaned from AgTech FoodTech Group on LinkedIn, by Chang Hong Eyu

 

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Family Day Monday Feb 20th 2023

I received a number of emails from mortgage brokers this week.

There was some delighful tips on how to enjoy this Family Day holiday.

Here they are.

Be sure and check out the comment sections for additonal resources that I may discover and glean going forward. 

Our office will be closed on the 20th. 

 

Family Day Ideas

For those who celebrate Family Day, we thought we would highlight some ideas for special things you can do with your loved ones, and remind them how much you care!

Below are a few ways you can celebrate Family Day this year:

Cook a Meal Together: From making mini personalized pizzas to cooking up a brand-new recipe or baking something delicious, the kitchen is a great space for family time and making fun memories!


Get Crafty: Time to break out the glitter, glue and fun! Set up a craft station at your house this Family Day to entertain younger children – and reawaken your inner child! Don’t be afraid to get messy and create something fabulous.


Volunteer: A great way to make an impact (and bond with your family while you’re at it) is to volunteer your time together! Consider reaching out to a local organization or finding an event, such as a park clean-up, to participate in.


Try an Exercise Class: Want to enjoy your family and get a little exercise while you’re at it? Try joining a ZUMBA workout or an online exercise class! Not only is this a fun activity you can do with your kids from home, but it is a great way to teach them about health and start setting up healthy habits for life.


Record a Message: Sometimes, the entire family isn’t able to get together but recording a message together and sending it to those aunts, uncles and grandparents who live elsewhere is a great way to celebrate your family no matter where they are in the world.


No matter how you spend it, I hope you have a wonderful Family Day and I wish you and yours the best to come.

 

https://en.wikipedia.org/wiki/Family_Day_(Canada)

In most provinces of Canada, the third Monday in February is observed as a regional statutory holiday, typically known in general as Family Day (FrenchJour de la famille)—though some provinces use their own names, as they celebrate the day for different reasons. The third Monday of February is observed as "Family Day" in the provinces of AlbertaBritish Columbia (BC), New BrunswickOntario, and Saskatchewan; as Louis Riel Day in Manitoba; as Nova Scotia Heritage Day in Nova Scotia; and as Islander Day in Prince Edward Island.[1]

In Canada more generally, the third Monday in February has also been celebrated as Heritage Day, though this is not as an official holiday. This "Heritage Day" is observed by some in celebration of the country’s collective historyarchitecture, and cultural heritage.[2][3]

In Quebec and the three territories, the third Monday in February is a regular working day. The same is true in Newfoundland and Labrador except in Corner Brook, where it is an unnamed civic holiday. In Yukon, however, one Friday in February (typically the last/near-last Friday)—rather than a Monday—is deemed Yukon Heritage Day.

Two-thirds of Canadians live in a province that observes a February statutory holiday. Some provinces have changed the observance day of their holiday to match the other provinces.[4] As Family Day is not a federal statutory holidayemployees of the federal government (such as public servants and postal workers) work on this day in all provinces. The timing of Family Day also coincides with the United States' holiday of Presidents' Day (also known as Washington's Birthday, among other names).

 

https://www.destinationontario.com/en-ca/things-to-do/things-do-family-day-ontario

 

PS: Flag Day is coming up soon , February 15th , this should be a national holiday :) 

NATIONAL FLAG OF CANADA DAY - February 15, 2023 - National Today

https://nationaltoday.com/national-flag-of-canada-day/

Some of the history is not correct on this site, I have noted that to the Canadian Flag Education Centre, they will get it updated. 

Cheers! TLR

 

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Timothy Ross,  Family Advisor ©, CEO & Founder, Brock Shores Financial, Family Office Providing Omega Stewardship ©  

Mutual Funds offered through PEAK Investment Services Inc.

Life & Travel, Insurance, Seg Funds  & Banking offered through Financial Horizons Group

Tax Services offered through Timothy Ross & Associates &  Brock Shores Income Tax Corp

Planning Services offered through Brock Shores Planning Corp.  

 

Brock Shores Financial / Timothy Ross & Associates, Family Office Providing Omega Stewardship
​4502 Airport Road – Tincap, GTA Professional Center, Elizabethtown, Ontario K6T 1A2
​613-345-0016 Office 613-213-4625 Cell/Text 613-345-5231 Fax advisor@timothyross.com

www.BrockShoresFinancial.ca

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Bookkeeping Associate:  Becky Eamon  becky@timothyross.com

Brock Shores Planning Corp: brockshoresplanningcorp@gmail.com

Planning Associate, Johanne Brennan johanne@timothyross.com  

 

Tim's Linked-In: https://www.linkedin.com/in/omegastewardship/

 

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"The beauty of being in business is that your business engages all aspects of your mind, I think that is why you become successful, business challenges you to be more than you are, and that is where the miracle takes place." Timothy  Ross, May 2004

I like Winston Churchill, he had the incredible  ability to move the English language into action. My mentor Jim Rohn, say's , "Don't be afraid to borrow if someone else has said it well. Winston Churchill said, "The truth is incontrovertible. Malice may attack it and ignorance may deride it, but in the end, there it is." That's so well said. You could  stay up all night and not think of that. " ~ Timothy Ross

Have a Blessed Day! TLR

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Gov Wiggles on Renters

https://www.mtlblog.com/low-income-canadian-renters-will-receive-a-one-time-500-payment-from-the-govt-in-2022

From what I see. 

Even though the government would know who qualifies, they are making low income people and those that use most of their resources to apply for this benefit.



This gives them lots of wiggle room to simply not have to payout as much money as they should. 

Plus a fairly tight deadline for filing.

 

CRA knows our income, so they know who would qualify.

Most people in Ontario submit what their rent is in-order to qualify for Trillium benefit. So CRA knows that number, at least in Ontario.

Some other provinces have rent info, some do not. So at least in Ontario. This job could be done all in-house. That's a big part of the population and probably a big part of the potential payout. 


Bottom line, government has not thought this out if their intent was to serve. Frankly they have created lots of a wiggle room and more importantly an opportunity to expand government, a lot of paper files to process. Yeah 

IMHO

 
Note, the group that is most likely to qualify for this benefit perhaps do not have a phone, or internet service  .... as a lot of this applying is encouraged to be done on line or over the phone .... it furthers shows how they wish to wiggle. .... March 31, more wiggle.  Maybe some of my thinking is out of date, everyone seems to have a phone with wifi options or a little data. 


CRA link for details 

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Tax Detention Powers added

"It is therefore unclear why the CRA would now also need police-like powers to interrogate any person and, furthermore, to require that person to attend any place designated by it, as part of its ordinary audit function."
......

To delineate the limits to its new power, the Canada Revenue Agency should adopt these best practices for audit interviews, argue three tax lawyers from Davies


To delineate the limits to its new power, the Canada Revenue Agency should adopt these best practices for audit interviews, argue three tax lawyers from Davies

Author: Brian Bloom, Élisabeth Robichaud and Sammy Cheaib
Brian Bloom, Élisabeth Robichaud, and Sammy Cheaib
Brian Bloom is a partner, Élisabeth Robichaud is a partner, and Sammy Cheaib is an associate in the Montreal office of Davies Ward Phillips & Vineberg LLP (“Davies”).

THE Canada Revenue Agency (CRA) can now require taxpayers or any other person to answer "all proper questions" and provide all reasonable assistance for any purpose relating to the administration or enforcement of the Income Tax Act (ITA), including by submitting to oral questioning at a place designated by the CRA.[1]

In this bulletin, we comment on the scope of the CRA's new power to compel oral interviews, which became effective on December 15, 2022. 

Background

Although it is not standard audit practice for the CRA to demand that taxpayers and their agents submit to oral interviews in the course of tax audits, the CRA will sometimes do so, especially during transfer pricing audits and, more recently, during audits initiated under the related-party initiative (RPI). Such a CRA demand was recently considered in Minister of National Revenue v Cameco Corporation[2] (Cameco), in which the Federal Court of Appeal (FCA) held that, although oral interviews are not prohibited, the ITA does not authorize the CRA to compel taxpayers to submit to interviews.[3] Hence, following the Cameco decision, the CRA continued to conduct oral interviews with the important nuance that the taxpayer's prior consent to such an interview was now clearly required. 

Statutory Authority to Conduct Oral Interviews

In response to the Cameco decision, the 2021 federal budget proposed amendments to section 231.1 of the ITA to broaden the CRA's audit powers. These amendments were substantively enacted in Bill C-32 and came into force upon royal assent on December 15, 2022. 

Generally, prior to these amendments, section 231.1 of the ITA authorized the CRA to inspect a taxpayer's books, records and property inventories. The CRA could enter a taxpayer's premises or places of business and require any person on such premises to provide reasonable assistance in the CRA's inspection of books, records and property inventories. 

Bill C-32 amends section 231.1 of the ITA. One of the most substantive changes is contained in amended paragraph 231.1(1)(d) of the ITA, which now requires a taxpayer or any other person to provide the CRA with "all reasonable assistance" and to answer "all proper questions" relating to the administration or enforcement of the ITA. Moreover, under amended subparagraph 231.1(1)(d)(i), the CRA can now require any person to attend "any place designated by the CRA," or attend by videoconference or by another form of electronic communication, in order to submit to oral questioning. 

Note too that the CRA can now compel any person to answer questions in writing in any form specified by the CRA. Generally, all persons are now required to provide the CRA with "all reasonable assistance with anything the [CRA] is authorized to do" under the ITA.[4] Although our focus here is on the CRA's power to conduct oral interviews, comments similar to those made below apply equally to these other new rules, whose scope has yet to be established by the courts. 

Departure from Prior Audit Practice

The CRA's new power to compel taxpayers to undergo oral interviews and attend any designated place for this purpose (akin to law enforcement officers' power to bring an arrested individual to a police station to undergo questioning) departs from previous standard audit practice in a manner that is — in our view — unwarranted, as a matter of both policy and practice. 

It is well established that a tax audit should be a collaborative process in which, as a corollary to the taxpayer's duty to provide all reasonable assistance, the CRA should treat the taxpayer courteously and with consideration, having due regard to its "core values" of integrity, professionalism, respect and collaboration.[5] Accordingly, in most income tax audits, long-established standard practice has been for the CRA to request, in writing, any information relevant to an audit under either section 231.1 or 231.2 of the ITA, and for taxpayers to cooperate by providing such information in writing within a reasonable time. This practice helped to ensure that taxpayers were able to provide complete and accurate information along with any relevant supporting documentation, as well as to seek and obtain all needed assistance to do so. Where a taxpayer refused to comply with a valid demand made by the CRA pursuant to section 231.1 or 231.2 of the ITA, the Federal Court could, on a summary application from the CRA, issue a compliance order under section 231.7 of the ITA to compel an answer; in addition, the taxpayer would face the risk of committing a penal offence and being held liable on summary conviction under section 238 of the ITA. 

Furthermore, prior to the enactment of amendments to section 231.1, if the CRA faced a recalcitrant taxpayer when opting to conduct an oral interview, it would not be rendered "toothless," as noted by the FCA in Cameco. Indeed, when a taxpayer refused to answer a question, the CRA could (and still can) make inferences and assumptions, and assess the taxpayer on the basis of those assumptions. Such assessments are deemed to be valid and binding unless and until reversed on appeal, in which case the onus rests on the taxpayer to demolish the factual assumptions. 

Therefore, one could certainly argue that these existing very broad audit and assessment powers already give the CRA the de facto ability to compel oral interviews when necessary, considering the potential adverse consequences for taxpayers who fail to comply with such (occasional) requests. 

It is therefore unclear why the CRA would now also need police-like powers to interrogate any person and, furthermore, to require that person to attend any place designated by it, as part of its ordinary audit function. Indeed, there appears to be no reason, in policy or practice, to favour answers given orally over answers given in writing. The CRA's audit function serves...to audit. An audit is neither a court hearing nor a criminal investigation. Auditors are not trained to hear oral evidence or opine on the credibility of a witness. And they should certainly not be employing oral interviews to trick taxpayers into giving inculpatory answers or unwittingly waiving legal privilege. Accordingly, we hope that the CRA will maintain its standard audit practice of requesting information in writing, despite its new powers. Oral interviews should be reserved for certain specialized audits, such as transfer pricing audits. Indeed, Cameco was a transfer pricing case. 

Limits to the Power to Conduct Oral Interviews

Despite the broad statutory language in new section 231.1 of the ITA relating to the CRA's power to conduct oral interviews, this power may be more limited than it initially appears. In our view, these limits are both contained in the text of the provision itself and flow from taxpayers' established civil and constitutional rights. 

Limits in the text of section 231.1

The text of new paragraph 231.1(1)(d) of the ITA reveals that the CRA's power to conduct oral interviews is limited by both the "reasonable assistance" and "proper question" standards. While the courts have previously examined these terms under former versions of section 231.1 of the ITA, their scope under this new version remains to be determined. 

For example, courts may see the following as unreasonable within the meaning of new paragraph 231.1(1)(d): interview requests that are disproportionately onerous in light of the issues or amounts at stake; that are disruptive to the taxpayer's business; or that are highly unlikely to yield information relevant to a CRA audit. Moreover, courts may see the following as not being proper within the meaning of new paragraph 231.1(1)(d): repetitive, leading, speculative or argumentative questions; questions that are clearly irrelevant or that are asked in an intimidating manner; and questions that could reveal privileged information. 

Protection of Charter Rights

The CRA's power to compel oral interviews, in particular when conducted at any place designated by it, should be understood in the context of — and attenuated by — individuals' established constitutional rights under the Canadian Charter of Rights and Freedoms (Charter). 

Requiring an individual to attend an interview, especially one that is scheduled to occur at a particular place and time designated by the CRA, arguably constitutes a form of detention. Indeed, the courts have established that detention may include situations in which individuals are not only physically detained but experience a "psychological compulsion," in the form of a reasonable perception that they are not free to go and must comply with the direction or demand to avoid being held liable. On this point, we note that section 238 of the ITA provides that any person who contravenes section 231.1 is guilty of an offence and is liable on summary conviction, in addition to any penalty otherwise provided, to a fine of between $1,000 and $25,000 and to imprisonment for a term not exceeding 12 months. 

If submitting to oral interviews constitutes a form of detention, this could trigger a series of robust Charter protections, including the guarantee in section 7 not to be deprived of liberty except in accordance with the principles of fundamental justice; the right against arbitrary detention in section 9 of the Charter; the right to retain and instruct counsel without delay and to be informed of that right; and to have the validity of the detention determined by way of habeas corpus under section 10 of the Charter

Solicitor-Client Privilege

Furthermore, requiring taxpayers to undergo an oral interview without having the opportunity to consult with their legal representatives would pose a serious threat to the protection of solicitor-client privilege (SCP), a constitutional and fundamental civil and legal right. Taxpayers often rely on legal advice in tax matters, given the complexity of the ITA and the breadth of audit requests, and cannot be expected to know which information is protected by SCP. 

If the CRA's power to conduct oral interviews is exercised without due consideration to taxpayers' right to consult their legal representatives, such power risks giving rise to unintended communication of information protected by SCP or, for that matter, other types of privileged information. This raises the further issue of what remedy is appropriate when privileged information is so obtained by the CRA in violation of taxpayers' constitutional rights. 

We would note, however, that there is nothing in the amended provisions that explicitly prevents taxpayers from attending a mandatory interview with their advisers, including legal advisers, or that authorizes the CRA to exclude such advisers from an interrogation. 

Moving Forward: With Great Power Comes Great Responsibility

Until the courts delineate the limits to this heavy-handed new power, clear administrative guidelines by the CRA would be welcome on (i) the circumstances in which oral interviews may be appropriate and (ii) the manner in which they may be conducted. 

In this regard, and until such CRA guidelines are available, we suggest that CRA auditors and taxpayers adopt best practices designed to ensure that the CRA's power to conduct oral interviews is exercised reasonably and in a proper manner. These practices could include the following:

  • favouring written questions over oral interviews as a general information-gathering tool unless the nature of the audit clearly calls for oral interviews, as in the case of auditors seeking to conduct or verify a functional analysis in the course of transfer pricing audits;
  • scheduling oral interviews well in advance, at a place and time mutually agreed upon by the CRA and the individual being interviewed;
  • ensuring that the questions are provided to individuals with sufficient prior notice to allow them to prepare complete answers by consulting the relevant documents and seeking assistance from their tax advisers and legal counsel;
  • ensuring that the interviewed individuals are provided with all opportunities to be accompanied throughout the interview by any persons they choose, including their tax advisers and legal counsel;
  • ensuring that the interviewed individuals are made aware of their right to take notes and record the interview; and
  • ensuring that individuals are not compelled to answer questions that they are incapable of answering and, consistent with undertakings given on discovery in civil proceedings, ensuring that individuals are given the opportunity to provide complete answers, whether orally or in writing, after the interview once they have properly informed themselves. 

We believe that these common sense measures would not only ensure the reasonable exercise of the CRA's power to conduct oral interviews but also improve the efficiency of the CRA interview process by providing adequate opportunities to taxpayers to share proper, accurate and complete information. It is in the interests of both the CRA and taxpayers to ensure that the audit is conducted efficiently, fairly and within the confines of the law and that the information provided by taxpayers to the CRA is correct. 

Regardless of whether the CRA adopts our suggestions, given the uncertainty triggered by these substantive changes to the CRA's audit powers, taxpayers who fear that the CRA's power to conduct oral interviews is being exercised unreasonably or improperly should seek legal counsel. 

Footnotes

1.  The CRA exercises the power conferred upon the Minister of National Revenue by the ITA.
2.  2019 FCA 67.
3.  Read our contemporaneous discussions on the Camecodecision and its immediate impact on the conduct of audits at The CRA Cannot Compel Oral Interviews During an Auditand CRA's Audit Powers Have Limits.
4.  New subparagraph 231.1(1)(d)(ii) and new paragraph 231.1(1)(e) of the ITA.
5.  See CRA's Taxpayer Bill of Rights Guide: Understanding your rights as a taxpayer

Brian Bloom is a partner, Élisabeth Robichaud is a partner, and Sammy Cheaib is an associate in the Montreal office of Davies Ward Phillips & Vineberg LLP (“Davies”). Title image courtesy Canada Revenue Agency. Author photos courtesy Davies.

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CRA Labor Strike Potential

Potential Strike at CRA

The CRA has approximately 55,000 employees. It is

by far the biggest federal government employer.

More than 35,000 of those workers are part of two

unions: the Public Service Alliance of Canada (PSAC)

and the Union of Taxation Employees (UTE).

 

On January 10, 2023, PSAC-UTE announced that they

launched a nationwide strike vote for 35,000 CRA

employees, after talks with the CRA broke down over

wages and remote work. The strike votes will be

conducted from January 31 to April 7, 2023. Workers

at CRA have been without a contract for more than a

year, and the union declared an impasse in September

2022.

 

While strike votes are underway, PSAC-UTE and

CRA will proceed to Public Interest Commission

(PIC) hearings on January 27th and February 20th

with the Federal Public Sector Labour Relations and

Employment Board. The hearings are expected to

produce non-binding recommendations for an

agreement and are anticipated in the spring.

 

Once the Commission issues its report, PSAC-UTE

will be in a legal strike position if voting provides a

strike mandate. So, if the CRA does strike, there is a

very good chance it will be in April sometime.

 

The PSAC released the following as key bargaining

issues with the CRA (presented in italics below):

 

Fair Wages - The cost of living and inflation are

through the roof. In these tough times, we deserve fair

wages. We will hold the line to make sure we – and all

Canadians – don’t get left behind.

 

WWW.EFILE.CA

Note: a wage proposal presented to the CRA by

PSAC-UTE in July 2022 calls for a 9% wage increase

effective November 1, 2021 (to level the playing field

with Canada Border Service Agency members) and

then a 4.5% increase retroactive to November 1, 2021;

an 8% increase retroactive to November 1, 2022; and

an 8% increase effective November 1, 2023. That

represents a cumulative 32.9% total increase in salary

over a two-year period (from Nov 2021 to Nov 2023).

 

Hours Of Work - We need to have protection against

evening, weekend and shift work. We deserve to be

compensated for our time, and our years of service

should be recognized.

 

Better Work-Life Balance - Remote work has become

a part of everyday life in our workplaces. Now it’s

time to look to the future by enshrining remote work

and the right to disconnect in our collective

agreements.

 

Note: according to UTE the CRA has 9,000 call centre

employees, and they’re all working from home.

 

Good, Secure Jobs - CRA has repeatedly tried to

contract our work to private companies. But when

public money goes into private pockets, Canadians

lose out with higher costs, more risk, and reduced

quality of services. We need to end contracting out

and fight for good, secure public service jobs.

 

Let’s hope that in the event there is strike action, it is

brief and does not adversely affect the ability of

taxpayers to file income tax returns at a critical time in

the tax cycle. Nonetheless, potential strike action at

the CRA is a good reason to be proactive and reach out

to clients early (as part of your marketing efforts) and

discuss getting tax information to you as soon as

possible.

 

Source Jan 27, 2023 from EFILE Association Newsletter

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Megan Ross

Client and Business Support Services

Brock Shores Financial/Timothy Ross & Associates

megan@timothyross.com

www.BrockShoresFinancial.ca

http://www.ImprovingFutures.ca/

Brock Shores Financial, Family Office Providing Omega Stewardship ©

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https://youtu.be/6ySBv-HHyK4

 

 
00:00 Chapter 1: 5 Major Pieces of the Life Puzzle
27:28 1. Philosophy
48:00 2. Attitude
53:38 3. Activity
1:03:33 4. Results
1:12:46 5. Lifestyle
 
1:24:24 Chapter 2: Personal Development: The Proven Principles
1:28:10 Money [Value]
 
1:38:20 Life is Like the Seasons
1:41:37 1. Winter
1:45:35 2. Spring
1:48:09 3. Summer
1:55:10 4. Fall
 
1:56:20 Physical
1:58:45 1. Appearance
2:00:07 2. Spiritual
2:00:58 3. Mental
2:05:12 4. Library
2:20:28 5. Keep a journal
 
2:29:50 Chapter 3: The 5 Abilities
2:30:10 1. The Ability to Absorb
2:32:17 2. Learn to Respond
2:39:25 3. The Ability to Reflect
2:48:55 4. Ability to Act and Take Action
3:05:53 5. Develop the Ability to Share
 
3:11:54 Goals
3:25:35 1. Don't Set Too Low
3:27:00 2. Don't Compromise, Don't Sell Out
 
3:31:15 Chapter 4: Financial Independence
3:42:01 1. Keep Strict Accounts
3:43:00 2. Develop a New Attitude Communication
 
3:49:00 4 Steps to Communication
3:51:38 1. Have Something Good to Say
3:56:39 2. Saying it Well
4:00:58 3. Read Your Audience
4:06:47 4. Intensity Conclusion
 
4:10:35 Master Negativity
4:13:25 The Day That Turns Your Life Around
4:19:25 The Greatest Challenge in Leadership
 
"If you will change, everything will change for you" 
 
I met Jim in the fall of 1993, the year I got my investment and life licence. I attended his presenation in Ottawa at the Congress Centre, decided to sign up for his weekend study, took lots of notes, got me thinking, inspired,  got me journalling, turned my life around. I studied  his teachings , his recordings, and attended and met him in  future seminars. I considered him my mentor. I enjoy listening to him to this very day, I circle back for a refresher at least once a year. I hope his lessons can help you as well. ~ TLR
 

“Don’t say, ‘If I could, I would.’ Say, ‘If I can, I will.’”


“Don’t wish it was easier, wish you were better. Don’t wish for less problems, wish for more skills. Don’t wish for less challenge, wish for more wisdom.”


“Either you run the day or the day runs you.”


“Without a sense of urgency, desire loses its value.”


“If you don’t like how things are, change it! You’re not a tree.”


“How long should you try? Until.”


“Learn how to be happy with what you have while you pursue all that you want.”


1. “Don’t wish it was easier, wish you were better. Don’t wish for less problems, wish for more skills. Don’t wish for less challenge, wish for more wisdom.”

2. “If you are not willing to risk the unusual, you will have to settle for the ordinary.”

3. “Start from wherever you are and with whatever you’ve got.”

4. “Formal education will make you a living; self-education will make you a fortune.”

5. “Success is nothing more than a few simple disciplines, practiced every day.”

6. “Either you run the day or the day runs you.”

7. “We must all wage an intense, lifelong battle against the constant downward pull. If we relax, the bugs and weeds of negativity will move into the garden and take away everything of value.”

8. “Motivation is what gets you started. Habit is what keeps you going.”

9. “If you are not willing to risk the unusual, you will have to settle for the ordinary.”

10. “To solve any problem, here are three questions to ask yourself: First, what could I do? Second, what could I read? And third, who could I ask?”

11. “If you really want to do something, you’ll find a way. If you don’t, you’ll find an excuse.”

12. “If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us.”

13. “Motivation alone is not enough. If you have an idiot and you motivate him, now you have a motivated idiot.”

14. “It isn’t what the book costs; it’s what it will cost you if you don’t read it.”

15. “You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of.”

16. “Success is neither magical nor mysterious. Success is the natural consequence of consistently applying the basic fundamentals.”

17. “Failure is not a single, cataclysmic event. You don’t fail overnight. Instead, failure is a few errors in judgement, repeated every day.”

18. “Work harder on yourself than you do on your job.”

19. “You cannot change your destination overnight, but you can change your direction overnight.”

20. “You don’t get paid for the hour. You get paid for the value you bring to the hour.”

21. “Don’t just read the easy stuff. You may be entertained by it, but you will never grow from it.”

22. “Let others lead small lives, but not you. Let others argue over small things, but not you. Let others cry over small hurts, but not you. Let others leave their future in someone else’s hands, but not you.”

23. “We must all suffer one of two things: the pain of discipline or the pain of regret or disappointment.”

24. “Without a sense of urgency, desire loses its value.”

25. “Life and business is like the changing seasons. You cannot change the seasons, but you can change yourself. Therein lies the opportunity to live an extraordinary life–the opportunity to change yourself.”

26. “Discipline is the bridge between goals and accomplishment”

27. “Take advantage of every opportunity to practice your communication skills so that when important occasions arise, you will have the gift, the style, the sharpness, the clarity, and the emotions to affect other people.”

28. “If you don’t like how things are, change it! You’re not a tree.”

29. “Days are expensive. When you spend a day you have one less day to spend. So make sure you spend each one wisely.”

30. “Give whatever you are doing and whoever you are with the gift of your attention.”

31. “Learn how to be happy with what you have while you pursue all that you want.”

32. “You cannot make progress without making decisions.”

33. “Don’t say, ‘If I could, I would.’ Say, ‘If I can, I will.’”

34. “No one else ‘makes us angry.’ We make ourselves angry when we surrender control of our attitude.”

35. “Your personal philosophy is the greatest determining factor in how your life works out.”

36. “The big challenge is to become all that you have the possibility of becoming. You cannot believe what it does to the human spirit to maximize your human potential and stretch yourself to the limit.”

37. “The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.”

38. “The more you care, the stronger you can be.”

39. “Character is a quality that embodies many important traits, such as integrity, courage, perseverance, confidence and wisdom. Unlike your fingerprints that you are born with and can’t change, character is something that you create within yourself and must take responsibility for changing.”

40. “How long should you try? Until.”

 

"The beauty of being in business is that your business engages all aspects of your mind, I think that is why you become successful, business challenges you to be more than you are, and that is where the miracle takes place." Timothy Ross, May 2004

 

 

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Coffee Pleasures

I gave coffee up when I got COVID leading up to Christmas 2021, been tempted to indulge since, I do miss the social aspect , and the little rush. Drinking Chaga tea mainly now helps my immunity goals stay charged up. My water business Natures Energy Water Corporation makes a cold brew coffee with maple and birch water right from our trees, it's like drinking desert, it's truly amazing, delightful, Simply Delicious, have a couple omega 3 eggs on the side and you have felt like you had a quick trip to heaven, with the knowledge that you probably get to stay on Earth a little longer. Simply Refeshing

PS, always check out our comment section for lots of extra valuable resources that get posted going forward on the topic, also use the search bar for topic tags 

TLR

 

 

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Johanne Brennan

Planning Associate

Brock Shores Planning Corp.

brockshorescorp@gmail.com

johanne@timothyross.com

http://www.BrockShoresPlanningCorp.ca/

http://www.ImprovingFutures.ca/

Brock Shores Financial,  Family Office Providing Omega Stewardship ©

613-345-0016 Head Office

613-345-5231 Fax

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Google Update

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"Brock Shores Financial is growing again! We are thrilled to announce another addition to our Family Team January 2023. Associate Planner, Johanne Brennan joined Brock Shores Planning Corp. Johanne brings her exceptional business acumen, extensive insurance industry experience and lovely client relationship skills to us. Johanne’s mission is to enhance and help us provide additional financial planning services for our exceptional clients. Our vision is to help our clients embrace planning for their personal financial goals, support our business clients with their ongoing business enterprises, assist those embarking on new ventures and help all with their estate planning objectives."

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https://www.executivecoaches.ca/inspiringleaders/e085-thaw-your-frozen-feet-with-johanne-brennan

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#Fungi Fun https://www.facebook.com/groups/fungifun

 

 

PS: We welcome your Google Review, please  click on this link  https://g.page/r/CXYJPvedYlz0EBI/review

 

Be sure and register to keep track of  your credit bureau, we use Borrowell for this free service

https://improvingfutures.ning.com/blog/free-credit-check-borrowell

 

Timothy Ross, Family Advisor, CEO & Founder, Brock Shores Financial

Mutual Funds offered through PEAK Investment Services Inc.

Life & Travel,Insurance, Seg Funds & Banking offered through Financial Horizons Group


Brock Shores Financial / Timothy Ross & Associates, Family Office Providing Omega Stewardship
​4502 Airport Road – Tincap, GTA Professional Center, Elizabethtown, Ontario K6T 1A2
​613-345-0016 Office 613-213-4625 Cell/Text 613-345-5231 Fax advisor@timothyross.com


​Executive Assistant: Heather Kiley heather@timothyross.com

Office Assistant: Tammy Abrams  assistant@timothyross.com


​Office Manager: Megan Ross megan@timothyross.com

Income Tax Associate: Kelly Potvin kelly@timothyross.com

Bookkeeping Associate:  Becky Eamon  becky@timothyross.com

Brock Shores Planning Corp: Planning Associate, Johanne Brennan johanne@timothyross.com  brockshoresplanningcorp@gmail.com

 

Mission - Vision – Core Values

“Serving our clients and community since 1988”


OMEGA STEWARDSHIP
​* One Stop Process Driven Approach for Retirement & Income Planning
​* Personalized Tax Management Solutions for Individuals & Business Owners
​* Confidential Wealth Management Solutions
www.BrockShoresFinancial.ca 

Legacy Site: www.TimothyRoss.com 

View our Blog: #ImprovingFutures www.ImprovingFutures.ca


Helping Families Achieve ... Life's Major Goals
​1. Tax Smart Planning & Investing
​2. Worry Free Retirement
​3. Education of Our Children & Grandchildren
​4. Quality Care for Our Parents
​5. Meaningful Financial Help for Our Loved Ones
​6. Meaningful Legacy


​Member of Advocis, The Financial Advisors Association of Canada
​Member of IFB, Independent Financial Brokers of Canada
​Member of RIA, Responsible Investment Association
​Paul Harris Fellow

 

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Have a Blessed Day! "People influence People”

Access Your Peak Accounts www.YourAdvisorCares.ca

Inspiration: www.YourAdvisorCares.com

 

 

Family Office Team Links

https://improvingfutures.ning.com/blog/brock-shores-planning-corp-vp-planning-johanne-brennan

https://improvingfutures.ning.com/blog/megan-ross-client-and-business-support-services

https://improvingfutures.ning.com/blog/timothy-ross-family-advisor-ceo-founder-brock-shores-financial

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