The new print issue of Wealth Professional is out. If you can't find the print version the e-version can be found online, here
One piece not to be missed in the issue...an extended Q&A with the moral voice of Canadian capital markets, Stephen Jarislowsky. It is always a privilege to interview this country's most successful financial advisor. Hard truths and deep wisdom…a chat with Mr. Jarislowsky is always a revelatory experience. This time was no different. He talks out on everything from the real dynamics driving the Montreal corruption scandals to post-war interest rates before explaining (perfectly rationally) why you shouldn't put client money in RRSPs, which is not a bit of advice one hears that often, but is something Jarislowsky has said for years. Think about it: RRSP payouts are taxed as income, while investment funds invested outside of an RRSP are taxed at the lower dividend and capital gains rates. As Stephen Jarislowsky puts it in the WP Q&A: "You can prove that anyone with relatively large means, an RRSP is something you should never buy. Once you start paying out of your RRSP you pay as income. You don't get any benefit for the lower capital gains tax. If you take the capital gains tax, you only pay half tax. If you have a two million dollar RIF, only one million belongs to you, the rest belongs to the government. If you make 9%, as our firm has done for private clients, I can assure you, if you paid the capital gains you would make more money than if you took it out at the as a RIF. The only reason for a RRSP is to get someone to save. But other than that there is no advantage for a person who is disciplined.”
Also out right now is the WP "Advisors on Fund Providers Survey 2014
" If you haven't had a chance to fill it out yet, please, take a minute or two—we'll publish the results in the October issue.