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. The Financial Advisor at BMO explained that the transfer could be done as long as they paid a 20 per cent withholding tax in the U.S. The couple transferred $198,000 in Canadian funds and found themselves having to pay a large tax bill come April. In total, they were hit with roughly $47,000 in taxes.

When dealing with financial and tax issues involving international tax jurisdictions, it is critically important to have professional tax accountants and financial advisors with international experience to protect your best interests. Mistakes can be costly and time consuming. GTA Wealth Management has the long standing professional experience to ensure a positive outcome for your international tax requirements.

‘Mystery Shopper’ Reveals Problems

Another important issue for consumers is professional compensation. Investigators with the Ontario Securities Commission mystery shopped with 88 financial advisors last fall across Ontario and the goal was to test the quality of advice consumers were given. The results showed that in 75% of the cases, there was no discussion regarding how advisers are compensated.  At GTA Wealth Management Inc. we disclose how we are compensated.  We can be compensated on a fee for service basis or a commission.  In the end, our concern is accurate advice for our clients regardless of how we get paid.  We keep the clients’ interest at the forefront.  If our clients don’t succeed, we don’t succeed.

Contact or call GTA Wealth Management toll free 1 855 GTA WLTH (855 482 9584) to accelerate your ride to financial independence. A professional wealth management financial advisor is ready to serve your wealth management, tax return and planning needs. GTA Wealth Management Inc. has three convenient locations in Mississauga, Toronto and Markham to serve you.

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