A client’s tax return and Notice of Assessment (NOA) can often reveal opportunities where a coordinated discussion around wealth management, retirement planning, tax efficiency, or estate planning could be beneficial.
Post-tax season is an excellent opportunity to think back on the clients you just met with and consider whether they might need additional help to best meet their goals.
Some areas within a tax return and NOA which could flag a potential opportunity include:
1. Approaching Retirement (Ages 60–71)
Clients nearing retirement face a number of financial decisions that likely require planning with an advisor.
Potential discussion areas may include:
- planning for mandatory RRIF account opening at age 71
- decisions around the best age to start taking CPP
- coordinating taxable and non-taxable income sources
2. Significant Non-Registered Investment Income
Client with large amounts of interest income, dividend income or realized capital gains may indicate substantial non-registered assets and the potential to utilize more tax-efficient investment structures.
Potential discussion areas may include:
- overall tax efficiency
- investment structure
- charitable giving strategies
3. Underutilized Registered Accounts
Large unused RRSP or TFSA contribution room - particularly when a client clearly has the financial means to contribute - suggests opportunities to revisit broader tax, financial planning and investment strategies.
For high-income clients with strong cash flow, this is especially relevant. When contribution room goes unused year after year, it may indicate that tax and investment strategies are operating in silos, and that a more integrated planning conversation is overdue.
4. Increasing Tax Complexity
Clients that have complexity to their tax returns such as CRA installment requirements, Alternative Minimum Tax (AMT) exposure, corporations, trusts, large charitable donations or passive income considerations likely need integrated guidance.
Complexities such as these may indicate that they could benefit from a coordinated plan for their tax, investment, retirement, and estate needs
5. Significant Investment or Passive Income Inside a Corporation
A business owner with corporate investment income or growing passive assets inside a corporation may indicate a need for additional planning considerations.
Potential discussion areas may include:
- corporate surplus planning
- tax efficient withdrawal strategies
- estate planning & wealth transfer
- balancing corporate and personal assets
6. Major Liquidity or Sale Events
Large capital gains, business or property sale proceeds, or significant increases in liquid assets may indicate a significant transition point in a client’s financial life.
Potential discussion areas may include:
- investment strategy
- wealth preservation
- estate planning & wealth transfer
- long term cash flow planning
7. Consistently High Taxable Income
Clients consistently exposed to the highest marginal tax rates may benefit from more coordinated long-term planning.
This may be particularly relevant for incorporated professionals, business owners or executives receiving bonus or dividend compensation.
Potential discussion areas may include:
- retirement income planning
- cashflow planning
- tax efficient withdrawal planning
8. Multiple Rental Properties
Clients reporting income from several rental properties, particularly those generating significant taxable income, may benefit from broader planning discussions around improving tax efficiency.
Potential discussion areas may include:
- cash flow management
- estate planning & wealth transfer
portfolio concentration risk
If this has sparked any thoughts about clients who may benefit from a more integrated approach to their financial planning , we would welcome an introduction to one of our wealth advisors.
Article Version: 1.0
Last Updated: May 14th 2026