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OCTOBER 2019 | VOL.22 / NO. 05 | ADVISOR.CA Advisor Group/Groupe Conseiller consists of Advisor’s Edge, Advisor.ca, Advisor to Go, Conseiller, Conseiller.ca and Conseillers en Direct. Advisor’s Edge is published by Newcom Media Inc. AE In Every Issue 6 EDITOR’S NOTE Finding the courage to be a leader by Michelle Schriver Client Conversations 36 CLIENT CONFIDENTIAL Money and relationship stress by Susan Goldberg Editorial Melissa Shin Mark Burgess Gil Martinez Michelle Schriver Katie Keir Contributors Editorial Director Managing Editor 416.847.8305, mark.burgess@tc.tc Art Director 416.847.8535, gil.martinez@tc.tc Assistant Editor 416.847.8176, michelle.schriver@tc.tc Research and Special Projects Editor 416.847.5116, katie.keir@tc.tc 8-9 Liam Bushell, Kristen Chew, Curtis Davis, James Dolan, Wilmot George, Susan Goldberg, Jamie Golombek, Al Rosen, Mark Rosen, Allan Tong, Kevin Wark, Mark Yamada, Suzanne Yar Khan Sales and production Tax and Estate 10 AN EXECUTOR’S LIFE The pros and cons of co-executors by James Dolan 12 SMALL BUSINESS A review of salary versus dividends by Curtis Davis 13 LIFE INSURANCE A Tax Court case has policy loan implications by Jamie Golombek 14 TRUSTS Life interest trusts and the CRA by Kevin Wark 16 CLIENT FOCUS Tax and estate concerns at different life stages by Wilmot George and Liam Bushell Investments 18 COUNTRY FOCUS India’s economic transformation by Michelle Schriver 22 CANNABIS What to know about the next market high by Susan Goldberg 25 ACCOUNTING Interpreting short-seller reports by Al Rosen and Mark Rosen 26 FEES Compounding is a double-edged sword by Mark Yamada Holistic Planning ON THE COVER Technology, genetics and financıal planning by Mark Burgess 32 THREE EXPERTS Support obligations after divorce by Suzanne Yar Khan 16 Stefanie MacDonald Julia Sokolova Anna-Christina Di Liberto Kathy Liotta Jackie Kivi Aline Kirimli Vivian Tse Andrea Martin Managing Director and Group Publisher 416.847.8575, stefanie.macdonald@tc.tc Director of Sales 416.847.5125, julia.sokolova@tc.tc Director of Content Solutions 416.847.8154, anna-christina.diliberto@tc.tc National Account Manager 416.847.8546, kathy.liotta@tc.tc National Account Manager 416.847.8175, jackie.kivi@tc.tc Sales Coordinator 416.847.8180, aline.kirimli@tc.tc Sales and Product Coordinator 416.847.8193, viv.tse@tc.tc Custom Content Manager 416.847.8571, andrea.martin@tc.tc Editorial advisory board Old David Wm. Bverorswion, Al G. Brown and Associates; Darren Coleman, Raymond James; Cindy David, Cindy David Financial Group; Vanessa Flockton, Nicola Wealth Management; Janine Guenther, CIBC Wood Gundy; Elizabeth Hamilton-Keen, Mawer Investment Management; Cynthia J. Kett, Stewart & Kett Financial Advisors Ltd.; Keith Masterman, CI Investments; Nicholas Miazek, Scotia Wealth Management; Bev J. Moir, Scotia Wealth Management; Rhonda Sherwood, Raymond James MEDIA INC. New 5353vDerusniodnass Street West, Suite 400, Toronto, Ontario M9B 6H8 416.614.2200 • Jim Glionna Joe Glionna Peter Fryters Subscriber services A one-year subscription to Advisor’s Edge includes six issues. Subscription price per year is $72.00; outside Canada per year is US$148.00. Single copies can be purchased for $15.00. Visit advisor.ca/subscribe, email tcmcontact.ca@kckglobal.com or call 1-866.453.5833 for subscription inquiries. Mail Preferences: Occasionally we make our subscriber list available to reputable companies whose products or services may be of interest to you. If you do not want your name to be made available, please contact us at tcmcontact.ca@kckglobal.com or call 1-866.453.5833. Advisor’s Edge receives unsolicited materials (including letters to the editor, press releases, promotional items and images). Advisor’s Edge, its affiliates and assignees may use, reproduce, publish, re-publish, distribute, store and archive such submissions in whole or in part in any form or medium whatsoever, without compensation of any sort. This publication may make available certain information related to various professional fields such as (without limitation): law, accounting, financial planning, philanthropy and other related matters (“Professional Information”). The Professional Information provided should not be interpreted as professional advice and does not replace the opinion of a qualified professional. From time to time, editors may have a position in the securities mentioned. Postmaster Please send address changes to: 37 Front Street East, Toronto, ON M5E 1B3 ISSN number: 1490-814X Canadian Publications Mail product. PM 40064924 Printed in Canada by Transcontinental Interweb 1603 Boul de Montarville, Boucherville, QC J4B 5Y2 Copyright © 2019 by Newcom Media Inc. All rights reserved. May not be reprinted without permission. 416.614.8861 (fax) MEDIA USA INC. Chairman and Founder President Chief Financial Officer MÉDIA QUÉBEC INC. The Big Question asks about online trolls, while Burnish Your Brand reviews the good and bad of social media • How much do you have in common with your clients? Best Behaviour explains why it matters. p. 28 28 contents october 2019 18 ONE YEAR OF LEGAL CANNABIS — What to know about the next market high COVER: HIROSHI WATANABE / GETTY IMAGES; THIS PAGE: ISTOCKPHOTO (BOTTOM RIGHT), GETTY IMAGES (TOP AND CENTRE) 5 p. 22