Contract CFO for Family Office

Wealthy families, with complex business and investment affairs, often create an administrative centre, called the Family Office. Its purpose is to provide the family with administrative services, such as banking, bookkeeping, financial reporting, tax compliance, and acting as intermediary to family accountants, law firms and brokerage firms. The World Bank defines the Family Office as an investment and administrative centre that is organized and overseen by family (either informally, by the principal owner, or more formally, through a family council)

Bruce owned his own accounting practice for twenty-three years. During that time he had numerous opportunities to assist wealthy family clients with matters beyond accounting and tax return preparation. Since selling his practice in 2014, he has managed a family office in Calgary on a contract, part-time basis. Bruce is now offering this service to other families. Services provided on this basis include the following:

Accounting

  • Supervise non-professional accounting staff (including bookkeepers).
  • Develop practical accounting policies (including policies to deter fraud).
  • Act as intermediary between the family (and their family trust, businesses, and individuals) and their external accounting/tax compliance firm, including delivery of year end documents and ongoing communication.
  • Prepare business forecasts and cash flow reports.

Tax Planning

  • Implement the tax strategies, as developed by the business tax advisors.
  • Communicate with tax authorities on behalf of the family.

Investments

  • Assist in managing brokerage relationships and monitoring investments.

Reporting

  • Periodic and annual reporting of all business results, and family trust results.
  • Document family investments, to provide for continuity in the event of unexpected succession, or change of trustees or advisors.

Management

  • Provide recommendations regarding family financial affairs, including tax planning, corporate structures, and other matters.

Contact me

Bruce Toews

Calgary, Alberta

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Credentials

  • MBA (Finance)
  • CGA (Certified General Accountant)
  • CPA (Chartered Professional Accountant)
  • CFP (Certified Financial Planner)

 Learn more about Bruce