Steven Frye

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Baker Tilly WM LLP is a leading, independent audit, tax, and business advisory firm based in Vancouver and Toronto, serving clients across Canada. Drawing on well-trained teams across a variety of disciplines, we ensure the alignment of our professional’s skills and experience with client requirements, resulting in exceptional service and business outcomes.

Contributor/settlor Taxable Income and T3 Reporting Requirements

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As most trust and tax practitioners know, The Income Tax Act (“ITA”) will attribute trust income, losses, capital gains and capital losses to the contributor / settlor if certain conditions are met. The 2016 T3 Guide states the following: Certain related amounts, including taxable capital gains and allowable capital losses from that property or the substituted property, are considered to belong to the contributor during the contributor’s life or existence….

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Canada Revenue Agency, Estate Administration, Tax Issues, Trusts, Uncategorized

Individual Pension Plans Revisited

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A fellow blogger wrote very eloquently late last week about succession planning for family owned businesses. Regrettably, as she noted the statistics for the successful transfer of family businesses are not very good. With the introduction of the new tax proposals, the challenge for a successful transfer of business to the next generation has become even greater. One important aspect of succession planning is for the current owner/operator to be….

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Business Succession Planning, Canada Revenue Agency, Estate Planning, Small Business, Succession Planning, Tax Issues, Uncategorized

Control in the Valuation of Business Interests for Estate Planning

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From time to time, I am asked to prepare, review or comment on structures for estate planning purposes with a mind to valuation issues. A common valuation issue is control and whether or not the value of the business interest(s) in the estate plan should be discounted for lack of control or should have premium attached to it because the holder of the business interest(s) do(es) have control. Valuators rely….

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Business Succession Planning, Canada Revenue Agency, Estate Administration, Estate Planning, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized, Wills

Will Planning for Beneficiaries

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In what might be one of the last pipeline transactions my office will advise on (depending on the outcome of the Government of Canada tax proposals), I ran into an unfortunate situation which served to highlight a fundamental aspect of estate planning: Planning for your beneficiaries. Recently, I reached out to the beneficiaries of the estate I am working on to determine their personal tax positions for this current year…..

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Business Succession Planning, Disability, Estate Administration, Estate Planning, Tax Issues, Trusts, Uncategorized, Wills

GIFTS – Some Additional Thougths

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Recently, I wrote about the gifting of cash or assets during one’s lifetime as an alternative method of distributing your wealth (beyond what you need to live on comfortably) and possibly avoid taxes (probate, income etc.) at time of death. I suggested that your heirs could use the funds in a manner that will likely cost less tax: For example pay down some personal debt, apply it as a deposit….

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Canada Revenue Agency, Charitable Giving, Estate Litigation, Estate Planning, Family Conflict, Investments, Joint Tenancy, Loans, Philanthropy/Charitable Giving, Probate Tax, Property, Real Estate, Tax Issues, Trusts, Uncategorized

Valuators – 2018 Might be a Very Good Year

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I mentioned in my last blog that the government is proposing measures to limit the application of the lifetime capital gains exemption (“LCGE”) to owners of eligible small business corporations, based on age and “reasonableness”. Subject to certain exceptions, the proposals ensure that property held by a trust will no longer be eligible for the LCGE. Under the current proposals, there are transition rules which will permit a one-time multiplication….

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Canada Revenue Agency, Estate Administration, Estate Planning, In the News, Investments, Property, Small Business, Succession Planning, Tax Issues, Trusts, Uncategorized
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