Coping with the family in family business succession planning

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“More than 50%” is the oft quoted statistic for the percentage of Canadians who do not have a valid Will. According the BDO Dunwoody/Compass Report on Canadian Family Business, a staggering 78% of business owners do not have a succession strategy for their business in place. The same report showed 92% of business owners acknowledging that it was important for them to have a plan. While the primary reason for….

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Estate Planning

Estate losses – turning bad into good.

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Capital losses sustained by an estate when assets go down in value after death are of little use. This can be frustrating particularly when the deceased has paid tax on capital gains made on the deemed disposition of the same assets on the terminal return. Read on to find out how to turn a bad loss into good tax recovery when action is taken within the first year anniversary of death…..

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Estate Planning, Executors, Wills

Probate Tax Planning – Joint Tenancy May Not Always Be the Best Option

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In Ontario, property that a deceased owns as a joint tenant with another person does not form part of his estate for probate tax calculation purposes. As a result, significant attention is now being paid to the use of joint ownership as an estate planning technique to reduce or avoid probate taxes for both real and personal property. However, when property is transferred into joint ownership there are many issues that should be considered other than the potential probate tax savings. ….

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Estate Planning, Joint Tenancy, Probate Tax
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