Business Succession Planning

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Bill C-208 the race to the finish line

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Bill C-208 (Bill), “an Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)” is a private member’s bill introduced by Conservative MP, Larry Maguire[1] on February 19, 2020.  The purpose of this Bill is to allow share capital restructurings and inter-generational transfers within a family unit, which are sometimes caught by two prominent anti-avoidance provisions in the Income Tax Act (ITA), Sections 55….

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Business Succession Planning, Tax Issues

Bequeathing qualifying shares: to trust or not to trust

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Use of spousal trust or common-law partner trusts Setting up a spousal or common-law partner trust is a very important decision that generally results from non-tax reasons. One of the common reasons for setting up this type of trust is to protect the surviving spouse from influencers who might try to gain access to the surviving spouse’s inherited assets. The set-up of a spousal or common-law partner trust can provide….

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Business Succession Planning, Estate Planning, Small Business, Spouse, Succession Planning, Trusts

Estate Planning Lessons from “The Dutch House”

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The Dutch House, by Ann Patchett, is an excellent read. However, for those in the estate planning profession, it is also a reflection on what goes wrong when insufficient or no estate planning occurs…..

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Business Succession Planning, Estate Administration, Estate Litigation, Estate Planning, Family Conflict, Fiduciary Professions, In the News, Small Business, Spouse, Succession Planning

POST MORTEM PLANNING: AGAIN MORE GOOD NEWS

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CRA will allow post-mortem pipeline transactions to continue, which will allow individuals to avoid double tax on disposition of certain assets…..

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

Estate planning and TOSI – Part II

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In my previous blog, Estate planning and TOSI Part I, I introduced the concept of the tax on split income (TOSI) continuity rules which are extremely important when estate planning.  The objective of the continuity rules is to afford the beneficiary, who would not have an excluded amount of their own, with an excluded amount exception TOSI. The continuity rules accommodate many estate situations, but the rules do not accommodate….

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Business Succession Planning, Estate Planning, Tax Issues

Estate planning and TOSI – Part I

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Finance stated that the purpose of the revised tax on split income (TOSI) regime, which became effective January 1, 2018 was “to limit the ability of owners of private corporations to lower their personal income taxes by sprinkling their income to family members who do not really contribute to the business.”[1] The objectives related to estate planning generally have nothing to do with income splitting, but families with private companies need to consider TOSI….

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Business Succession Planning, Estate Planning, Tax Issues
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