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Around 90% of all businesses in North America are family owned businesses; as the baby boomer generation enters retirement, more and more of these businesses are facing transfer of ownership issues. The basic choices are few: close the doors, sell the business to outsiders or employees, retain family control and hire managers, or retain family ...
A friend of mine – not an accountant – came to me to tell me of his latest tax planning idea. He was going to have his kids buy shares of his family business corporation, and pay them dividends each year. They could then put these dividends into their own college funds. He was quite ...
Everyone is going to die, sooner or later, but we don’t like to think about it, so we don’t. That’s human nature, but not planning for death can leave your spouse or children with tax problems after you go. Worse yet, planning badly can leave even bigger problems. Planning for your death usually involves more ...
When couples are in second, third or subsequent marriages things can get complicated with estate planning. Often there are children from past marriages and accumulated wealth which each spouse wants to keep intact and separate from the wealth accumulated during the present marriage. Two different costs come into play that have an effect on this ...
The use and benefits of a spousal RRSP as well as the items to consider in order for a couple to fully minimize their tax position over the long term February is traditionally the month of hearts and valentines, but for those in the financial services field it is a time when clients make their ...
When a marriage breaks down, and the spouses agree to separate, there can be significant tax consequences in the way the separation agreement or divorce settlement is worded. A little planning at this stage can ease the financial burden of a separation. The common areas that can benefit from tax planning are: Property transfers. If ...
When a marriage breaks down, there is usually a transfer of property as part of a separation or divorce agreement. The timing and form of the transfer can have unintended tax consequences. Proper tax planning before the separation agreement or divorce settlement is finalized can defer or avoid payment of income taxes. When married, spouses ...
Learn more about Property Transfers between Separating Spouses »
RRSPs are not only a good way to save for retirement – they can offer significant tax planning opportunities. If the proper steps are taken, tax can be deferred or minimized as part of an estate plan using the provisions of the Income Tax Act. If proper tax planning is not done, significant taxes can ...
Many taxpayers are not aware of the spousal attribution rules in the Income Tax Act. Basically, if you loan or gift property to your spouse, any income earned by that property is taxed in your hands, not your spouse’s hands. This includes any capital gain when the property is disposed of. Property includes cash, so ...