When a family-owned business is passed down to the next generation, it represents more than just a transfer of wealth; it’s a continuation of a legacy built through years of dedication, resilience, and hard work. But without careful tax planning,…
As Canadian family-owned businesses increasingly expand into global markets, tax rules are evolving to keep up with their growth. With the rise of international operations, governments around the world are tightening tax treaties to prevent companies from shifting profits to…
Navigating the complexities of tax laws can feel overwhelming, but what if there was a way to save your family business from unnecessary tax burdens during a restructuring or transfer? Enter the 88(1)(d) bump—a key provision in the Income Tax…
Managing taxes within a family-owned enterprise that operates through multiple corporations can feel like navigating a maze. Each entity within the group may have different levels of income, expenses, and tax liabilities, and without careful planning, you could end up…
The Excessive Interest and Financing Expense Limitation (EIFEL) rules, which were enacted in June 2024 and are effective for tax years beginning on or after October 1, 2023, introduce important new constraints on the deductibility of interest and financing expenses…
Part IV Tax may not be a term that business owners hear every day, but for family-owned enterprises in Canada, understanding it can make a big difference in managing tax liabilities. If your business holds shares in private corporations or…
When it comes to growing and preserving family wealth, avoiding unnecessary tax burdens can make all the difference. This is especially true when transferring ownership of a business or restructuring the way a company is organized. That’s where Section 51…
In today's global economy, families with family-owned enterprises face an increasingly complex regulatory environment, where economic crime prevention is a key focus. The 2024 STEP report "Tackling Economic Crime" provides a comprehensive analysis of existing measures designed to combat financial…
Wealth management is essential for family-owned enterprises, where personal and business finances often intertwine, and decisions made today can impact the family’s financial future for generations. Effective wealth management involves more than just growing assets; it includes tax planning, legal…
Running a family-owned business in Canada comes with many rewards, but also unique responsibilities—one of the most important being payroll management. Whether you’re paying family members, full-time employees, or part-time staff, proper payroll registration is essential to ensure your business…