Imagine a business structure that not only helps you transition ownership smoothly but also ensures your company’s values and legacy are preserved for generations. This is the promise of Employee Ownership Trusts (EOTs), a groundbreaking option introduced in Canada’s Budget…
Dealing with the tax obligations of a loved one who has passed away can feel overwhelming, but it’s a crucial step in settling their affairs. Filing the final tax return for a deceased person ensures that their financial obligations are…
Trusts are incredibly powerful tools for managing, protecting, and distributing assets. They offer unmatched flexibility in financial planning and are particularly beneficial for families with complex wealth or long-term financial objectives. Whether you’re looking to safeguard your assets, provide for…
Section 107 of the Income Tax Act is a crucial provision for trustees managing personal trusts, especially in family-owned enterprises. It allows for tax-deferred rollovers of capital property from a trust to its beneficiaries. This means that capital assets such…
Trusts are a cornerstone of wealth management and succession planning for family-owned enterprises in Canada. By using trusts, families can protect their assets, ensure the smooth transfer of wealth between generations, and manage their financial future with greater control. However,…
Tax in the News: Key Developments in Trust Reporting In a significant update for families managing bare trusts, the Canada Revenue Agency (CRA) has clarified that bare trusts will be exempt from the new trust filing requirements set to take…
A life insurance policy is a valuable component of many estate plans, offering a straightforward solution to providing immediate liquidity to beneficiaries after the policyholder's death. However, a life insurance trust adds a layer of sophistication to this process, enabling…
Imagine you’ve built a thriving family business, the culmination of years of hard work, sacrifice, and strategic planning. But as your enterprise grows and the next generation steps up to the plate, you find yourself facing a new challenge: How…
In the world of family-owned businesses, securing your legacy isn’t just about building a successful enterprise—it’s about ensuring that your hard-earned wealth is protected and passed down seamlessly to future generations. Imagine your business thriving for decades to come, with…
Are you a Canadian resident with assets abroad? If so, the intricacies of cross-border estate planning should be at the forefront of your financial strategy. Estate planning is essential for safeguarding your wealth, particularly for family-owned enterprises with foreign holdings…