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executors executing last will and testament of a client

April tax news: Tax strategies for estate executors, taxes on crypto–and more

TAX CONSIDERATIONS FOR EXECUTORS   Being asked to be the Executor of someone’s estate is a significant responsibility, often coming at a very sad time if that person is a family member. The responsibility is not something which should be taken on lightly. The estate administration process can sometimes take years to complete. There are […]

Lawyer discussing a family trust with his clients

February tax news: Benefits of a family trust and a last call for 2023 RRSPs

THE BENEFITS OF ESTABLISHING A FAMILY TRUST Estate planning is an important consideration for all individuals, irrespective of their level of wealth. Poor planning, or no planning, can result in an excessive proportion of your estate being lost when you die, in the form of either probate fees or taxes, or both. Luckily, there is […]

November tax news: How options are taxed, why the self-employed pay double CPP–and more

HOW OPTIONS ARE TAXED An option to purchase a property, as the term implies, provides the holder of the option an optional right to purchase the property. The option is referred to as a call option. The purchase price under the option is sometimes called the exercise price or strike price. Conversely, an option to […]

death tax

October tax news: Death, taxes and capital gains treatment for Canadian securities

DEATH AND TAXES You’ve heard the saying about this − there are two sure things in life. On top of that, when you die, there may be additional income tax payable owing to the “deemed disposition” rules and other rules that apply specifically upon death. Before we get to those issues, in the year of […]

May tax news: Estate strategies, tuition tax credits–and more

ESTATES AND THE “PIPELINE” STRATEGY When a person dies, they are deemed to dispose of most of their capital properties at fair market value. This deemed disposition may trigger capital gains or losses, depending on the tax cost of the properties relative to their current fair market value. The person who acquires the property as […]

Longevity crisis: Why entrepreneurs should act now to shore up retirement savings

It’s supposed to be the time of life when you enjoy the fruits of your entrepreneurial labour—taking the time to travel, enjoy hobbies, spend more time with the family—activities that were often impractical or outright impossible when you were working day and night to operate and grow your business. But a recent CIBC poll sheds […]

Stronach family squabble offers important lessons in business succession

The more money in a family, the more problems that can arise when it comes time to pass the estate or business on to the next generation. It doesn’t have to be that way, of course, but as we’ve seen in countless anecdotes and even our own client engagements, wealthy families have a tendency to […]