Gifting property to the next generation is an estate strategy at its simplest form. For farming families, farm succession planning can often be complex considering the difficulties associated with “equalizing” a farmer’s estate between their children in circumstances where a child is actively involved in the farming business while the…
Today’s Blog was written by Rahul Sharma, Partner, Fasken LLP, Toronto This is a short blog post written on a cold morning in Toronto. It is currently -12 degrees in Toronto (with a windchill factor of -21 degrees). It is presently sunny and 26 degrees in the Cayman Islands. On…
This blog has been written by Pritika Deepak, Associate at Fasken LLP. Trusts play a significant role in wealth management and tax and estate planning. This blog post is not intended to supplant the important role played by the various and excellent texts written and published on the taxation of…
The benefits of joint property ownership as an estate and probate planning strategy are well known; property vests to the surviving owner(s) on death thus, bypassing the estate and avoiding probate fees. In the right circumstances, joint ownership works great and facilitates the succession of the property. However, what may…
When an entrepreneur dies owning shares or an interest in a foreign corporation, the executor is faced with a challenging situation. An estate with ownership or an interest in a foreign corporation raises specific and complex tax rules that leave the executor and family members hoping the deceased has a…
There are several ways to extract funds from a business; salary, dividend, bonus or a shareholder loan. When a shareholder withdraws corporate funds by way of a shareholder loan, it will be recorded in the business financial statements and comes with tax implications to the shareholder. This is because, a…
This post was written by Jess Merber and Jo-Anne Ryan – TD’s Private Giving Foundation and Philanthropic Advisory Services. With the charitable giving season in full swing, it’s important to understand year-end tax planning and the value it can offer to clients who have charitable ambitions. When talking to clients,…
Advisors understand that on death, a Canadian resident is deemed to dispose of their assets at fair market value, often resulting in capital gains being triggered. However, in some instances, capital losses may result. The legal representative of the estate should seek tax advice early if capital losses are triggered…
The small business deduction is a key tax incentive for entrepreneurs of small businesses. If the corporation qualifies as a Canadian controlled private corporation (commonly referred to as CCPC), the net federal tax rate for active business income is 9% on the first $500,000. The Income Tax Act (the “Act“)…
Do digital assets e.g. cryptocurrencies (such as bitcoin, ethereum) non-fungible tokens, qualify as investments in deferred tax vehicles such as Registered Retirement Savings Plans (RRSP’s), Tax Free Savings Accounts (TFSA’s), Registered Education Savings Plans (RESP’s) and Registered Disability Savings Plan (“RDSP’s). The simple answer is no and maybe. This issue…