This blog has been written by Rahul Sharma, Partner, at Fasken Martineau DuMoulin LLP, Toronto

The world is changing very fast and conversations that I am having with people today include generous helpings of “T” words other than “tax” and “trust.”  I could try to keep count of how many times I hear the word “tariff”, but the score is obviously high.  So much so, in fact, that even my elementary school aged daughter asked me what a “tariff” was the other day.

Given the turbulent skies that we are traversing, private enterprise owners and families are understandably focusing on their businesses.  Tax and estate planning considerations may not be high on the list, but there are may be certain important considerations to those affected by the times:

• Freezing and Refreezing — Shareholders should not lose sight of business valuations.  If business values fluctuate, shareholders should consider taking advantage of lower values to implement estate freezes or even re-freeze if values fall below a previously frozen amount;
• Potential Relocations — If businesses decide to relocate their headquarters to deal with new realities and business climates, business owners and executives may follow suit.  I have previously written in this blog about the implications of ceasing to be a Canadian tax resident (and that it may be easier said than done for some).  Those considerations would again apply and professional advice and assistance should be sought; and
• Buying and Selling Businesses — If business sales are prompted by the uncertain times or rendered desirable, planning is again important beforehand to secure the most tax-efficient exit, as well as after in respect of the proceeds of disposition.

We do not know where we are headed, and hopefully all will be well.  Change is inevitable but it needs to trigger thinking and planning in all directions, including when it comes to tax and estate planning.