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The Time to Tax Plan is Now

tax Dec 04, 2019

Taxes are tricky business, making tax planning an essential tool for any business to plan ahead effectively. Regular tax planning can help business owners lower the amount of taxable income, reduce the tax liability, and gain more control  of when tax is paid.  Here are a few reasons that every business owner should make tax planning a priority:

A.) It's All In the...

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Capital Gains Tax on a 1994 Property

real estate tax Nov 27, 2019

Recently our office has dealt with several estates where the deceased had purchased property prior to 1994. The property included cottages, artwork, rental properties and business. 

Back in 1994 the government eliminated the general lifetime exemption of $100,000.00 on all capital assets. To make up for the elimination, and to make sure anyone who had property and didn't sell it would...

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Executor Compensation: What are the tax implications?

executor tax Nov 20, 2019

An estate executor recently contacted our office and advised that they were unhappy with having to pay the CRA tax on their remuneration for acting as the administrator and trustee of an estate.

Paying taxes are never fun, and we know that – but acting as the executor of an estate is still a job. Similar to working as a teacher, truck driver, or business owner – you are compensated...

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Should I put my children on title?

real estate tax Jun 12, 2019

What are the perceived benefits of joint ownership?

The right of survivorship is a convincing attribute of joint ownership. The law states that when one of the joint owners passes away, the surviving joint owner(s) will automatically obtain the deceased person’s share. Accordingly, the asset would flow outside of the deceased person’s estate. If an asset flows outside of an estate,...

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How should I include the family cabin in my estate plan?

Many Albertans have fond memories of spending long summer days at the family cabin with parents, siblings, cousins, grandparents, and aunts and uncles – and their intention is usually that future generations will be able to enjoy this family cabin experience as well.  As a result, passing on the family cabin is often a priority when creating an estate plan.  Unfortunately,...

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Protecting Your Business from Capital Gains Tax

estates tax Feb 20, 2019

As a business owner, your estate plan should address both your personal and business assets. However, estate planning for business owners is more complicated as it needs to address potential tax issues.  If you want to maximize the wealth of your estate by minimizing its tax burden, an estate freeze is a useful tool. 

CAPITAL GAINS TAX

Any assets not inherited by the surviving spouse...

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Can you avoid capital gains tax?

estate planning tax Nov 28, 2018

Most clients ask our office to draft Wills and estate plans that will help them avoid capital gains. This is an impossible wish. Some people will attempt to sell the property to a family member for less then fair market value. This results in any Capital Gain being taxed twice as the gain will be taxed in both the deceased and the family member’s hands. Thus, no net savings.

Some people...

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