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In family tax planning, a Section 86 (S86) rollover refers to a tax provision that allows for the transfer of certain assets within a family group on a tax-deferred basis. The purpose of this rollover is to facilitate intergenerational transfers of assets while minimizing the immediate tax consequences that would typically arise from such transfers.…

Using a holding company (Holdco) for real estate investments in Canada can offer several advantages depending on the specific goals and circumstances of the investor. Here are some scenarios where utilizing a Holdco may be beneficial: Some potential benefits include: Estate Planning and Succession Utilizing a Holdco can facilitate estate planning and succession strategies for…

Tax efficiency is a vital consideration for family businesses seeking to optimize their financial strategies. Among the various options available, the S85 Rollover presents an innovative solution that can help family-owned businesses achieve significant tax advantages. This article explores the concept of the S85 Rollover and how it can enhance tax efficiency for family businesses.…

While there are potential advantages to holding real estate investments in a holding company (Holdco) for taxation purposes in Canada, there are also certain considerations and circumstances where it may not be advisable. Here are a few reasons why holding real estate in a Holdco may not be optimal from a taxation standpoint: It is…

Make sure your family isn’t on the hook financially after you’re gone. Estate planning can be extremely complex and isn’t as straightforward as you may hope. With guidance from an experienced CPA from CLBN LLP, both the large and small details will be addressed. Give us a call today to learn more about our Estate…

Incorporation is the creation of a corporation which is a separate legal entity. This entity can have its own assets, debt, revenues, and expenses. A corporation may limit the legal liability of the corporation’s assets. In contrast, an individual who is not incorporated would run their business as an individual, with all net income on their…

Canada Emergency Business Account (CEBA) The Canada Emergency Business Account (CEBA) provides financing for expenses that cannot be avoided or deferred when the business is shutdown during the pandemic.  This program provides interest-free loans of up to $60,000 to small businesses and not-for-profits. If the balance of the loan is repaid on or before December 31st, 2022, businesses…

Taxes can have a considerable impact on how much of your wealth you’ll pass on. With some allowances, your assets are deemed to be disposed of upon your death, leaving accumulated capital gains to be taxed in your estate. The tax hit can be substantial.  Wills A will can help you to advance the efforts…