Balancing family needs
Owning a family-run business requires special considerations. Decisions are made not only according to what makes sense on paper, but what make sense with the business and family dynamics. We take the time to listen to you and your concerns so that you can build a strong business without ignoring the family dynamics, relationships and emotions. We can help provide planning and advice to handle all of your business and family financial needs.
One aspect of maintaining a healthy family picture is to provide effective tax planning and income splitting between the business, owners, and related family members. We will take a look at your individual financial picture to determine how you meet your family’s financial requirements in a manner that is tax effective on the corporate and personal level, and customize it each and every year.
We provide retirement and personal financial planning services so that you can create a plan to preserve your wealth. Poor decisions can erode hard earned wealth quickly. We can advise on your wealth management plans as part of an investment team with your investment advisor to optimize your investment strategies from a tax perspective. We understand the necessity to ensure that you have the funds when you need it most, both now and in the future.
Business succession planning
A family business has special considerations as the owners look toward retirement. Each situation is unique and has different needs as the owners look to extract themselves from the day-to-day work of the business. Whether you are looking to pass it down to the next generation or on to an employee group, we can help you look at all of the factors involved.
This can include assessing the valuation of your business so you know what your company is worth and creating structures in order to preserve your wealth as it transfers. This can include an estate freeze, the use of trusts, and working with life insurance professionals on a life insurance program. We will work with legal counsel to implement the plan and assist in any necessary tax filings. Once the plan has been implemented, we will continue to monitor it year by year and adjust it for changing circumstances and tax law changes.
High net worth clients
We develop tax-planning strategies for high net worth individuals to minimize their current tax situation. A long-term strategy can also be developed to minimize taxes at retirement and beyond. This may involve the use of trusts, an estate freeze, insurance, and reviewing the tax implications relating to your investments. We can also advise on the Canadian tax implications of retiring in the United States and and also meet your personal U.S. tax filing requirements.
The tax requirements for a deceased taxpayer are highly specialized. We can handle all of the tax matters related to a deceased taxpayer, including a review of the post-mortem tax planning opportunities that are available. This would include a reviewing the tax considerations and filing the appropriate tax returns on death, the tax implications of the will, analyzing tax strategies to minimize the tax on the terminal return, implications to the beneficiaries and the estate, advising on the optimal distribution of assets, and tax and estate planning for the benefit of the surviving spouse or other beneficiaries. We can prepare the final deceased taxpayer return, including any required valuations, and prepare trust returns for the estate.
The current estate and trust regimes are changing dramatically now with the introduction of the General Rate Estate (G.R.E.) rules, effective January 1, 2016. As trust and estate practitioners, we have already presented at professional seminars across the country, and are leading other advisors on the implications of these changes, as well as discussing new planning opportunities.
Trust and estate matters
The use of trusts and estates can be a highly complex matter that can include many tax-planning opportunities. We can help you understand these opportunities and utilize them to the best of your situation. Minimizing tax through income splitting, plans to defer capital gains, and making special elections to minimize tax on death through one’s estate are all part of the strategies that might be employed.
U.S. tax filing requirements
Our firm, through our U.S. tax partner, Angela Preteau, and our TSG affiliate members provide U.S. and cross-border tax compliance and planning services for U.S. citizens living and working in Canada or Canadians with U.S. tax issues. We can also assist in U.S. style “estate freezes” for U.S. citizens holding Canadian situs property, and are looking to structure their estate planning within Canada and implement a wealth succession strategy.
Charitable and legacy gifting
Many clients wish to leave behind a legacy. You may have been involved in the community throughout your life, and as you plan to pass your wealth on, you may want to continue to help the community and those less fortunate. We have been involved in setting up a scholarship trust and endowed funds, private and public foundations, and helping clients plan for a distribution of their wealth to a variety of charitable organizations. Our tax team of advisors have the special knowledge necessary to maximize the tax benefits of charitable giving and minimize your taxes.