CORPORATE OWNED LIFE INSURANCE — PROBATE TAX ISSUES?
The tax rules governing the valuation of corporate-owned life insurance, for purposesof determining the fair market value (FMV) of private company shares on a shareholder’s death1, are well established. Subsection 70(5.3) of the Income Tax Act (the Act) provides that in valuing the shares ofthe corporation, the FMV of any corporate-owned life insurance on the […]
HOW AGGRESSIVE TAXATION IS AFFECTING MULTIGENERATIONAL SMALL BUSINESSES IN CANADA
A YOUNGER PERSON’S GUIDE TO RRSPs
APPLE iWATCH TO THE RESCUE
TAX-FREE TRANSFERS OF A PERSONALLY OWNED LIFE LIFE INSURANCE POLICIES – PART 1
There may be situations where your client owns a life insurance policy and the life insured isanother individual (e.g., their business partner, spouse, or child). Your client has died owning thispolicy and now the ownership of the policy needs to be changed. What are the tax implications of theownership change and is it possible to […]
ESTATE FREEZE AND A REFREEZE IN AN ECONOMIC DOWNTURN
This episode’s insurance article is on Estate Freezes. Over the years we’ve done a number of them for some of our business clientele. While this approach is certainly not for everyone and can be difficult to grasp, the strategy can help to save considerable tax in certain situations. If you feel this may help your […]
THOUGHTS on “THE PSYCHOLOGY OF MONEY”
We’re regularly working towards improving our education so that we can help you. One of the things we did (well Mark and I did) this Christmas holiday was to review The Psychology of Money. It’s a book detailing timeless lessons on wealth, greed, and happiness, written by Wall Street Journal columnist Morgan Housel. The book […]
THOUGHTS on “THE PSYCHOLOGY OF MONEY”
We’re regularly working towards improving our education so that we can help you. One of the things we did (well Mark and I did) this Christmas holiday was to review The Psychology of Money. It’s a book detailing timeless lessons on wealth, greed, and happiness, written by Wall Street Journal columnist Morgan Housel. The book […]
TIPS AND TRAPS OF CAPITAL LOSS PLANNING
The COVID-19 pandemic has resulted in an economic downturn, volatile markets, and financial challenges for many businesses. Year-end tax planning is always valued, but perhaps this year more than ever. Let’s examine various considerations around capital loss planning from atax perspective, including the general rules and issues around superficial losses, and discuss the impact of […]