Whether you wish to enhance the services you provide to your clients, or you manage your own tax needs, I encourage you to inquire about my services and how they can help you.

Services

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Corporations

Carrying on business in a corporation can provide certain tax and non-tax benefits. Annual tax planning involves ensuring that revenues are recognized appropriately, deductions are maximized, and the benefits of tax credits available are realized. Based on corporate and personal financial needs, it is also important to determine the most tax effective manner in which to flow funds from the corporation to the owner/manager.

In addition to annual tax planning, major financial or business changes should also be planned for since they can have significant tax implications. Examples of such changes include:

• Acquisition of an existing incorporated business,
• Potential changes in share ownership of the corporation,
• Providing for creditor proofing,
• Extinguishment or settlement of debt,
• Allowing for income splitting,
• Commencing business with non-residents (in Canada),
• Commencing business outside of your province or outside of Canada,
• Planning for the orderly transfer of corporate holdings to the next generation,
• Winding up the corporation.

Unincorporated businesses

Carrying on business as a sole proprietor or a member of a partnership can provide certain tax and non-tax benefits. Annual tax planning is important to ensure that revenues are recognized appropriately, deductions are maximized, the benefits of tax credits available are realized. In addition to annual tax planning, major financial or business changes require planning since they can have significant tax implications. Examples of such changes include:

• Acquisition of an existing business,
• Starting a new business,
• Potential changes in members of the partnership,
• Incorporating a sole proprietorship or partnership,
• Extinguishment or settlement of debt,
• Allowing for income splitting,
• Commencing business with non-residents (in Canada),
• Commencing business outside of your province, or outside of Canada,
• Planning for the orderly transfer of a business interest to the next generation,
• Cessation of the business.

Individuals

Although taxes are unavoidable, paying more than necessary is. A periodic review of an individual's personal tax situation would generally occur when preparing their personal income tax return. Taxes should also taken into consideration in retirement planning.

Estate planning is essential to ensure that taxes are minimized on death. Taxation on death can be complex, in that there are rules specific to the final income tax return, and since each estate is unique, the impact of these rules must be assessed in light of these unique circumstances. Other life events may also require additional tax planning. Such life events may include:

• Starting a new business,
• Significant changes in wealth
• Acquisition of significant investment assets,
• Extinguishment or settlement of debt,
• Separation/divorce,
• Making significant charitable gifts,
• Immigrating to, or emigrating from Canada

Trusts

Trusts can be established during one's lifetime (an inter-vivos trust) or on death (a testamentary trust). In the right circumstances, a trust can be invaluable in providing tax and non-tax benefits. Some of these benefits are:

• Providing for income splitting opportunities,
• The ability to provide for minors, disabled individuals or the elderly without giving them control over assets,
• Allowing for the succession of the family business, without prematurely giving up control of share ownership,
• Ensuring that the estate is administered in accordance with the deceased's wishes,
• Assets in an inter-vivos trust are not subject to probate on death, and therefore do not become public knowledge.

In establishing a trust, there are many tax implications to consider. I can help you determine if establishing a trust will be beneficial to you and if so help you set up a tax effective plan to achieve your goals.