A description of the important considerations for business owners regarding estate planning.
As a family-business advisor, whenever I meet with clients, we invariably discuss their goals, objectives and yes, even their dreams.
Stan and Gloria arrived for their yearly meeting with Jennifer, their accountant, to review their business interests and other financial matters. This meeting, though, had a different focus than usual.
On October 25, 2012 the Canadian Securities Administrators ("CSA") published for comment Consultation Paper 33-403 which discusses the potential benefits and feasibility of imposing a statutory fiduciary duty on advisers and dealers to act in the best interests of clients.
If you are a beneficiary of a non-resident trust (NRT) or contribute property to one, you could find yourself in hot water with the Canada Revenue Agency (CRA).
Family trusts can provide many benefits and are set up for various reasons.
On June 14, 2012, the Canadian Securities Administrators (CSA) published for comment a second version of amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) with respect to the second phase of the Client Relationship Model initiative (CRM II).
On July 5, 2012, the Ontario Securities Commission, the Autorité des marchés financiers and the Financial Services Regulation Division, Service NL, Government of Newfoundland and Labrador released Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers (the Multilateral Instrument or MI 32-102) and related companion policy.
Our firm's June 21, 2010 blog (yes, that's over two years ago), discussed the CRA's domestic trust audit project. Our February 9, 2011 blog discussed the CRA's high net worth audit initiative (or what the CRA calls the "Related Party Initiative" or "RPI" for short).
A common metric used in valuing a business is a multiple of Earnings Before Interest, Taxes, Depreciation and Amortization ("EBIDTA").
The Supreme Court of Canada (the SCC) released its decision in Fundy Settlement v. Canada (a.k.a. St. Michael Trust Corp. or Garron Family Trust).
Equally, the preliminary determination of what to outsource itself needs to be made carefully. Users very often retain a consulting firm that is independent of any outsourcing vendor to assist in this decision. This is an important threshold stage in the entire outsourcing process. You can make mistakes at this stage from which it is very difficult to recover, however well you negotiate the ultimate outsourcing agreement.
The Canadian hedge fund industry has grown dramatically over the past decade. Where previously there were only a few participants in the Canadian hedge fund space, today there are several highly skilled Canadian hedge fund managers - many of which are ready to export their expertise globally.
A welcome clarification of the duties owed by Canadian directors, the top court’s decision in Peoples v. Wise also highlights the importance of transparency, diligence, prudence and process in reaching reasonable business decisions.
Every director of a corporation, regardless of whether it is a publicly traded corporation or a closely held private corporation, is subject to a common law fiduciary duty to act loyally and in the best interests of the corporation.
One of the most difficult assets to deal with in an estate plan is a family cottage. Although you may want to keep the cottage in the family, it is often difficult to develop a plan that is tax-effective and that ensures equitable enjoyment of this asset by those family members who have an interest in maintaining it.
Widespread use of the depository system in Canada and the U.S. imposes practical limits on income trusts’ ability to monitor and control non-resident ownership of their units. Many income trusts are subject to restrictions on the ownership of their units by non-residents of Canada .
The 2004 Ontario budget, announced today, confirms that the Ontario government will propose technical legislation to clarify that investors in publicly traded trusts will not be liable for the activities of the trust. This is consistent with the announcement included as part of the 2003 Ontario Economic Outlook and Fiscal Review released on December 17, 2003 by Finance Minister Greg Sorbara