The Benefits And Dangers Of Joint Accounts

This articles discusses the general issues around joint accounts (in all provinces except Quebec). Why Have Joint Ownership? Many people set-up joint accounts for a variety of reasons. For a married or common law couple, it could be for the day-to-day management of expenses. The account provides all parties equal access to the funds in the account to pay bills and manage…

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Q4 2014 Tax Tips & Traps Newsletter

The 2014 4rd quarter edition of tax Tips and Traps is out! In this edition: Tax ticklers – Quick points to consider Small Business Job Credit CRA Liaison Office Initiative Principal Residence – Partial conversion to an office Tax Payments – Online Collections Options – When you owe the CRA and can’t pay Estate Planning – Digital assets Registered Charities…

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Death & The Shareholders Agreement

The shareholders agreement is an important part of your business. It addresses many common situation business owners may face when they have partners in the business. Your shareholders agreement is also part of your succession plan and deals with what happens on your death. If you have a shareholders agreement, does it provide enough flexibility for your executor and the…

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Why Use an Accountant?

Accountants do more than your bookkeeping and prepare your taxes. In fact, an accountant with a professional designation has expertise in finance, business management, technology, taxation, and business management. Your accountant has a stake in you and your business. We are your advisor and counsel who can be depended on to deliver objective advice. Other ways an accountant can help you includes: Succession…

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What is an Estate Freeze?

An estate freeze is not a mid-winter funeral! If you have a business, the estate freeze is a way to fix the value of your business or investments and transfer future growth to your children and beneficiaries. The result is that you can split income by shifting capital gains and dividends to other family members and minimize the taxes due at…

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Understanding The Types of Trusts

There are two different types of personal trusts referred to in the Income Tax Act: Testamentary trusts and inter vivos trusts (Inter vivos literally means "among the living"). Testamentary trusts arise out of or on the consequence of the death of an individual and an inter vivos trust is any other personal trusts that are not testamentary trusts. Note however…

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