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Audit and accounting Private enterprise Indirect tax Tax advisory Succession and estate planning
Post-mortem planning after TOSI
The Tax on Split Income (TOSI) regime has had significant impact on tax planning strategies for owner-managed businesses.
Sarah Netley Dec 4, 2018
Tax advisory Succession and estate planning
Tax-deferred capital distributions from discretionary family trusts
Discretionary family trusts are used extensively for tax, family and succession planning, as they afford enormous flexibility. In most cases, when such trusts are created, beneficiaries do not pay for their interest, and this assumption is made herein. Once a trust is settled, it will exist until all the assets are distributed to the beneficiaries and the trust is wound up. 
Bill Crowther Aug 30, 2018
Private enterprise Succession and estate planning
Important issues in family succession of farm operations
When planning for the succession of your farm operation to the next generation, several important issues can arise. Some of the key issues include how the goals and objectives of key stakeholders align with your goals, how you will be spending your time in retirement, ensuring you have adequate financial resources in retirement and how to divide assets among your children, some of whom may not wish to be involved in the farm operation. There are many issues, and they will vary depending on your particular circumstances.
Peter Hobb Jun 15, 2018
Corporate finance Audit and accounting Private enterprise Indirect tax Tax advisory Succession and estate planning
Just a spoonful of TOSI may help the medicine go down
The Department of Finance released its long-awaited proposed amendments to the tax on split income (TOSI) rules on December 13. The release completes a tumultuous year for small business owners, tax professionals, Department of Finance officials, Members of Parliament and the Minister of Finance. The initial July 18 proposals and the short consultation period precipitated a groundswell of consternation and frustration. 
Dec 19, 2017
Succession and estate planning
Pitfalls to consider in family business succession
We have been hearing it for decades: 30 per cent of family firms survive to the second generation and only 10 per cent survive to the third generation. This statistic is generally cited without context, implying that family firms are the business organizations that are most likely to fail, but that assumption is incorrect. We know that family businesses facing succession are successful to begin with. Otherwise, they would not have been in business for so long, waiting for the next generation to take over.
Peter Savoni Oct 31, 2017
Tax advisory Succession and estate planning
Finance abandons the surplus stripping rules for now
On October 19, 2017, the Department of Finance (“<strong>Finance</strong>”) announced that it will abandon the proposed tax measures aimed at restricting the conversion of income into capital gains (“<strong>anti-surplus stripping rules</strong>”).
Oct 19, 2017
Corporate finance Audit and accounting Private enterprise Tax advisory Succession and estate planning
Proposed changes: Finance takes hard stance on passive income of private corporations
On October 18, 2017, the Department of Finance (“<strong>Finance</strong>”) provided more details on its proposals (see CBT’s summary <a href="https://www.collinsbarrow.com/en/toronto-ontario/publications/finance-targets-tax-planning-for-private-corporations" target="_blank">here</a>) to target the deferral of tax benefits of passive investments within a private corporation.   .
Oct 18, 2017
Audit and accounting Tax advisory Succession and estate planning
Multiplication of the lifetime capital gains exemption: proposed rules
In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates that the current tax rules do not properly prevent the multiplication of the LCGE. In many cases, the exemption of each individual family member is used to shelter gains on a family business.  
Abe Zylberlicht Sep 27, 2017
Transaction services Audit and accounting Tax advisory Succession and estate planning
2017 Ontario Budget Commentary
Finance Minister Charles Sousa tabled the Ontario Budget on April 27, 2017. The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
Apr 28, 2017
Transaction services Tax advisory Succession and estate planning
Tax...shelter: the principal residence exemption
<strong><em>*Updated Jan. 18 2017</em></strong><br /> <br /> With the real estate market booming (or contracting, as the case may be) in your home town, you have decided to cash in on the one income tax break that has remained relatively unchanged for individuals since its inception in 1972: the principal residence exemption (PRE). The concept seems simple enough. Generally, any gain on the sale of a home that has been ordinarily inhabited as a place of residence by you, your spouse, your common-law partner or your child will be exempt from income tax. However, the details of the rules do not reflect this simplicity.
Brian Mitchell Jan 18, 2017
Succession and estate planning
Infographic: Succession in the 21st century
As Baby Boomers begin to hit retirement age, a major shift is occurring in succession planning. Trillions of dollars worth of businesses will change hands in the next decade. If this shift is not well managed, the economic impact will be significant. Ineffective transitions could result in decades of experience and knowledge being lost. 
Sep 14, 2016
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