A recent Court of Appeal decision from British Columbia may have devastating consequences for businesses engaged in corporate tax planning and asset protection. In Abakhan & Associates Inc. v. Braydon Investments Ltd. (“Braydon“), the Court of Appeal held that any transfer of assets made with a view to protecting such assets from current and/or future creditors might [...]
Tag Archives: Taxation
If you are contemplating your estate plan and concerned with issues that will affect the legacy you leave to your loved ones, you should read the Winnipeg Free Press article by Joel Schlesinger in the Money Matters column on March 24th, 2012 in which I was interviewed. To view a copy of the article, click here.
Doctors, like many Manitoban professionals, are permitted by their governing Act to incorporate and practice through a “professional corporation.” What does this mean? For the patient, not a thing. But for the physician, it can mean substantial tax advantages. But, of course, there are disadvantages as well. The main drawbacks to incorporation are the initial and [...]
TAXES…..The word alone creates stress and anxiety. Most people think the amount paid in taxes is unfair and even more so if owed upon the death of a loved one. Typically, on the death of a taxpayer, he or she is deemed to realise all accrued gains and losses on capital properties owned by the [...]
How often do you check the ID of your suppliers? If you run a business you are likely familiar with how GST works. When purchasing inventory and supplies, your business must pay the GST to the supplier, but may then claim an input tax credit (an “ITC”) offsetting the tax paid. To claim an ITC you need [...]