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How do I calculate the amount of the estate administration tax?

A close-up of a person using a tax calculator

  In Ontario, the estate administration tax is calculated on the total value of the deceased’s estate wherever situated.  This amount is sworn/affirmed to on the application for a certificate of appointment of estate trustee and listed under “Value of Assets of Estate”. The formula for calculating the amount of the tax is set out in the…

Business Owner Incorporation

The word incorporated in the dictionary

In Ontario, the Small Business Deduction allows a Canadian Controlled Private Corporation (CCPC’s) to pay tax at a lower rate on the first $500,000 of active business income providing great incentive for a business owner incorporation. If the business owner does not incorporate, personal tax rates are graduated and be over 50 per cent depending…

Business Naming, Branding and Trademarking

A branding flow-chart

Naming, Branding, and Trademarking your business in Ontario is an important step in establishing your brand. Once you have found the perfect business name, you will want to protect it. In Ontario, sole proprietors, partnerships and corporations may carry on business under a name other than the corporation’s legal name. If you do, then you must register under…

Canadian investor incorporating a US legal corporation

Many Canadian investors often consider whether incorporating a US legal structure into their overall investment plan will provide an increase in benefits and returns. Many may have received unsolicited advice regarding the tax and other benefits of using a US limited liability company. While smart investors will seek personalized advice from the relevant US legal…

Living Will and your Estate Plan

An elderley mother and her daughter

Your Power of Attorney or Living Will may be even more important now in light of the Supreme Court’s decision to overturn the law criminalizing physician-assisted suicide in the decision of Carter v Canada (Attorney General). The suspension on the declaration that the relevant Criminal Code provisions were “of no force and effect” was set to expire in February, 2016….

Commercial Real Estate and Liens

A photo of new office buildings

Some of our clients in the construction or services industry are all to familiar with the impact of liens in commercial real estate matters.  Essentially, there are two ways to file a lien. If there is an outstanding debt, we can sue the debtor within two years from the date the debt became outstanding. After an action is commenced…

Will and Estate Plans

Many prospective clients wonder whether they need a will and power of attorney in their estate plan. They may not have a will for any number of reasons, including a lack of time and understanding of the benefits and importance of a will and power of attorney. In this article, we hope to debunk this…

Declaring Dividends and Director’s Resolutions

If a Canadian corporation is declaring a dividend to its shareholders, some thought needs to be given to the type of dividend that is being declared and the type of resolution that should be signed to document the declaration.  Dividends are payments out of the corporation paid to shareholders.  When properly declared, they can be paid…

Should you have a Family Trust?

Two boys go fishing off a dock

If you have assets and intend to share them with family at some point, you should consider the use of a family trust. It is key to consider the assets that you are choosing to transfer to your family trust.  The first reason is that once they are transferred, the assets will now be owned by the trust and held for the benefits of the beneficiaries. …

Terminating Family Trusts

From time to time we are asked whether it is possible for the Beneficiaries of a Testamentary Trust or Family Trust to terminate the Testamentary Trust or Family Trust despite the Testator’s or Settlor’s original intentions. To answer this question we need to consider the rule that comes to us from an English case called…

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