Blog
Trusts and Trustee Compensation Demystified
We often get asked how executors and trustees of ongoing trusts are compensated. While there is no set amount there are some guidelines to be found by statute and the common law in Ontario. To begin, Section 61(1) of the Trustee Act, R.S.O. 1990, c. T.23, states: “A trustee, guardian or personal representative is entitled…
JP McAvoy on CBC News
JP McAvoy, Managing Partner of Conduct Law, appeared on CBC News last night to provide commentary on a recent Statement of Claim issued against the City of Ottawa and Ottawa Fire Services. For more information or to view the story check out: http://www.cbc.ca/player/News/Canada/Ottawa/ID/2483570615/.
Corporate or Personally Owned Life Insurance
There may be substantial tax benefits to corporate owned life insurance that business owners need to consider. We always encourage our clients to speak with their Accountants and Financial Advisors in addition to their Insurance Provider when it comes to life insurance. In the 2012 federal budget there were proposed changes to the exempt test…
Corporate Reorganizations for the Business Owner
Many corporations explore using corporate reorganizations to achieve planning objectives for their shareholders. For example, creditor protection and income splitting to name two key objectives. However, what may appear to be a common transaction can lead to unforeseen income tax consequences when dealing with non-arm’s-length (NAL) parties. For the most part, shareholders are considered non-arm’s…
One Good Reason for the Owner/Manager of a Business to Incorporate
Business owners rarely give enough thought on how to properly structure their business. We are particularly taken by how they fail to make use of their corporate structure, especially if there is the ability to do business by way of incorporation. If you are doing business as a sole proprietorship, you will be personally taxed…