The purpose of tax planning is to achieve efficiency in one’s financial affairs to keep tax liability to a legal minimum. Also called tax-effective investing, it involves an analytical study of the taxpayer’s financial situation.
CORPORATE AND BUSINESS TAXATION
Planning for tax is an essential part of any successful business. Each transaction undertaken by a business has tax consequences. As such, each transaction should be analyzed from a tax perspective to ensure that it is being undertaken in the most tax efficient manner available. .
1. Starting a New Business
2. Purchase & Sale of Business
3. Small Business Corporations
4. Professional Corporations
5. Corporate Reorganizations & Divestures
6. Taxation of Business Partnerships
PERSONAL TAX AND WEALTH PLANNING
Canada has a self-reporting tax system where each individual is responsible to report their income and determine their tax liability on an annual basis. Canada, like most OECD countries, requires its residents to report their world-wide income. Non-residents are also subject to tax and reporting requirements on their Canadian-source income.
Personal taxation is a broad and highly complex area of the law. Our tax lawyers advise high net worth individuals, entrepreneurs, families, executives, prospective immigrants and new Canadians with all aspects of personal tax and estate planning.
1. Immigration Trusts for New Canadians
2. Trusts for Canadian Residents with Relatives Overseas
3. Offshore Asset Protection Trusts for Canadian Residents
4. Estate Planning
5. Inter-Vivos Trusts
CROSS-BORDER & INTERNATIONAL TAXATION
In today’s world we often overlook the borders between countries as we carry on business or buy a vacation home in a warmer climate. However for tax purposes, the borders very much exist. As such, the importance of the international tax rules found in Canada’s Income Tax Act and the Tax Treaties it has entered into have become increasingly important. Specific international tax issues include:
1. Activities of Foreign Taxpayers in Canada
2. Foreign Investments in Canada
3. Immigration to and Emigration from Canada
4. Executive and Employee Relocations
5. Carrying on Business outside Canada
6. US Citizens and Green Card Holders