I WANT MY KIDS TO TAKEOVER THE FAMILY BUSINESS
Business Succession
Business succession planning is a process designed to assist the business owner to transition out of business and transfer ownership of business at the time of retirement while maximizing the business owner’s personal financial security
Purpose
Addresses all eventualities including the possibility of death, critical illness or disability of a business owner.
Who’s this for?
- Key Person
- Shareholder
- Buy Sell Arrangement
- Business Loan/Overhead Risk
Benefits
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- Value of your business can represent a substantial source of income in retirement, therefore proper succession planning can ensure that the risks to your lifestyle in retirement is minimized.
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- If your hope is to have your business continued by one or more family members, then you will likely need to coordinate your business plan with your estate plan and explore any tax deferral opportunities.
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- Any unforeseen events could lead to problems in your business without proper planning. Advanced planning can ensure that you, your business and family are protected.
Latest News
2024 Federal Budget Highlights
Apr 18, 2024
On April 16, 2024, Canada's Deputy Prime Minister and Finance Minister, Chrystia Freeland, presented the federal budget. While there are no changes to federal personal or corporate tax rates, the budget introduces: • An increase in the portion of capital gains subject to tax, rising from 50% to 66.67%, starting June 25, 2024. However, individual gains up to $250,000 annually will retain the 50% rate. • The lifetime exemption limit for capital gains has been raised to $1.25 million. Additionally, a new one-third inclusion rate is set for up to $2 million in capital gains for entrepreneurs. • The budget confirms the alternative minimum tax changes planned for January 1, 2024 but lessens their impact on charitable contributions. • This year's budget emphasizes making housing more affordable. It provides incentives for building rental properties specifically designed for long-term tenants. • Introduces new support measures to aid people buying their first homes. • Costs for specific patents and tech equipment and software can now be written off immediately. • Canada carbon rebate for small business
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Mar 27, 2024
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