A tax question I am often asked, especially when thoughts turn to summer activities, whether one’s cottage should be owned by a family trust.
Previously, I wrote a blog about business value drivers and how certain factors can impact the value of a business. Now I’d like to address what is probably the biggest value driver in any small to medium enterprise – you as the business owner.
Separating business needs from emotional responses. That’s the challenge facing family business owners…
Generally, you are expected to dispose of all your assets at fair market value (“FMV”) upon your death. If the assets go to the surviving spouse or to a spousal trust, then there isn’t a deemed disposition at FMV until their death. A spousal trust is set up for the benefit of the spouse while … Continued
Over the next 10 years, many owner/managers (i.e. the boomers) will face a major decision in their business life: “what to do with my business?” Years ago, most businesses would be passed on to the next generation, but not today. Before you even start a succession plan, ask yourself three key questions: When? — You … Continued