Thought provoking. Useful. Relevant. Our team regularly generates problem solving insights and experiences worth sharing.
The examined life: proving a spouse has been living beyond their disclosed means
As Chartered Business Valuators (CBV), we often hear allegations that a spouse has not fully disclosed their assets or income in a family law proceeding. The failure to fully disclose assets can lead to an unequal division of net family property and non-disclosure of income sources could result in inequitable child and spousal support payment ... Read more
What is a section 85 rollover?
Overview The section 85 rollover is an election in the Canadian Income Tax Act that permits a taxpayer to transfer eligible property on a tax deferred basis to a taxable Canadian corporation. In a nutshell, this election allows a taxpayer to defer all or part of the tax consequences that would normally arise on the ... Read more
Get ready for the new trust reporting rules
The federal government announced proposed new trust reporting rules in the 2018 Federal Budget to improve the collection of beneficial ownership information with respect to trusts. The rules were introduced to effectively counter aggressive tax avoidance as well as tax evasion, money laundering, and other criminal activities relating to trusts. The ... Read more
Liquidating assets – what’s the current state of the market?
The liquidation value of assets is commonly used as the baseline when assessing the viability of the business by lenders, shareholders, investors and their financial advisors. The demand and pricing for the liquidation of assets is always dynamic. Compounded with the impact of the COVID-19 pandemic, it is even harder to predict with any certainty, ... Read more
Biden’s new tax proposal aims to regulate all paid US tax return preparers
Fuller Landau welcomes President Biden’s tax proposal to vest Internal Revenue Service (IRS) with authority to regulate all paid preparers of US tax returns and establish mandatory minimum competency standards. IRS’ current authority extends only to licensed attorneys, certified public accountants (CPA), enrolled agents (EA) and actuaries. Atto ... Read more
