New Lifetime Capital Gains Exemption Rules for Intergenerational Transfers
Commencing January 1, 2022, there are new lifetime capital gains exemption rules that will permit intergenerational transfers to related family members. Many owners of small business corporations are not aware of the business asset tests which must be met in order for the shares of the corporation to meet the criteria of being “qualified small business corporation shares”, which are eligible for the lifetime capital gains exemption. Alpert Law Firm is experienced with implementing purification techniques to remove certain types of non-qualifying assets that may prevent the tests from being met, such as excessive holdings of cash, passive investments, shareholder advances or loan receivables. To read our latest Legal Business Report on this topic, click here.
Our Team's tax expertise enables its business clients to minimise and defer their taxes when engaging in corporate reorganizations and commercial transactions. Howard Alpert, C.S. is certified by the Law Society as a Specialist in Taxation Law and as a Specialist in Corporate and Commercial Law and is recognized as an expert in Estates and Trusts Law. For more information, click here.
Additional Defences to Director's Liability Assessments
Alpert Law Firm are the Tax Law Professionals. Our Team has won many difficult Director's Liability cases involving assessments for Employee Source Deductions and HST. In addition to using the due diligence defence, there are several other types of defences that we have effectively used to help our clients in a cost-effective manner. To access Part 3 of our recent Legal Business Report which deals with these defences and discusses the leading and most recent cases in this area, click here.
Howard Alpert, C.S. was successful in using the due diligence defence against a Director's Liability Assessment in a Tax Court of Canada case. To read a summary of the decision of the Tax Court in Facchini v. Her Majesty the Queen, click here. For more information on our Tax Dispute Resolution services, click here.
Freeze Your Assets
Wealth preservation often involves the creation of holding companies, a corporate reorganisation and the implementation of an estate freeze. Such planning regularly requires the preparation of wills, trusts, powers of attorney, living wills and property transfers. Howard Alpert, C.S. is certified by the Law Society as a Specialist in Taxation Law and as a Specialist in Corporate and Commercial Law. Howard is also recognized as an expert in Estates and Trusts Law. Our Team provides tax and corporate advice to develop plans that reduce and defer tax, preserve value and maintain the financial well-being of heirs.