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CHANGES IN TAX RULES MAY LESSEN THE TAX BURDENS ON INTERGENERATIONAL TRANSFERS

By Gemma L. Brown, Partner and Alexandra Philippot, Articling Student-at-Law Bill C-208, which was introduced by Larry Maguire, MP from Brandon-Souris, makes amendments to the Income Tax Act by aiming to lessen the tax burden on intergenerational transfers of small businesses, family farms or fishing corporations. This bill addresses a gap in the Income Tax Act that made it more costly for small business owners… Read More »

New Register Requirements of “Individuals with Significant Control”

Effective June 13, 2019, each private corporation incorporated under the Canada Business Corporations Act (CBCA) was required to prepare a register of “individuals with significant control” (ISC) over such corporation.  The purpose of these changes is to identify the actual individuals behind business activities being seen as an important and key component of Canada’s anti-money laundering and anti-terrorist financing regime. Manitoba has harmonized its legislation with changes… Read More »

Does a Pandemic Nullify a Contract?

What does Covid-19 mean for contractual obligations? The unique circumstances of this crisis raises, first and foremost, concerns about health and well being.  Second to that, many people are concerned about the implications for their personal finances, as the Canadian and global economies are jolted by this pandemic. For the most part, assume that all contracts remain binding.  The pandemic will not mean that your… Read More »

“My corporation has dissolved, does it matter?”

Yes it does. A corporation, whether non-profit or for profit, is a legal “person”.  Once a corporation has dissolved, it is no longer an active legal entity.  Dissolution for a corporation is similar to when an individual has died. An incorporated body may be dissolved intentionally or unintentionally. The unintentional dissolutions are usually due to failure to file annual returns with the Companies Office. If… Read More »

Don’t let the “Pot” call the kettle black: Cannabis Policy and your Business

It now has been 10 months since Federal and Provincial laws changed legalizing the personal use and possession of cannabis, and society appears to still be in tact. Good! But, what about your workplace? Is cannabis use at work viewed the same as alcohol? Have you taken steps to understand the difference between the two intoxicants? Do you have a policy in place to be… Read More »

Family Businesses and Employment Insurance

If you are a part of a family run business, there are two things you should know about the Employment Insurance premiums you’ve been paying for years:  1) If a family member is laid off EI may not honour their application for benefits; and 2) you might be able to claim back thousands of dollars in premiums that have been paid. Many people are unaware… Read More »

 
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