Every Company incorporated in BC is required by law to file an annual report with the Provincial Corporate Registry. Failure to file for two consecutive years will result in the Company being dissolved. When a private Company is dissolved all of its assets are forfeited to the Government. While …
Articles
Why Incorporate your Business?
In spite of the recent uncertainty created by the Federal Government regarding small business rules, incorporation remains a simple, inexpensive, and smart foundation for the future of your business as it may provide the following positive features: Personal Asset Protection Advantageous Tax …
Gifting Assets to Family
"Gifting" "No good deed goes unpunished" Many people consider gifting some of their hard-earned assets to children during their lives. While this is certainly a generous gesture it can result in negative consequences. While there is no "gift tax" in Canada, one must be mindful of the following …
Can your Will be Challenged?
People are often shocked to learn that their Wills may be legally challenged when they die. Under BC's estate law (the Wills Estates and Succession Act) your spouse or children may challenge your Will if they feel it does not provide for their "proper maintenance and support". Their right to …
Death, Taxes and Probate fees in BC
Leave more assets to your heirs, not the Government. Anyone who has considered having a Will prepared or who has suffered a family loss have been forced to consider the legal process of Probate. Many people do not know what it is and fewer still know that through relatively simple planning the …