DO YOU HOLD PROPERTY IN A TRUST, CORPORATION OR PARTNERSHIP? If so, it is important that you read on… The Land Owner Transparency Registry is a publicly searchable registry of information about beneficial ownership of land in British Columbia. Beneficial land owners are people who own or …
Articles
What is the B.C. speculation and vacancy tax?
For properties owned on December 31, 2018, the tax rate was the same for everyone: 0.5% of the assessed value of your residential property on July 1, 2018, as determined by BC Assessment. B.C. owners are eligible for a tax credit of up to $2,000 on secondary properties to offset their tax payable. …
What To Do With Old Share Certificates
When going through papers or the safety deposit box of your passed loved one, you may come across old share certificates. These can either be worth a lot, or worthless. You can start by researching the company name online. If nothing comes up, it may mean the company changed its name or it’s no …
How a Hotchpot clause can prevent estate litigation over family loans.
Estate Pitfalls & Family Loans There are many issues that can crop up and create family discord when an estate is being administered. A commonly occurring problem is that of outstanding loans to beneficiaries. Many parents who have lent money to their children wish to write wills that take …
Joint Tenancy or Tenancy in Common
An Estate Planning Question When two or more people purchase any property, your realtor or lawyer will ask you how you want your new ownership to be registered. Most couples will choose to register the title in both spouses names and most often as "Joint Tenants". Registering in "Joint Tenancy" …
Tax Implications of Appointing a Non-Resident Executor
Appointing a “Non-Resident” to be your Executor? Think Carefully… Does it matter if your executor is a non-resident of Canada? The answer is definitely, yes - the residence of your executor affects the residence of your estate for income tax purposes. As a result, appointing a non-resident of …
Choosing an Executor
An executor is the individual, individuals or trust company that you make responsible for safeguarding your worldly assets, paying your final debts and ultimately distributing your estate in accordance with your wishes. There is no correct answer as to who should be your executor as it depends …
The True Cost of Dying
Estate and Probate Expenses Most people have a sense that when we die there are legal processes that must be followed and that they are often complicated, time consuming and expensive. While it is possible, through careful, prudent estate planning, to reduce or eliminate many of these hurdles the …
Private Companies and Annual Reports
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 …
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 …