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THE TAXATION OF CORPORATIONS

December 7, 2012

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It is critical to step back and regularly review your private client’s operating and holding corporations to ensure that their tax situation is onside their planned status at all times. As clients get older and move toward the transition of the family enterprise to the next generation the tax rules change. And as we get to the end of the life of the principals driving the family enterprise, we must keep in mind the issue of double taxation. In order to make sure that all options are open for clients as they age and work to pass the ownership of their business enterprises to the next generation, we must ensure that we have the right legal structure in place to allow such transitions to occur in a smooth and tax effective manner.

This program on the taxation of corporations is intended to provide an overview of those key tax issues affecting private companies including such tax and business issues as: the ACB and PUC of the company shares; the available capital gains exemption of the various shareholders of the family-owned company; the impact of voting control on the control of the company and the valuation of the shares of the company at the time of death of the company's principals

Other important tax issues include a review of the association status of the company with other members within a corporate group; the potential for the application of the corporate attribution rules arising on freezes of non-active business companies; the structuring of debt/equity financing and its impact on shareholders’ remuneration; the proper utilization of special tax accounts such as GRIP and RDTOH; and, finally, a review of possible exit strategies to do deal with the issue of double taxation such as the s.164 (6) loss carry back, the wind-up bump and the pipeline strategies.

While this program is not intended to be an in-depth analysis of all of these important tax issues, it is intended to serve as a reminder of key issues which are often forgotten in the busy, day-to-day grind that is life of a professional financial advisor.

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