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More comprehensive reporting requirements coming for Canadian trusts

The Canadian Government is preparing to implement changes to the reporting requirements for Canadian resident and non-resident trusts deemed resident in Canada. Though these changes were announced in the 2018 Federal Budget, they will be coming into effect on December 31, 2021. Here is what you need to know about the government’s new reporting ...

How Bill C-208 will ease the tax burden on family business

Family business is the backbone of the Canadian economy. When a family business is passed down to the next generation, we see so many positive ripple effects in the economy: A new entrepreneur is given the opportunity to succeed  New jobs are created  Industry advancements are made Loyal customers maintain a trusted partner Communities ...

Executor and beneficiary: Know your role

When a person passes away, there are several important duties to be performed in order to fully carry out their financial wishes. Simply having a will isn’t enough to make sure that an estate is divided according to an accurate depiction of the deceased’s instructions. An executor must carry out a number of responsibilities ...

The cross-border implications of life insurance taxation

The purpose of life insurance is to provide tax-free funds to those we love in the event of our passing. Ultimately, we want the policy to offer more than just money; we want it to deliver peace of mind. When a family loses a loved one, the intensity of emotion is enough to deal ...

Foreign Trustee vs. Canadian Trustee: What’s right for you?

When choosing a trustee for your trust, the tax consequences are often not front of mind. But they should be. While the most critical qualities in a trustee are trustworthiness, financial acumen, and business know-how, having an understanding of how different trustees affect taxation is key to protecting your wealth. Many people are unaware ...

6 key facets to a successful family enterprise

A family enterprise can be recognized today as an important and distinct organization in the world economy, operating in every country. Although family businesses have been described as unusual business entities – a double edged sword that has the potential for both exponential success and dramatic undoing – they are the backbone of the ...

The Zeifmans Family Business Handbook

The Zeifmans Family Business Handbook: Understanding the 6 facets of family business success Family businesses are the backbone of the Canadian economy, producing 90% of the jobs created by small and mid-sized companies, and accounting for 35% of the country’s real GDP[1]. At Zeifmans, we understand the importance of family-run businesses from both a ...