HomeBlogFamily Business Library

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 ...

Ontario tweaks Business Corporations Act, making it more business-friendly

This summer, two small but important amendments to the Business Corporations Act (Ontario) came into effect. These amendments eased restrictions on governance so that Ontario businesses can operate more efficiently, ensuring consistency with other Canadian jurisdictions.   Effective July 5, 2021, the new amendments also reduced approval thresholds for written shareholder resolutions and led to ...

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 ...

Thriving during economic recovery: A guide for businesses

Have you stopped to poke your head up yet? For many Canadian businesses, the last year has felt like competing in an Olympic-level hurdles race. We’ve weathered one challenge after the next, with a view of “normal life” still off in the distance. People have lost jobs, and businesses have fallen on hard times. ...

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 ...

Family and corporate governance: A powerful combination

One of the most valuable qualities that family businesses share is intimacy – that is why family and corporate governance is so important. Not only do the team members know each other- they care about each other. They know the life story, the setbacks, the triumphs and the heartbreaks. It’s this solid connection that ...