Two recent cases in the Federal Court of Canada highlight the perils for Directors of Corporations, even as a Past Director. As you may know, under the Income Tax Act (Canada), Directors have personal liability for unremitted withholdings from employees’ salaries (the portion of salaries deducted from paycheques for employee taxes, UIC and CPP). In […]
Updated Warnings to Directors of Corporations, Past and Present Read More »
Not long ago, conventional asset protection, income tax avoidance mantra suggested taking a revenue-producing asset (such as Patents or Trade-marks that can be licensed) off-shore to a low or nil income tax jurisdiction. The idea was to earn royalties in a favourable tax jurisdiction and avoid U.S. or Canadian income tax on the income. The
Off Shore Investing Read More »
One of the most difficult challenges facing entrepreneurs is a claim filed under Human Rights legislation. Essentially, a claimant has the benefits of government-paid legal counsel without any economic exposure or downside. By stark contrast, to all other litigation or claims against anyone, (all of which involve a claimant underwriting his own case), the Social
Human Rights Claims Read More »
Brothers Charles and Henry embark on a business plan of buying and renting residential properties. The first is a family residence, with 2 tenants in the basement, but all of Charles’ and Henry’s families also occupy the property as a principal residence. Their Dad and Mom, their wives and their collective 4 children, a total
Proper Documentation For Business Read More »
“Liquidity” means the capacity of a shareholder to liquidate his interest in a corporation. In a publicly traded corporation, a shareholder can place his shares with a broker for a trade in a stock exchange and receive the market value of his shares. By stark contrast, not only are the majority of corporations in Ontario
Private Corporation “Liquidity” Read More »
