Sun 'n' shelter; accountants can help high net worth clients protect their assets by using offshore trusts and companies

Article Abstract:

Chartered accountants can develop estate plans using offshore trusts and companies to protect their high net worth clients from excessive taxation by Revenue Canada. Although the type of estate plans depends largely on the assets of each client, accountants can use three basic guidelines to form effective estate plans. Firstly, the plans should use offshore trusts based in stable areas such as jurisdictions. Secondly, they should select jurisdictions that provide confidentiality to their clients. Finally, they should form an appropriate estate structure that justifies exempting the client's offshore income from taxation.

Estate planning

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Downside protection

Article Abstract:

Many Canadian businesses are claiming allowable business investment loss (ABIL) tax deductions despite the complexity of ABIL rules. ABIL rules, enacted in 1978, allow private investors to charge capital losses against other income instead of charging them solely against capital gains. However, past amendments to ABIL rules and those that are being proposed are excruciatingly complicated for investors. The rules for claiming deductions for investment losses are discussed.

Analysis, Loss deductions

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The agent or the principal?

Article Abstract:

Issues concerning the taxation methods used to calculate the tax paid on the supply of goods and services in Canada are discussed.

Consumption taxes

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