Office closed for National Day for Truth and Reconciliation

Arcus Legal will close its office on Thursday, September 30, in recognition of the first National Day for Truth and Reconciliation. The federal statutory holiday was created to acknowledge the tragic legacy of residential schools and their impact on the Indigenous peoples of Canada. Please join us in taking the opportunity to reflect on this part of our country’s history.

You can learn more about the work of the Truth and Reconciliation Commission at their website.

2021-09-28T15:57:26-03:00September 28th, 2021|Community|

Welcome Mel Freeland

Arcus Legal welcomes Mel Freeland as our newest Corporate Tax Paralegal. Mel joins us with over seven years’ experience working in corporate law. She has lived in Nova Scotia for most of her life and is looking forward to working with local small business owners. When not at work, she enjoys going for walks, listening to podcasts, and hanging out with her animal friends Dexter the cat (not to be confused Arcus Legal’s Co-Chief Canine Officer) and Morty the Akita (and his human).

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2021-09-13T12:54:30-03:00September 13th, 2021|Our Team|

Buying a Rental Property: Do Your Research to Avoid Disappointment

Diving into the world of being a landlord and owning rental properties can be appealing. Online articles, YouTube videos, and television can make it out to be an easy way to earn passive income. However, it is also a significant responsibility to supply a home to a person or family. No matter the length of your rental, there are certain obligations that arise once you take on the responsibility of becoming a landlord. Prior to investing in a rental property ensure you consider the length of rental you will be providing, and know the relevant law to avoid future disappointment. [read more…]

2021-08-17T12:34:12-03:00July 22nd, 2021|Real Estate|

Business Tax Planning – Part 3 – Using a “family trust” to move funds between businesses

A family trust can serve as a “highway” to move funds between your active business corporation and your other corporations. Trusts are very useful in succession planning and for funding an investment corporation or property corporation.

When your business has settled, is profitable, and you no longer need massive capital injections to grow the business, you should consider establishing a family trust as part of a tax efficient corporate structure. Contact our Business Tax Planning Team to learn how.

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2021-08-17T12:58:00-03:00July 9th, 2021|Business Tax Planning|

Business Tax Planning – Part 2 – How can I pay less tax when I sell my business?

If you are planning on selling your business in the future, you should be aware of the Lifetime Capital Gains Exemption on the sale of active small businesses.

When you sell a capital asset, such as shares of a company, that is usually taxed as a capital gain. However, when you sell shares of an active business, you may qualify for a tax incentive called the Lifetime Capital Gains Exemption, which allows you to claim almost $900,000 of the capital gain exempt from taxes. That means you can pocket up to $900,000 tax-free (although the alternative minimum tax can apply). [read more…]

2021-08-17T13:01:43-03:00June 30th, 2021|Business Tax Planning|

Community rallies to provide home for deserving family

Arcus Legal congratulates the Wiggins family on their new home. Chelcie and Alvero Wiggins (far right) and their four young children were selected by non-profit organization A Home for Everyone to receive donations and support in acquiring a home. Alvero is an active community member in the North End of Halifax, known for his work with Hope Blooms and the LOVE Nova Scotia youth centre. He now lives with kidney disease and spends 9-10 hours a day on dialysis while awaiting a kidney transplant. [read more…]

2021-08-17T13:02:44-03:00June 28th, 2021|Community|

Tax Law Update – Bill C-208 lowers taxes on passing family businesses down to the next generation

Owners of family businesses will gain new tax advantages from a bill that has just passed and is expected to come into effect shortly.

Currently, selling your business to a complete stranger gives you tax benefits that you would lose if you sold to a family member. Bill C-208 extends these benefits to cases where shares in an active business are transferred to a company that is owned by a child, grandchild, or sibling. The sale of shares would now be treated as a capital gain instead of a dividend, meaning you would be taxed at a lower rate and potentially [read more…]

2021-06-25T14:23:57-03:00June 23rd, 2021|Business Tax Planning|

Business Tax Planning – Part 1 – When to transfer your business into a company

When your business is thriving, and you make more money than needed to cover your personal expenses, this is the time to consider incorporating your business (transferring your business to a company).

From a purely tax perspective, you do not want to be taxed on all your business income in your personal name. You are taxed more than 25% on the income from your business (It gets higher as you fall into higher income brackets), whereas your corporation will only be taxed 12% for the income earned in the corporation. That is a massive difference in dollars available for you to [read more…]

2021-06-30T14:58:26-03:00June 23rd, 2021|Business Tax Planning|

Estate Planning – Part 7 – Alter Ego Trust & Joint Partner Trust

Alter Ego Trusts (AET) and Joint Partner Trusts (JPT) are a more complex method of estate planning, but can be well-suited to certain situations. You must be over the age of 65 years to consider these methods of planning.

AET and JPT both are often used as a method of probate avoidance. However, these trusts also are more private than a traditional Will, because your Will is publicly available once your executor files for probate. Where there is no probate, your distribution is not made publicly available.

The downside is that AET and JPT are more expensive and complicated to set up [read more…]

2021-05-05T16:11:23-03:00March 30th, 2021|Wills & Estates|
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