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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.
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.