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Happy holidays from everyone at Arcus Legal! We wish you all the best in the new year.
Our office will be closed from December 24–28, open December 29–30, closed December 31 – January 3, then back to the usual schedule on January 4.
The Property Team at Arcus Legal wishes a happy holiday season to all the clients and Realtors we’ve worked with this year. 2021 has surely been a busy year for real estate closings!
We are pleased to donate to Adsum for Women & Children this year as our choice of a deserving charity to support. Adsum is devoted to reducing homelessness, with safe and affordable housing and promoting independent living for youth, women, gender diverse people and children.
Arcus Legal embraces a team approach and open lines of communication, so you may have been in touch with several members of our team.… [Read more]
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.
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).
When you purchase a home, you must hire a lawyer to carry out the transaction, but you may be left wondering what you are paying them to do. Below is an overview of what your property lawyer does for you.
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.
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).
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.
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 be eligible for the lifetime capital gains tax exemption.… [Read more]