Succession Planning

Succession Planning refers to preparing for the transmission of both assets and power in a company or corporate setting. For example, what happens to the business and business assets if the key person dies or is unable to continue his/her duties. More often, succession planning refers to planning for business owners wanting to sell or pass ownership of their business to family, employees, or a third party when the business owner(s) want(s) to retire.

We discuss with corporate clients how to best plan for success in order to benefit the individual over CRA. Here are some of our tools:

A Family Wealth Transfer Program, in which assets may be sheltered and passed to the next generation tax-free and outside your estate.

An Estate Bond, which is a way to shelter personal assets in a special account.

Family Business Succession Planning. Life insurance shares can equalize an estate to make sure that all beneficiaries are treated fairly.

We also discuss how to protect assets from creditors, and how to use Segregated Funds to your advantage.

Contact us and let us help you and your company with tax savings in your succession planning. Our experts can show you how to safeguard your assets in the most economic way.