Thank you for making it simple to understand. I just have a doubt regarding the taxation part of the ESOPs. So you mentioned that they can be taxed when they are vested. And that depending on the rules the tax can also be filed at the time of selling the shares instead of the point in time when they were vested. But I guess, and think, and feel, unless the tax rate changes, the person is going to be paying the same amount of tax overall
Hi steve, very well explained. are there any specific compliances to be done when ESOP pool is created?? for a private corporation?? any filings needs to be done???
If you bought a property with silent investors but only you were on paper as the beneficial owner how could you update your documents to legally show your investors own their respective percentage of the property?
Your two videos contradict each other. One video says you cannot own the shares of your company through a holding company to receive the lifetime capital gains exemption. And this one says you can
LCGE eligibility depends on a variety of factors including whether HoldCo has passive assets or not. If HoldCo qualifies as QSSBC (qualified shares of a small business corporation), then you can sell HoldCo shares and qualify for LCGE. Typically however HoldCo will hold passive assets such as retained earnings or passive-income earning assets (e.g. real estate, securities), as that's the point of a HoldCo. In that instance you'd need to move those cash/assets out (purifying the HoldCo) and then possibly amalgamate the HoldCO w/ OpCo and then sell.
Hey Steve, I just watched your video and I must say that it was really informative and well-made. I was wondering if I could help you edit your videos and repurpose your long videos into highly engaging shorts? I can also make high CTR thumbnails for your channel
What if your executrix is stone walking you and refuses to answer your communication and has not sent me a notice of ANYTHING happening?! Is there some rule that they are not allowed to have communication with the only beneficiary Do I contact them at their home or workplace or get a lawyer?
Definitely contact an estates lawyer. Every situation is quite unique. It would be helpful for you to get advice on your specific situation by an experienced estates lawyer in your jurisdiction.
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This is not advice for your situation, but hypothetically if the property qualified for the PRE at death of the property owner, then the Estate doesn't pay capital gains tax (nor do the beneficiaries of the home). It's a tax-free disposition. Contact us for guidance on your specific situation www.parrbusinesslaw.com/contact
also preferred stocks is better if a company pays dividends as you can set a fixed dividend per share even if the stock goes down the only downside is if the stock goes up you're not be able to gain the increase in dividend payment
Not really true. My employees pay haven't suffered in this economy. My profit as the owner has been cut 70%. But I will always put there needs above my own.
Thanks so much Steve. Here are my confusions and apologies as I've never done this before. 1. I sold my home in September and moved briefly into a cabin for two months until I bought my current home in November. 2. Do I register both? Where do I put them in my forms? 3. What are they expecting me to put down? Address and final sale price and date? Thanks in advance!
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If you register federally, you need to register in any province that you are carrying on business in. Contact us here for more info: www.parrbusinesslaw.com/contact
Can you explain what the expiration date? Like if you let the expiration date pass you could forfeit or cash out if you do it in before expiration date?
Look carefully at the language in YOUR agreement, as it will always vary. But in this example, yes I am referring to the expiration of the ability to exercise on the options (e.g. convert the options into shares). In many agreements the expiry period will be somewhere between 7 - 10 years after issuance. Contact us at www.parrbusinesslaw.com/contact for more information!
Can you do it from the employee point of view? i.e. what should you look out for in the T&Cs, how do you know if it's a good plan? What happens once you've decided you want to exercise your options? what happens if you leave before the vesting period is over etc.
Things that an employee would want in an options agreement: - Proper legal documents, not a mickey mouse agreement or a verbal commitment; - A strike price that reflects current FMV of Company shares; - Ability to retain vested shares whether or not the employee is terminated or quits; - Acceleration of vesting upon change of control (e.g. Company is acquired); - In a closely held (e.g. a small private or family run) company, you should also review the shareholders' agreement and understand whether or not you are required to sign onto it. A Shareholders' Agreement may further bind / restrict your ability to sell the shares, and may also impose other obligations on you (e.g. confidentiality provisions, non-competes, etc.).
How would I pay myself if I worked for an operating single-member LLC owned by a single member Wyoming Holding LLC? (I am the owner of both and directly work for the operating LLC.) I am wanting to be taxed as an S-Corp (and be able to received distributions), and also have the asset protection of the Holding Company. Would the operating LLC be disregarded and the Holding LLC the S-Corp? Thanks!
Thank you for reaching out with your question! It's great to see you're thinking strategically about the structure of your businesses. However, it's important to note that we are Canadian-based lawyers and our expertise is primarily in Canadian law. The specifics of forming and operating LLCs and S-Corps, especially in the U.S. and states like Wyoming, can be quite different from Canadian business structures. For your situation, it's best to consult with a U.S.-based legal professional.
The principal residence exemption in Canada has been around for more than 50 years. The disposition of a property was not required to be reported to the CRA prior to 2016. Contact us at www.parrbusinesslaw.com/contact for more information!
No. A "deemed disposition" is just the basis for how the property is taxed. The property will still be gifted per the terms of the Will to the beneficiary / beneficiaries. I'll make another video and try to clarify this. This short clip is just meant to highlight the tax treatment of property at death.
Can you help me. Plz Me and my hasbend have smol building. We take care and all incom we put in our tax. But in the title of ownership we put our son and our dother. What we and hu shud report this . Sorry for my english.
Hi there, please contact a knowledgable lawyer where you reside! If you are located in Vancouver or nearby, then please complete this contact form: www.parrbusinesslaw.com/contact
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No, a bare trust is where the nominee owner has ONLY an interest in the legal title, and no actual interest in the beneficial ownership. What you're describing sounds like ownership is split 99%/1% between two different parties, perhaps a tenants-in-common arrangement. Contact us at www.parrbusinesslaw.com/contact for more information!
Thank you for your time and sharing your information. To improve comprehension please practice to speak more slowly on critical information. Such as when microphones were not available in theatre, actors had to practice speaking clearly, slowly, and with an open mouth during theatre rehearsals .
Strongly recommended - Power of Attorneys are very powerful documents and if they are improperly drafted there can be significant consequences, or they may not be accepted by the institutions you're intending to have them be effective in. Contact us at www.parrbusinesslaw.com/contact for more information!
The united states literally has people who sleeze around and step up in court when a judge calls out and asks who is the power of attorney for these senior citizens and then they are assigned by the judge and then they proceed to Ron them blind without them even knowing because they are locked away in these retirement homes
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Hello, my adult daughter has two children who don't live with me. She is on ODSP and living in RGI. The father of her children passed away at Christmas time and she found out he left her as beneficiary. She is worried to lose her benefits and wants me to be her trustee. Am I able to set up a Henson Trust with her inheritance?.
Hi there! Please consult with a lawyer specializing in estate and trusts in your jurisdiction. Sounds like you're in Ontario. We recommend Grinhaus Law in Toronto.
