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Posts from the ‘Legal’ Category

Jul 31

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Steps Business Owners, People in Risky Professions and the Average Joe Can Take to Keep Their Assets Safe

In my last article, I (hopefully) explained how incorporating may not provide the liability protection people expect. In this one, I will explore some of the steps we can take to keep family assets safe, most of which don’t involve forming a company.

(a) Planning Ahead

The key factor in any of the steps mentioned in this article is when you take action; if you only start planning to secure your assets after the wolves are already sniffing at your door, then it is likely too late. Our legal system has some scary sounding terms like “fraudulent conveyance” and “fraudulent preference.” These terms apply to transactions like gifting or transferring assets to a family member for less than market value or paying out certain creditors and stiffing others. If a court determines that you have taken steps to thwart those aforementioned creditors after you are already insolvent or have creditors coming after you, then it can set aside the transactions.

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Jul 1

Craving A Little Company: Things to Consider When Deciding Whether to Incorporate (Part 1)

Other than popping ‘the question’ to that special man or woman in your life, deciding whether or not to incorporate your business may be one of the most important decisions you ever face. Although I suggest that you get professional advice based on your personal circumstances, here are some of the things to consider before taking the plunge. Rather than trying to ram this down your throat in a single article, I’ll nibble away on this topic a little at a time over the coming weeks. Today’s morsel shall be on companies and liability protection.

Incorporating and Limited Liability

A company is treated as a separate person for most legal purposes. As a result, if the company runs into legal problems and has been clearly representing itself as a company so that everyone is forewarned, the business owners may be able to protect their personal assets from being exposed to the company’s creditors. Accordingly, even though your business might become a thing of the past, you may still be able to hang on to your home and other personal assets.

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May 2

You, Me and CPP

For many of us, our Canada Pension Plan will play a meaningful role in our retirement planning. All the same, many Canadians don’t fully understand how it works and the choices we have when we look to start retirement benefits. Read more

Mar 25

You, Me and the CPP – Part 3

If you have made it through my first two articles on the CPP (little of which actually discussed retirement benefits), congratulations. It is now time to make amends and drill down into the heart of the CPP – the retirement pension. More specifically, I shall talk about the things you can do to maximize your benefits and minimize the tax bill.

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