In this article, we’ll cover off some of the nuances of that and ensure that if you are thinking about making use of the principle rents exemption that you are doing it properly. So the first thing you want to keep in mind is that the exemption needs to be reported. The principal residence exemption allows you to sell a…
Unfortunately, just like in personal relationships, the persons who are most likely to sue you are the ones who are closest to you and your business. There are many steps that you can take to mitigate or prevent the possibility of people suing you. 1) Clarity The more clarity you have about where you want to go with your business,…
You might be selling your business because you’re ready to retire, because you want to pass it down to the next generation, or perhaps because you have just moved on and you want to pursue different business opportunities. There are some really key items that you’re going to want to start thinking about. Are you structuring your sale through assets…
An Estate Plan is a crucial part of every Will. Below are 10 key steps to ensure your estate plan is successful: 1. Document Storage Make sure to store your estate planning documents safely. If you have a safe deposit box, store your important papers there. Give your executor a copy of your estate planning documents and advise them on…
Having a Power of Attorney is a huge responsibility. If one is ever granted a power attorney by a loved one, the person who grants that authority (the “Grantor”) is putting you in charge of them if they were ever to become mentally incapacitated. Here are 10 important things to know if you are holding a Power of Attorney. 1.…
It has become very popular in British Columbia to transfer property (assets) into joint tenancy. Usually, it is done as a vehicle to reduce probate fees and legal fees upon the death of the owner of the property. Generally speaking, it is good to have joint tenancy between a husband and wife, because it simplifies matters and saves money. Furthermore,…
