Advanced Tax Planning for business ownerw
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This document summarizes various financial planning issues for professionals and small business owners in Alberta, Canada. It discusses: 1) Personal and corporate tax rates in Alberta, noting the advantages of dividends and deferring income in a corporation. 2) Common ownership structures for businesses and how they can be reorganized to protect non-active assets, allow for income splitting, and multiply capital gains exemptions. 3) Using life insurance to fund buy-sell agreements between business owners and the different options for where to hold the policies. 4) Recent changes to Alberta legislation allowing spouses and children of certain professionals to own non-voting shares of a professional corporation, enabling better income splitting.
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Happy Feet
By:
2
C-Corporation
Happy Feet C Corp was decided to be a closely held; separately taxable entity from Holly and Angela’s taxable income. Taxes are paid at the corporate level. Assets such as Holly & Angela’s homes are protected.
Happy Feet needed the legal ability to raise capital via the sale of stock in the beginning. Shareholders can easily transfer the ownership by selling their stock. Individual owner’s liability is limited to the value of stock they are holding in the corporation.
Tax on corporate income is paid first at the corporate level and again at the individual level on dividends.
3
Reasons for selecting a C-Corp
with Happy Feet
Corporations have two main advantages. They provide the greatest shield from individual liability and are able to raise capital while transferring stock to shareholders. Corporations are subject to federal income tax so distributing earnings will help to reduce your tax impact through employer pension plans.
4
Business Ownership C-Corporation
Holly and Angela Forge
Happy Feet Corporation
5
2010 Holly and Angela take their inheritance money and invest it in an invention they purchased the patent for. The company is registered in Delaware. Holly invests $5 million cash, and Angela invests $20 million. Of that $20million, used $500k for legal processes to purchase the patent.
IRC 351 applies as the company is held by more than 80%.
2011- Sales are slow, and manufacturing costs are high. Consultants hired to streamline processes to decrease costs and market more efficiently. IRC-172 Happy Feet has decided to carry forward their Net operating loss deduction.
2012 Happy Feet partners with Lori Grenier from ABC’s Shark Tank to mass produce and market invention. IRC 267 takes a place on the tax forms.
2013 Happy Feet is on an upswing with revenue recognition, but IRC 267 applies as we have a 3rd partner as a shareholder.
Happy Feet Incorporated
6
A tax preparer (our CFO) will be required sign off to complete the filing of
Happy Feet’s 2014 tax return.
Happy Feet Incorporated Balance Sheet
7(Millions of Dollars)12/31/201212/31/201312/31/20142012-2013 Change2013- 2014 ChangeAssetsCash and Equivalents10,049.0010,341.009,088.00-961.001,253.00Short-Term Investments1,167.003,161.006,124.004,957.00-2,963.00Total Cash & Short Term Inv.11,216.0013,502.0015,212.003,996.00-1,710.00Accounts Receivable5,409.005,314.006,170.00761.00-856.00Other Receivables384.00294.00376.00-8.00-82.00Total Receivables5,793.005,608.006,546.00753.00-938.00Inventory32,240.0037,751.0042,912.0010,672.00-5,161.00Finance Division Loans and Leases, Current476.00364.00344.00-132.0020.00Deferred Tax Assets, Current29.0028.0014.00-15.0014.00Other Current Assets56.0056.0046.00-10.0010.00Total Current Assets49,810.0057,309.0065,074.0015,264.00-7,765.00Gross Property Plant and Equipment23.
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Tax planning for business owners june 2014 Sean Rheubottom - United Financial
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
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https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
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Advanced Tax Planning for business ownerw
- 1. Financial Planning Issues Facing Professionals and Small Business Owners Sherwood Park Professional Development Day June 3, 2010 Myron Knodel, C.A., CFP, TEP
- 2. Tax Rates in Alberta (1) Maximum personal tax rate in Alberta on ordinary income – 39% (2) Maximum personal tax rate in Alberta on non-eligible dividends – 27.71% (3) Maximum personal tax rate in Alberta on eligible dividends – 15.88% (4) Maximum personal tax rate in Alberta if paid from Loan Rate Income Pool (LRIP) – 27.71% Maximum personal tax rate in Alberta if paid from General Rate Income Pool (GRIP) – 15.88%
- 3. Tax Rates in Alberta Conclusion/Planning Strategies If funds not needed to finance lifestyle leave in corp. to invest for tax deferral Dividends (as apposed to salary) are slightly advantageous and can recover refundable taxes Gross-up on dividends can escalate OAS clawback Salary is earned for CPP, RRSP or IPP purposes Income splitting with lower income family members available High income employees may wish to create personal services businesses 11% tax deferral Tax saving through income splitting with adult children or parents
- 5. Cash accumulation in corp. may prevent shareholders from claiming their capital gain exemption on a sale of shares
- 7. Common Ownership Structure Post-Reorganization Non-active assets moved to Holdcos and protected from creditors Income splitting with spouse and adult children Multiplication of the capital gains exemption among family members Opco remains purified in the event of a share sale
- 8. Life Insurance to Fund Buy/Sell Mr. A Mrs. A Mr. B Mrs. B A Newco Inc B Newco Inc A Children B Children Mrs. A Mrs. B A Family Trust B Family Trust Mr. A Mr. B Mr. A Mr. B Preferred (Freeze) Preferred (Freeze) Common Common Holdco A Holdco B Common Common Opco Inc.
- 9. Life Insurance to Fund Buy/Sell Where do we put it? Option 1: Opco Available to creditors Possible tax cost to remove on share sale Option 2: Holdco A/Holdco B Possible tax cost to remove on share sale or if Mr. A/Mrs. B retire Option 3: A Newco/B Newco For permanent insurance consider split dollar
- 10. Problems With Professional Corps. Prior to March 1, 2010 only the professional in Alberta could own shares of a professional corp. Effective March 1, 2010 Alberta amended its legislation to allow spouses/common law partners or children of certain professionals to own non-voting shares. Professionals affected include: Doctors Dentists Chiropractors Lawyers Accountants Optometrists Holding corporations and discressionary trusts still not allowed
- 12. Separating active and investment assets on a tax free basis not possible
- 13. GST a cost for doctors and dentists