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Martin Sorensen, Marshall Haughey and Hennadiy Kutsenko write part two in a three-part series in The Lawyer’s Daily on select tax planning strategies that make use of the market downturn or otherwise mitigate its impacts.
Part two looks at asset-protection measures that taxpayers may wish to undertake when worried about possible lawsuits or creditor claims. These include:
- trusts as creditor protection tool;
- separate ownership of business property; and
- secured loans to operating company.
In the first part of the series, they discuss estate freezes and income splitting. Part three will outline certain tax considerations relevant where businesses are in a tough economic climate, such as loss utilization and debt forgiveness.
This article was originally published by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc.
Please note that this publication presents an overview of notable legal trends and related updates. It is intended for informational purposes and not as a replacement for detailed legal advice. If you need guidance tailored to your specific circumstances, please contact one of the authors to explore how we can help you navigate your legal needs.
For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com.