Tag: Ontario

FEATURE
Estate Distribution and Probate Planning: What You Need to Know (Ep. 7)

Estate Distribution and Probate Planning: What You Need to Know (Ep. 7)

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How can you ensure your beneficiaries are getting what you expect them to?

Frankie and Sarah discuss various aspects of probate and estate planning in this episode of From the Source. Listen as they explain probate fees, exemptions, and assets that can pass outside of the estate while stressing the need to understand asset ownership and distribution to determine what is subject to probate. Frankie and Sarah also talk about probate planning, issues with multiple property owners, and the potential tax liabilities that can arise. 

Gain insight as Frankie and Sarah discuss: 

  • What probate is and how the probate fee is calculated in Ontario
  • How assets pass through an estate versus outside of an estate
  • The three main pitfalls of probate planning 
  • What executor compensation is and how it’s calculated
  • The impact of probate planning on asset distribution

Resources:

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FEATURE
Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

Owner-Managed Businesses Part 4: The Canadian Capital Gains Exemption (Ep. 5)

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This episode concludes our miniseries for owner‑managed businesses, so if you haven’t heard parts 1‑3, we recommend you check those out!

To round out the miniseries, Frankie and Sarah break down the specific criteria under the Income Tax Act (ITA) for the capital gains exemption, beginning with a brief overview of what it is, what it does, and how business owners can qualify.

Become a little more savvy as Frankie and Sarah discuss:

  • The definition and purpose of the capital gains exemption, and its specific qualifying criteria
  • Tips on balance sheet categories for business owners
  • The three main capital gains exemption tests of the ITA

Resources:

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FEATURE
Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2)

Owner-Managed Businesses Part 1: How To Pay Yourself (Ep. 2)

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Welcome to part one of a four-part miniseries where Frankie and Sarah will focus and highlight key areas of interest for business owners, like, operation liabilities, exit strategies, and family succession.

In this episode, Frankie and Sarah talk about different ways business owners can pay themselves, various tax benefits, and the drawbacks of dividends and income splitting. 

Listen as Frankie and Sarah discuss: 

  • The difference between a salary and dividends
  • Why there are tax implications when you spend business income freely
  • How you can take advantage of tax benefits from dividends
  • The benefits and drawbacks of income splitting
  • What Tax On Split Income (TOSI) is

Resources:

Connect with Frankie Loreto and Sarah Netley: 

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