Wright Legal

12/01/2021

Wright Legal updated their address.

Wright Legal updated their address.

11/08/2021

Joint Tenancy? Just Don’t — WRIGHT LEGAL

This is a disaster story. https://www.wrightlegal.ca/publications/2021/11/8/joint-tenancy-just-dont

Article by Jonathan Wright. Click  here for homepage. Phone:   604.678.4459 E-mail:   [email protected] This note is a disaster story. I can’t tell you how many times I’ve heard in my practice that someone’s elderly parent has put thei

10/13/2020

New transparency requirements for BC real estate - A tax lawyer explains — WRIGHT LEGAL

There are brand new obligations for owners of real estate in British Columbia to file a transparency report disclosing current owners of real estate through a trust, corporation or partnership. Our article explains: https://www.wrightlegal.ca/publications/2020/10/13/transparency-bc-part-2-your-real-estate

There are brand new obligations for owners of real estate in British Columbia to file a transparency report disclosing current owners of real estate through a trust, corporation or partnership. Our article explains.

10/09/2020

Transparency BC, Part 1: Your Company — WRIGHT LEGAL

Transparency is here. How will new BC legislation look for your company? https://www.wrightlegal.ca/publications/2020/10/9/transparency-bc-pt-1-your-company

Article by Jonathan Wright. Click  here for homepage. Phone:   604.678.4459 E -mail:   [email protected] British Columbia is moving toward transparency. In recent years there’s been a growing concern worldwide about the obscuring of own

10/02/2020

Is it time to incorporate? Read my note to see some of the benefits, and also some recent changes in tax law affecting companies: https://www.wrightlegal.ca/publications/2020/10/2/is-it-time-to-incorporate

05/06/2020

Time to Freeze? — WRIGHT LEGAL

A question for your business: is it time to freeze? https://www.wrightlegal.ca/publications/2020/5/6/time-to-freeze

Article by Jonathan Wright. Click  here for homepage. Phone:   604.678.4459 E-mail:   [email protected] This is more than a health crisis. Keeping people safe is rightly at the front of our minds, and in my opinion it should stay that w

04/17/2020

COVID-19 Relief Measures for Businesses: A Summary — WRIGHT LEGAL

This is a brief article I wrote summarizing, in plain language, four of the main federal relief programs for businesses as a result of COVID-19. Hope it helps!

https://www.wrightlegal.ca/publications/2020/4/17/covid-19-relief-measures-for-businesses-a-summary

Article by Jonathan Wright. Click  here for homepage. Phone:   604.678.4459 E-mail:   [email protected] In 1918 the Spanish Flu arrived in Canada. In that year Canada’s income tax, introduced to fund the war effort, was barely a year old

01/08/2019

Why a Shareholders' Agreement?

Why a shareholders' agreement? I'll tell you! https://www.wrightlegal.ca/publications/2019/1/7/why-a-shareholders-agreement

Article by Jonathan Wright. Click  here  for homepage. Phone:   604.678.4459 E-mail:   [email protected] I’m a married lawyer without a prenuptial agreement. I recommend them for clients, but I don’t press too hard. They imply m

03/26/2018

Estates With Non-Resident Beneficiaries

Another article from Wright Legal on estates with foreign beneficiaries: https://www.wrightlegal.ca/publications/2018/3/26/estates-with-non-resident-beneficiaries

Article by Jonathan Wright. Click here for homepage. Phone:   604.678.4459 E-mail:   [email protected] In an increasingly global world it is becoming more common for estates to have foreign beneficiaries. This type of estate poses certain chall

03/22/2018

RRSPs and Private Company Shares

Wright Legal has a new article on investing in private company shares in your RRSP: https://www.wrightlegal.ca/publications/2018/3/22/rrsps-and-private-company-shares

Article by Jonathan Wright. Click here for homepage. Phone:   604.678.4459 E-mail:   [email protected] The registered retirement savings plan (RRSP) is the simplest way for the average person to save on tax. As a person earns employment income, she

08/09/2017

Charity Business Planning

Is your charity earning income on the side? Read on to learn how to operate a business while remaining on-side CRA requirements and tax law: https://www.wrightlegal.ca/publications/2017/8/9/charity-business-planning

How to operate a business while remaining on-side CRA requirements and tax law Article by Jonathan Wright. Click here for homepage. Phone: 604.678.4459 E-mail: [email protected] Your charity’s story likely sounds a little like this. You’ve begun with energy and enthusiasm. G

05/17/2017

Forgive My Intercorporate Debt

What happens when debt is forgiven? Tax! https://www.wrightlegal.ca/publications/2017/5/17/forgive-my-intercorporate-debt

Article by Jonathan Wright. Click here for homepage. Phone: 604.678.4459 E-mail: [email protected] Debt between related companies is commonplace. SubCo needs money to fund a new venture, so ParentCo lends the capital. SisterCo has an expense arising which is paid from BrotherCo

05/11/2017

This Cross-Border Business

Interested in cross-border tax structures? Of course you are! https://www.wrightlegal.ca/publications/2017/5/11/this-cross-border-business

Authored by Jonathan Wright. Click here for homepage. Phone: 604.678.4459 E-mail: [email protected] So your business is looking to Canada. Maybe your high-tech sun-lamp is on every American desk and you’re in search of a new market. Perhaps you’re eyeing Canadian engineering ta

01/25/2017

Hidden Tax Savings (Part 2) – Selling Real Estate

One more post for you on tax savings on the sale of real estate: https://www.wrightlegal.ca/publications/2017/1/25/hidden-tax-savings-part-2-selling-real-estate

Authored by Jonathan Wright. Click here for homepage. Phone: 604.678.4459 E-mail: [email protected] Selling a business or real estate can result in a substantial amount of tax. This burden can be particularly large if the real estate is in a rapidly-growing market like Vancouver or your bus...

01/19/2017

Hidden Tax Savings (Part 1) – Selling Shares

Defer tax on the sale of a business: https://www.wrightlegal.ca/publications/2017/1/19/hidden-tax-savings-part-1-selling-shares

And check back next week for an article on the sale of real estate!

Authored by Jonathan Wright. Click here for homepage. Phone: 604.678.4459 E-mail: [email protected] Selling a business or real estate can result in a substantial amount of tax. This burden can be particularly large if the real estate is in a rapidly-growing market like Vancouver or your bus...

08/16/2016

Time to Incorporate?

Is it time to incorporate? http://www.wrightlegal.ca/publications/2016/8/15/time-to-incorporate

Authored by Jonathan Wright. Click here for contact information. Most businesses reach a point where this becomes an important question: whether or not it’s time to incorporate. There are costs involved but the tax and legal benefits can be significant for business-owners and even professionals like...

08/09/2016

Voluntary Disclosures

Voluntary disclosures: CRA waives penalties and (potentially) interest too when you come in from the cold. Read my article: http://www.wrightlegal.ca/publications/2016/8/9/voluntary-disclosures

Tax is complicated. Mistakes happen, even to professionals. Unfortunately, these mistakes, especially ones carried on over a number of years, can be expensive. In recovering a tax debt, the CRA can go after a person’s assets and even his or her home. Even in circumstances where no tax was owing (suc...

06/29/2016

Estates, Probate Fees and Alter Ego Trusts

Probate fees can be significant, but they're not inevitable. With simple planning, they can be avoided: http://www.wrightlegal.ca/publications/2016/6/29/estates-probate-fees-and-alter-ego-trusts

Probate fees, at 1.4% of the value of an estate, can be a significant cost for the beneficiaries receiving assets under a will. The good news is that with some simple planning, they can be avoided. Probate fees? Though labelled as a fee, probate fees in provinces like British Columbia and Ontario ar...

05/18/2016

Pre-planning can limit tax bite from sale of a private company

Not all tax on the sale of a business is inevitable. If you own a business, this Business in Vancouver article I wrote might be worth reading: https://www.biv.com/article/2016/4/pre-planning-can-limit-tax-bite-sale-private-compa/

The greater the growth, the more significant the pain from a tax perspective, as the government takes a larger cut of the purchase price. But with a little foresight and tax planning, this cut can be reduced.

02/24/2016

What NPOs Should Know

No-nos for NPOs: http://www.wrightlegal.ca/publications/2016/2/24/legal-problems-for-npos

Last week we addressed some of the legal pitfalls that charities might run into. This week we turn our attention to pitfalls for non-profit organizations (“NPOs”) and to one crucial way to avoid legal conflict often overlooked by both charities and NPOs. Restrictions on use of Resources We have alre…

02/17/2016

Stumbling Blocks for Charities

Wright Legal has a new article legal issues for charities. Read it here: http://www.wrightlegal.ca/publications/2016/2/17/legal-stumbling-blocks-for-charities

Running a registered charity or charitable foundation (a “charity”) or non-profit organization (“NPO”) can be a complex task. In addition to concerns about employees, programs and day-to-day operations, there are also legal requirements that can be a stumbling block for the unwary. These organizatio…

11/17/2015

The Health and Welfare Trust: A Tax-Efficient Health Insurance Option for the Owner-Manager

For an owner-manager of a small business, buying health insurance might not be practical. The option of a health and welfare trust lets you and your company pay less in tax and offers greater flexibility for health care spending. Read my post here: http://www.wrightlegal.ca/publications/2015/11/16/health-and-welfare-trust

For an owner-manager of a small business, buying health insurance might not be practical. It can be expensive, and you might even spend less yearly on health care than the cost of insurance. In addition, the inflexibility of health insurance products is an issue. You might not use any of the amounts…

09/28/2015

The Aging Trust: After 21 Years

Knights, trusts and the "21 year rule": http://www.wrightlegal.ca/publications/2015/9/28/aging-trust-after-21-years

In the earliest days of trusts, the knight would transfer title to his estate to a friend before he left for his crusade. The hope was that the friend would manage the home, land and other property in the knight’s favour and in favour of his family, and then transfer title back upon the knight’s ret…

09/21/2015

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08/31/2015

Income of Strata Corporations: How Not to Lose Tax-Exempt Status

NPO status is not automatic. Care must be taken that the activities of the strata corporation do not cause the corporation to lose this status. Read more here: http://www.wrightlegal.ca/publications/2015/8/31/income-of-strata-corporations-how-not-to-lose-tax-exempt-status

In addition to managing strata assets and common areas, strata corporations (called “condominium corporations” elsewhere in Canada) sometimes generate income on the side. For example, strata corporations will often operate coin laundries, rent out party rooms or receive license fees for cell towers…

08/05/2015

NEW RULES FOR CHARITABLE DEDUCTIONS TO ESTATES

Read a new post on recent updates to Canada’s Income Tax Act which provide greater flexibility for executors of estates to allocate deductions for charitable gifts between the deceased and her estate: http://www.wrightlegal.ca/publications/2015/8/5/new-rules-for-charitable-deductions-to-estates

Recent updates to Canada’s Income Tax Act provide greater flexibility for executors to allocate deductions for charitable gifts between the deceased herself and her estate. These new rules provide a valuable tool from an estate planning perspective. In addition, they also clear up certain areas of c…

07/08/2015

Introducing Wright Legal: a tax, charity, non-profit and business law firm serving individuals, charities and businesses across Vancouver and the lower mainland.