Why business owners are investing millions in a strategy that CPA’s often miss

As Canadian Controlled Private Corporations (CCPCs) grow, they employ a comprehensive team of professionals to manage their complex and expanding interests.

Increasingly, affluent business owners will rely on Chartered Professional Accountants CPAs to partner with other professionals to offer multi-dimensional strategies aimed at ensuring business sustainability.

Without professional collaboration, there’s a missed opportunity to deliver value-added service to key clients.

It might surprise you that today, more and more of Canada’s wealthiest business owners are turning to permanent life insurance to help protect their estates and address tax issues.

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The Challenge of a Fair if Not Equal Farm Transition

Because of the special tax rules for farm enterprises, estate planning tends to focus on ensuring that inter-generational rollover conditions are met in order to defer the taxes to the next generation. Where other non-farm businesses would use life insurance to pay off taxes as part of an estate plan, this may not be necessary with a farm as taxes can be successfully rolled over to the next generation when all conditions are met.

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