- Is your income in a project, joint venture or partnership already?
- If not can it be put into one, that is the income is not from wages or other personal service income?
- Are you prepared to move before the year end?
- Can you separate your ongoing business from the source of income?
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Income in a Partnership or that you could put in one?
We have clients and others who are looking to acquire partnership interests with income possibilities. Selling your partnership interest before the year end can put the profit into the hands of the new owners- and a capital gain instead of income in your hands.
- As Capital Gains attract tax at half the rate of Income, selling your Partnership interest rather than letting the Income allocate to you yields twice the after tax income.
- If the income is personal or corporate, depending on circumstances you can often put it into a partnership and then sell your partnership interest.
PARTNERS IN SAVING
Partners can make it happen
Partnerships are flow through entities. That mean what happens in the partnership flows through to the partners. They are extensively legislated and file informational tax returns.
We can make it happen for you
Working with your accountants and professionals, we can put together an offer for your partnership interest quickly. We just need your information. We are pleased to work with your accountants and professionals to make sure that the deal closes seamlessly. And your business carries on without interruption.
Let Us Help
We are Canadian Tax Lawyers and can review your situation in minutes to see if there is a possibility that we can offer solutions that will increase your tax efficiency. We are governed by the Law Society of Ontario and the rules of Solicitor-Client privilege – and all the protections that having someone on your side brings.
Seize Your Moment
It is often difficult to see the forest for the trees. In the midst of building your successful business, you can lose sight of the big tax picture. You owe it to yourself to make sure you’re not missing the savings you could by structuring your affairs the best way possible.
Best Business Practices
Business Structures should be reviewed annually. Is this the best structure for what we are now doing? What happens if we achieve our goals and if we don’t? Are any potential gains shielded from over taxation? Are any losses we might incur in a form available for future gains to use their tax pools?