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Importance of Governance Structures for Family Businesses

Krista Rabidoux 11/25/2024

Governance structures are crucial for the long-term success and sustainability of family businesses. Unlike public companies, family enterprises face unique challenges, including the intertwining of family dynamics with business operations. Establishing robust governance structures—such as family councils, boards, and advisory committees—ensures that these businesses remain ...

Accounting Support for Your Business

Andersen 11/25/2024

Tailored Accounting Services to Support Your Business Bookkeeping and accounting records are essential to a business. When your accounting processes are going well, the financial information is accurate, up-to-date and helps you make informed business and tax planning decisions. If, however, bookkeeping tasks take a ...

Succession Planning in Family Enterprises Strategies, Best Practices, and Challenges in Passing Leadership Roles to the Next Generation

Andersen 11/19/2024

Succession planning is a crucial process for family enterprises aiming to ensure continuity and preserve the long-term sustainability of the business. Transitioning leadership to the next generation is not just about passing the baton; it involves careful planning, strategic decision-making, and overcoming unique challenges that ...

Role of External Advisors in Succession Planning: The Benefits of Involving External Advisors in the Succession Planning Process

Andersen 11/06/2024

Succession planning is essential for the continuity and longevity of multi-generational family businesses. The intricate dynamics of family relationships, coupled with the complexities of business management, necessitate the involvement of external advisors. These advisors, including consultants, mentors, boards, lawyers, and accountants, bring expertise and an ...

New Reporting Requirements Under the Corporate Transparency Act (CTA)

Andersen 11/05/2024

Corporate Transparency Act (CTA) As of January 1, 2024, the Corporate Transparency Act (CTA), part of the National Defense Authorization Act, has introduced new reporting requirements for certain entities, primarily small and medium-sized businesses. These entities must now report beneficial ownership information to the Financial ...

Andersen Partner Steven Flynn Calls for Legislative Reform on BC’s Speculation and Vacancy Tax

Andersen 07/11/2024

In a recent letter to the Richmond News, our Partner, Steven Flynn, expressed his concerns about the impacts of the BC Speculation and Vacancy Tax (BC SVT) on families with unique situations. He highlighted the case of long-time Richmond resident Tony Chan, who has been ...

Increase in Canadian Capital Gains Tax – Cross-Border Tax Impact

Andersen 04/18/2024

On April 16th, the Canadian federal government introduced proposals to increase the capital gains tax rate. Effective June 25, 2024, the federal and provincial capital gains tax rate increases approximately 10% from an average of 25% to an average of 35%. Corporations and Trusts see this rate ...

Taxation of the Hockey Player Versus the Movie Star

Steven Flynn, CPA, CA, CPA (Washington) 03/04/2024

This is a story of the unusual difference between the Canadian taxation of non-Canadian professional athletes versus non-Canadian actors and actresses. Chapter 1 – The Hometown Hockey Hero Jonathan Tavares grew up in Ontario and played nine seasons for the New York Islanders. He became ...

Vacancy Tax Update

Steven Flynn, CPA, CA, CPA (Washington) 11/29/2023

Over the last few years, various levels of governments have enacted new taxes attempting to address the housing affordability crises. Our past blogs have addressed these taxes: 2019 Blog – BC Speculation and Vacancy Tax January & March 2023 Blog – Canadian Federal Vacancy Tax ...

Repatriating U.S. Earnings to Canada

Andersen 11/28/2023

Repatriating corporate earnings from the U.S. to Canada may involve alternative strategies. These include using U.S. earnings to repay debts payable to its Canadian shareholder, management fees, dividends, and liquidating distributions. Let’s explore the key aspects and considerations when repatriating U.S. earnings to Canada. Debt ...

The member firms of Andersen in Canada focus on Canadian, international and Canada-U.S. cross-border tax matters. With offices across Canada, our tax professionals work with a broad range of businesses and individual clients to develop innovative tax solutions for a diverse range of issues. Our senior leaders and many of our professional staff have extensive experience in Canadian, international, U.S. and cross-border tax matters with major international accounting firms, as well as practical experience working with businesses and individuals.

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