Taxes pervade every aspect of people’s lives and their business operations. In order to minimize the impact of taxes and, in some cases maximize their potential benefits, tax planning is absolutely critical.
Beganyi Professional Corporation focuses on assisting business and individual taxpayers in ensuring that significant events are handled in the most tax efficient manner possible, allowing the business or individual to focus on other aspects of the event or transaction.
Our services include:
We proactively work with our clients to structure their transactions in a manner which will minimize their taxes either now or in the future.
Rollovers can be used in many types of situations, from a relatively simple private scenario to a large, complex, public transaction. A rollover can be used to transfer assets from a proprietorship to a corporation or partnership, to transfer shares of an operating company to a holding company and to assist in a sale of a business. Often in mergers and acquisitions, there may be a requirement for the vendor to take back shares of the purchaser as part of the consideration. In this situation, a rollover is often used to ensure tax is not incurred if there is no cash consideration.
At Beganyi Professional Corporation, we often work with accountants and other financial planning professionals in deferring and minimizing tax through Section 51, 85 and Section 86 rollovers.
When you make a profit from selling a small business, a farm property or a fishing property, the lifetime capital gains exemption (LCGE) could spare you from paying taxes on all or part of the profit you’ve earned. For many small business owners, it’s a tool to help them save for retirement or invest more in another small business.
At Beganyi Professional Corporation we proactively work with our clients to ensure that when they are ready to sell their business the capital gains exemption is available to them to shelter some or all of their capital gains.