Tax and Succession Planning for the Family Business
November 21 & 22, 2023 at 9:00AM PST
Downtown Vancouver and Live Webinar
Tax and Succession Planning for the Family Business
November 21 & 22, 2023
Overview
The family business structure is the form of enterprise for the vast majority of businesses operating in Canada. As demographics continue to shift, the focus on effective tax and succession planning will be paramount for owners and families alike. Compounded by a changing legal and financial landscape, it is essential for professionals and operators in this area to remain on top of the many challenges and issues faced by family businesses today.
This program focuses on technical and complex issues relating to the protection and transfer of wealth in family business situations. Our expert faculty will equip you with practical and effective strategies you can directly apply in your practice. You will learn the best planning techniques and structures that best preserve wealth and protect family interests in the face of an unstable market, impending succession, resultant taxes and other complicated family dynamics.
Key Areas Addressed:
Key legal developments affecting small businesses
Considerations for selling or transferring a family business
What family business advisors need to know about family law
Managing health issues in family businesses
Wills variation and estate litigation matters
US tax and estate issues where cross-border considerations are involved
Trust and estate planning and related tax planning
Philanthropy
Drafting shareholders’ agreements
Who Should Attend:
Lawyers who practise in the areas of business, succession planning or taxation
Accountants practising in areas of personal and/or corporate taxation, estate planning or advisory services for small business
Banking and trust company executives and managers
Owners and managers of family owned businesses
Financial planners
Business consultants
Agenda
November 21, 2023 (Day 1)
9:00 - Welcome and Introduction by PBLI
9:05 - Chairs’ Welcome and Introduction to Day One
Chris Ireland
Senior Vice-President Planning Services, PPI Advisory
Alison Oxtoby
Counsel, Fasken Martineau DuMoulin LLP
9:10 - Legal and Tax Update: Key Developments Impacting the Family Business
Stephen Rukavina
Lawyer, Legacy Tax + Trust Lawyers
Income Tax Act amendments
Canada Revenue Agency pronouncements
Recent decisions – tax and related cases
10:00 - Questions and Discussion
10:10 - Refreshment Adjournment
10:25 - Transferring the Family Business: 84.1 One More Time
Michael Coburn
Partner, Fasken Martineau DuMoulin LLP
The changes to Bill C-208 taking effect in 2024: what you need to know
Key considerations when selling the family business outside the family
Other tax minimization opportunities and related aspects
11:15 - Questions and Discussion
11:25 - US Tax and Cross-Border Estate Planning
Ryan Gill
Partner, KPMG LLP
Barb Eby
Manager, KPMG LLP
Review of US Tax basics
US estate tax and relate planning
US anti-deferral rules
US beneficiaries of Canadian trusts
Cross-border estate freezes
Post–mortem planning with US taxpayers
Federal and state wealth taxes – are they on the horizon?
Common cross-border tax scenarios
12:15 - Questions and Discussion
12:25 - Networking Lunch
1:15 - Managing Family Dynamics: Mental Health, Substance Dependency Issues
Steve Ivacko
CPA, CMA, TEP, FEA, MNP LLP
How mental health challenges affect clients
How mental health challenges affect family businesses
2:05 - Questions and Discussion
2:15 - Refreshment Adjournment
2:30 - Estates from a Litigator’s Perspective
Amy Mortimore, KC
Partner, Clark Wilson LLP
Wills variation recent decisions; planning opportunities and pitfalls
Capacity issues
Resulting trusts: is BC an outlier?
Conflicts between shareholders’ agreements and estate planning documents
3:20 - Questions and Discussion
3:30 - PANEL: Shareholders’ Agreements Part I
Chris Ireland
Senior Vice-President Planning Services, PPI Advisory
Alison Oxtoby
Counsel, Fasken Martineau DuMoulin LLP
A discussion the topics addressed over the course of the day and Q&A with select faculty
Clauses to address: family law issues, mental health substance dependency issues, post-mortem planning, emigration of a shareholder
4:20 - Questions and Discussion
4:30 - Chairs’ Closing Remarks - Program Concludes for Day One
November 22, 2023 (Day 2)
9:00 - Chairs’ Welcome and Introduction to Day Two
Chris Ireland
Senior Vice-President Planning Services, PPI Advisory
Alison Oxtoby
Counsel, Fasken Martineau DuMoulin LLP
9:05 - Tax and Estate Planning
Ian Humphries
Partner, Thorsteinssons LLP
Estate freezes: the basics
Unintended consequences of using discretionary family trusts
Planning with life-interest trusts and family businesses
Practical case studies
9:50 - Questions and Discussion
10:00 - Refreshment Adjournment
10:15 - Philanthropic Update and Structural Options
Malcolm Burrows
Head of Philanthropic Advisory Services, Scotia Wealth Management
Challenges faced by philanthropists and foundations: AMT, higher disbursements quotes for foundations, “qualifying disbursements” to non-qualified donees.
Strengths and weaknesses of private foundations and donor advised funds as structures for self-directed philanthropy
11:00 - Questions and Discussion
11:10 - PANEL: Shareholders’ Agreements Part II
Chris Ireland
Senior Vice-President Planning Services, PPI Advisory
Alison Oxtoby
Counsel, Fasken Martineau DuMoulin LLP
A discussion the topics addressed over the course of the day and Q&A with select faculty
Clauses to address: family law issues, mental health and substance dependency issues, post-mortem planning, emigration of a shareholder
11:55 - Questions and Discussion
12:05 - Chairs’ Closing Remarks - Program Concludes
Meet the Co-Chairs
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Senior Vice-President, Planning Services, PPI Advisory, Vancouver, BC
Mr. Ireland has over 30 years of tax experience including several years as a tax partner in the Vancouver office of KPMG where he was in charge of the firm’s national estates and trusts practice and the Vancouver office’s personal tax services group. Mr. Ireland has been the coordinator and lecturer for the CICA advanced tax course, “Advanced Tax Issues for the Owner-Managed Business”. Mr. Ireland is currently on the board of STEP Canada as well as being Deputy Chair. He is a past Chair of the Vancouver branch of STEP and a past president of the Vancouver Estate Planning Council. Mr. Ireland is a frequent lecturer and author in the area of tax planning and wealth preservation.
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Partner, Fasken Martineau DuMoulin LLP, Vancouver, BC
Alison’s practice is focused on wealth management, estate planning, trusts, and personal and corporate tax planning. She works with high-net-worth individuals, families and owner-managers to develop customized strategies to manage and transfer wealth. Alison has also authored papers and presented to the Continuing Legal Education Society of BC, the Canadian Bar Association, the Law Society’s Professional Legal Training Program, the Chartered Professional Accountants of BC, the Society of Trust and Estate Practitioners (STEP), Federated Press and the Pacific Business & Law institute. She was a co-editor and contributing author of the Annotated British Columbia Business Corporations Act, published by Canada Law Book.
Meet the Faculty
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Head of Philanthropic Advisory Services, Scotia Wealth Management, Toronto, ON
Malcolm is a philanthropic advisor and gift planner with 33 years of experience. He is Head, Philanthropic Advisory Services at Scotia Wealth Management. He founded and leads Aqueduct Foundation, a public foundation with donor advised funds. Aqueduct Foundation is the 13th largest foundation in Canada by assets and has granted $650 million to registered charities since inception in 2006. He also leads Scotia Wealth Management’s 100-year-old private foundation services practice. Before joining Scotia he worked for three major Toronto charities from 1990 to 2004 and started his career in the arts.
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Partner, Fasken Martineau DuMoulin LLP, Vancouver, BC
Michael Coburn’s practice focuses on a broad range of corporate and personal tax matters. He regularly advises clients on the most tax-efficient means of completing a transaction, and he has extensive experience with respect to the tax implications and structuring of mergers and acquisitions, corporate reorganizations, financings, and other business transactions. Mike also regularly assists clients in disputes with the Canada Revenue Agency and other taxing authorities. Mike was included in the Canadian “Best Lawyers” list for the past three years, and he has previously presented at professional development courses provided by CLE BC and CPA Canada.
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Manager, Tax, KPMG LLP, Vancouver, BC
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Partner, KPMG LLP, Vancouver, BC
Ryan is a partner in KPMG’s Global Mobility Services (GMS) tax group, specializing in Private Client – Cross-Border Tax. With more than 13 years of experience, Ryan serves cross-border private clients with a focus on high net worth individuals and families, and family offices. Ryan practises in the area of tax planning and compliance for individuals, estates and trusts in a Canadian and US cross-border context. He advises individuals on both sides of the border on tax matters related to their residence, compensation including equity compensation, investments including real estate, retirement plans, estates, trusts, gifts and expatriation. He has experience in cross-border reorganizations and post-mortem planning involving US citizens and residents. He is also involved in the preparation of Canadian and US tax returns for individuals, estates, and trusts. Ryan has been a speaker and presenter at events for the Pacific Business & Law Institute, CPABC chapters, STEP Vancouver, STEP Canada, UBC, SFU, and more. Ryan is a contributing editor of Carswell Publications “Tax Planning for You and Your Family” and “Death of a Taxpayer”.
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Partner, Thorsteinssons LLP, Vancouver, BC
Ian’s practice focuses primarily on advising private Canadian corporations and their shareholders on income tax matters, including mergers and acquisitions, corporate reorganizations, succession planning, estate planning and tax planning with trusts. Additionally, Ian represents taxpayers in certain tax controversy matters, primarily at the audit and administrative appeals level. Ian is a former co-author of the taxation chapter of the CLE Annual Review of Law and Practice and has authored a number of papers on various income tax matters.
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CPA, CMA, TEP, FEA, MNP LLP, Vancouver, BC
Steve is a member of MNP’s Family Office Services team in Vancouver. With more than 15 years of integrated wealth planning experience, Steve builds deep and lasting relationships with entrepreneurs, professionals, business owners, and their families. He delivers proactive, practical advice and solutions on tax, estate planning, continuity and succession, governance and philanthropy, bringing peace of mind to his clients, and helping them ensure wealth continuity and transition within their families. Steve is president of the Estate Planning Council of Vancouver for 2022, and most recently served on the board of directors, including as board chair, of Anxiety Canada, for five years.
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Partner, Clark Wilson LLP, Vancouver, BC
Amy practices estate and trust litigation. She represents executors and trustees, beneficiaries, trust companies, NPOs, charities, and committees. Amy firmly believes in contributing to BC’s legal and professional community. In particular, she has lectured extensively to other lawyers, law students, accountants, gift planners, notaries, trust officers, and the public for many years. In 2020, she and Mark Weintraub, K.C., published a comprehensive text, British Columbia Estate Litigation, which addresses the key areas British Columbia estate practitioners face. The textbook provides historical context, legal analysis, and commentary on practice and strategy.
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Associate, Legacy Tax & Trust Lawyers, Vancouver, BC
Stephen practices both income tax and sales tax. His income tax work focuses on private-company planning and wealth management, trust taxation, and assisting non-resident clients with all aspects of inbound investment into Canada. He also advises clients on income tax aspects of securities offerings.
Registration Form
Program:
Tax and Succession Planning for the Family Business
Date:
November 21 & 22, 2023
Location:
UBC Robson Square (800 Robson Street - Classroom level), Vancouver, BC
Registration:
The registration fee is $1,220.00 plus GST of $61.00 totalling $1,281.00 for webinar and in-person attendance. Registration fee covers your attendance at the program and electronic materials. In-person attendance includes a catered lunch and refreshments throughout the day.
Early Bird Discount:
Register by October 24th, 2023 and receive a $150 discount on the registration fee ($1,070.00 plus GST). Discounts cannot be combined.
Group Discount:
Register four persons from the same organization at the same time and you are entitled to a complimentary fifth registration. Discounts cannot be combined.
If you would like to register a group, please fill out this form and email it to registrations@pbli.com:
Payment:
You may pay by VISA, Master Card or cheque. Cheques should be made payable to the Pacific Business & Law Institute and mailed to Unit 2-2246 Spruce Street, Vancouver, BC V6H 2P3. Please do not send cheques via courier with signature required.
When and Where:
Check-in begins at 8:30 a.m. The program starts at 9:00 a.m. (PDT). UBC Robson Square is located at 800 Robson Street in Vancouver, BC, and our event will take place on the classroom level. Please visit https://robsonsquare.ubc.ca/find-us/ for directions.
Materials:
The faculty will prepare papers and/or other materials explaining many of the points raised during this program. Materials will be distributed electronically. Please contact us at registrations@pbli.com if you are unable to attend the program and wish to purchase a set of materials.
Cancellations/Transfers:
Refunds will be given for cancellations (less a $60.00 administration fee) if notice is received in writing five full business days prior to the program (November 14, 2023). After that time we are unable to refund registration fees. Substitutions will be permitted. We reserve the right to cancel, change or revise the date, faculty, content, availability of webinar or venue and transfer in-person registration to webinar registration for this event.
To register by phone:
Telephone us: 604-730-2500
Your Privacy:
We will keep all information that you provide to us in strict confidence, other than to prepare a delegate list containing your name, title, firm and city for our faculty and the program delegates. We do not share our mailing lists with any non-affiliated organization.
Course Accreditation:
Attendance at this course can be listed for up to 9 hours of continuing professional development credits with the Law Society of BC. For practitioners in other jurisdictions, please check your governing body’s CPD requirements.
If you would like to register a group, please fill out this form (DOWNLOAD FORM) and email it to registrations@pbli.com; for individual registration, please continue with form below.