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In my experience as a tax specialist, business owners usually come to me after they've suffered a substantial blow their bottom line. In most cases, this is because they didn't consider investing in tax planning strategies like Family Trusts until it was too late. This can happen for a variety of reasons, usually due to a lack of education about tax reduction strategies or the preconception that tax planning is an unnecessary waste of money. These mistakes often lead to missed opportunities that can be both costly and destructive to the future of your business, especially as you grow. I've seen this far too often.
I recently had the opportunity help Small Business BC explain the applications of a Family Trust for tax planning purposes in a way that business owners could easily understand - phew, that was tough, but well worth it!
If you've heard of Family Trusts but aren't sure whether or not they apply to you and your business, I recommend you review this article that Small Business BC and I put together for you. We've kept it simple so you can better understand concepts like:
Using Family Trust Tax Planning
Related Topics:Family; Trusts
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