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TAX PLANNING Tax Planning is an Ongoing ProcessAlmost all transactions or events affecting your property, business, corporation or estate have tax consequences and we know what they are. With vigilant, proper and timely planning, tax costs may be minimized or substantially eliminated. This is especially true when buying or selling a business, real estate or your stock portfolio. Knowing the rules and using them properly to assist you to reduce your overall tax costs is our job. In uncertain or complex areas we obtain Advance Tax Rulings which prohibit the Canada Revenue Agency from reassessing you. We have over 35 years of successful experience at tax planning and implementation in all dimensions. Neil W. Nichols was an Advance Tax Rulings Officer in Corporate Reorganizations of the Canada Revenue Agency. TAX DISPUTES & TAX LITIGATION Dealing with the Canada Revenue Agency: Tax Disputes and Tax LitigationThe Canada Revenue Agency does not always agree with how you reported your income subject to tax. They send an auditor to see you and then likely send you a bill for more tax and overdue interest, and perhaps penalties. We are there to strategize and handle your tax dispute from before the auditor shows up to the final settlement or adjudication in Tax Court or Federal Court. We have an enviable track record of successful tax appeals and experience in negotiated settlements at all levels from Canada Revenue Agency Audit, Appeals and Collections to the Supreme Court of Canada. Neil W. Nichols was a Tax Litigation Lawyer for the head office of the Department of Justice in Ottawa. He appeared in the Supreme Court of Canada on three tax cases before he was 30. He has appeared in numerous tax cases before the Federal Court of Appeal, the Federal Court Trial Division and the Tax Court of Canada. Before such Litigation gets underway, there is always the possibility of a cost-effective settlement with the Canada Revenue Agency by Objection to the Reassessments and fruitful negotiation by an experienced tax lawyer.
BUSINESS ORGANIZATIONS AND THEIR OWNERS: TAX-SAVVY INVESTMENT & REAL ESTATE TRANSACTIONS Whether for Canadian or U.S. holdings, whether an investment portfolio or real estate, in Canada or international, whether real estate for residential purposes, holding or rental investment, development or subdivision, we structure all of them to optimize carrying costs and net after-tax returns by using unique opportunities to minimize or eliminate tax.RESEARCH & DEVELOPMENT TAX CREDITS AND TECHNOLOGY LICENSING Canada has generous R&D tax incentives which are often overlooked: the myopic entrepreneur focuses on "Research" too much and forgets that the costs of "Development" alone are eligible for money back from the Government. We provide that 20/20 vision which yields maximum and timely refunds to leverage that all-important R&D dollar. We are experienced in how to treat acquisition costs of technology, development costs, contracting out payments for R&D, beta and pilot testing costs, joint venture or technology licensing arrangements and minimizing the tax costs of the contributions and future revenue streams for cost recovery and profit participation through joint ventures or by royalty arrangements. Neil W. Nichols was on-site counsel to the Advanced Technology Centre, resident in the Edmonton Research Park and home to the Alberta Research Council. He has assisted numerous technology businesses at all stages of financing and exploitation of their technology in the marketplace, both domestically and internationally. He has run both software and hardware businesses so brings a hands-on expertise to bear on your technology issues.
The Living Trust is not part of your Will. Your Will may contain Testamentary Trusts. Together the Living Trust and the Testamentary Trust and the rest of your Will reflect your wishes for the management and distribution of your assets after death. Your Estate Plan is a comprehensive approach to preserving your capital, enabling it to grow with minimum tax cost and maximum flexibility during your lifetime as your circumstances change and your intended beneficaries around you change. A planned-giving program during your lifetime may be a tax-effective way to fulfil your personal Contribution goals. Increasing longevity and the escalating costs of future care have to be taken into consideration as well. Wills Your Will is an integral part of your Estate Plan. We all leave this Earth with the same amount - zero. Careful planning can eliminate or reduce the Canada Revenue Agency from being one of your largest beneficiaries. Leaving a Legacy and putting something back into the community are not synonymous with leaving a large portion to taxes. You can direct your Estate to your heirs and beneficiaries in a way which will achieve results more effectively than leaving it to the government or allowing the Public Trustee to manage your assets. Live, Love and Leave a Legacy. Use a taxplanned Will and Living Trust. Trusts There are many kinds of trusts and descriptive labels for them: discretionary family trust, alter ego trust, bare trust and so on. Living Trusts are a powerful tool for preserving capital, accumulating wealth and for maintaining control and discretion over valuable assets dedicated to the next generations of children or even grandchildren and charities. You don’t have to own the bus, so long as you can drive the bus. Estate Probate and Administration Go with someone who has Tax and Estate experience and whom you can trust to do the tax planning after death and tax compliance. Excessive probate fees may be reduced or avoided. Prompt and successful Probate and efficient administration of the Estate through to final tax clearances and distribution is our objective. We believe that we set a record for one urgent Estate, with probate and distribution completed in only 9 days! The usual period is over a year. Elder Law Diminished capacity, frailty and institutional or home care require planning to ensure funding for care, enduring powers of attorney and representation agreements for diminished capacity, guardianship or committee for dependent adults, personal medical directives and so on. Asset Protection Where asset protection is desirable against possible creditors and against tort or other liability, we take steps to fortify your asset base and future income streams. This is planning ahead that works to shield your lifetime of financial achievement from devastation. Estate and Trust Litigation You may be or know a disappointed beneficiary. You may have grounds to suspect that a recent Will was not finished, not signed properly or was signed in circumstances of undue influence. Or if there has been bad legal or accounting advice. Prompt action may prevent probate of a questionable Will. Proper intervention through Mediation or Litigation may lead to a fairer result. In the same way that we take steps to ensure that your Will and Estate Plan is proper and not subject to attack due to these kinds of defects, we are able to recognize them and obtain redress for you as the disappointed beneficiary. Both Wills and Trusts are subject to being varied by Court Order to get a fairer result. CHARITIES AND PRIVATE FOUNDATIONS Neil W. Nichols is one of the foremost lawyers in Western Canada dealing with registration with CRA Charities Division of charitable organizations and private and public foundations. He has acted for both charities and major donors through lifetime planned-giving strategies and charitable bequests by Will. A proper structure allows for charitable tax deductions during lifetime and timely control over the funds to ensure that they are used for the good works intended. Many people overlook the tax-effectiveness of doing their charitable giving to their own Foundation. The funds still go to do good works, but in a more favourable and effective manner under your control.Back to top |
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