Estate Planning for the Family Cottage

The “lazy hazy” days of summer are here and many of us will be leaving the city life to enjoy our favorite “home away from home” our family cottage. For many these properties represent the second largest financial investment we will make. There is, however, an important difference between this property and your primary residence! On the last death of you and your spouse there will likely be a significant tax liability.

Tax considerations

Prior to 1982 it wasn’t important to plan around the eventual sale of a second property because each spouse could own a separate property and designate it as his or her principal residence. Beginning in 1982 this was no longer possible as a couple could only designate one property between them as a principal residence. In addition to this, beginning in Feb.1992, the $100,000 capital gains exemption was modified to exclude capital gains on most real property and in Feb 1994 it was completely eliminated. All of this has had the effect of forcing us to develop ways to pass the cottage on in a tax efficient manner.

Who should the property go to?

For some there is a greater concern than the future tax liability. The question of who to leave the property to is paramount. The best solution may not be to leave it equally to all children. The children may not have the same interest in its future use and a cash bequest, from other estate assets, may be more appropriate to those who would not want the property. You may want to have an open discussion with children or grandchildren to determine who has an interest in using the property and paying the costs of future maintenance.

Can Life Insurance be used?

Life insurance can be a very cost-effective method of providing liquid cash to pay any capital gains. Insurance can be purchased on the single owner of the cottage or, as is most often the case, on the joint owners (mom and dad.) The policy would be a “joint last to die” and because two people are insured, the cost will be less than either could buy individually. The proceeds of the insurance are tax free to the beneficiaries. In some cases the beneficiaries of the cottage and the insurance may be able to pay the premiums. The only potential downfall to this solution is that the owner(s) of the cottage must be in good enough health to qualify for the insurance. Because this may not be the case, let’s look at another solution.

Transfer to a Trust

Consideration should be given to transferring a cottage to an ‘inter-vivos’ (living) trust if there is currently a small capital gain (the transfer of the cottage asset into the trust triggers capital gains). However, this would effectively transfer any future capital gains to the beneficiaries.

A ‘discretionary” trust can be useful because, as mentioned earlier, it may not be clear as to which children may even have an interest in the property. The transfer can take place into this trust and the owners will have unlimited use of the property as well as complete control. This would allow time to decide who the beneficiaries will be. At some later date the property can be rolled out of the trust to the beneficiaries, at the value it was rolled into the trust originally. This will have the effect of deferring tax until the property is sold.

If the parents are over 65 an ‘alter ego’ or ‘joint partner’ trust could be used. With these types of newer trusts there is no deemed disposition of property when the cottage is transferred into the trust. (For a description of these trusts see Big Picture article AE & JP Trusts – New Estate Planning Opportunities.)

A Word of Caution

There have been suggestions that the cottage can be transferred into joint names with the eventual beneficiaries. While this may have the effect of passing the property by “rights of survival” at death, it has major drawbacks. If this is done there will be a capital gain at the time of transfer, the property would be in “joint control” with all owners and it would be subject to claim if there were a marriage breakdown or by creditors of any of the owners. This is clearly not a good solution.

Conclusion

The family cottage can be a source of great enjoyment and fond family memories. For many of us it is important to plan for the appropriate transfer and to provide for liquid cash to pay any taxes. By taking a small amount of time today to plan for this event, a great deal of expense and frustration can be avoided in the future. 

Estate Freezes

Estate freezing is an effective method of minimizing the amount of tax you will pay upon your death. This is because the value of the asset will be frozen at the time of the estate freeze, resulting in future growth being taxed in the hands of the beneficiary. Since an estate freeze requires you to give up future income and growth on an asset, estate freezes are usually done when you are in your sixties or are comfortable with the value of your estate. If an estate freeze is done too soon, you run the risk of running out of money.

Estate Freezing, The Easiest Way

The simplest way to do an estate freeze is to gift specific assets to your adult children prior to death. This requires you to calculate how much you need to live on in retirement and then determine if you have assets in excess of that. The excess assets can then be gifted to your adult children and future income and growth of the asset will now be taxed in your adult children’s hand’s. It is important to note that for tax purposes this gifting will be treated as if you sold these assets at fair market value and therefore if the assets have increased in value you will be subject to tax. In addition, you will have also lost control of these assets and therefore your adult children will be able to do whatever they want with these assets, as the assets are legally theirs.

Estate Freezing, Without Losing Control

If you would like to retain control of the assets in your lifetime, a more formal estate freeze will need to be implemented. A formal estate freeze can be used on a variety of assets including, a portfolio of investments, family businesses or real estate holdings. This type of estate freeze involves either setting up a corporation (if the assets are held personally) or a corporate reorganization of shares (if the assets are currently held in a corporate entity).

How does this work?

The best way to explain a formal estate freeze is through an example.
Let us assume:

• Mr. Smith, age 60 has a daughter Sarah, age 42
• Mr. Smith is the sole owner of a small business corporation, XYZ Corp.

XYZ Corp is currently worth $1 million and is expected to increase in value substantially over the next 10 years. Mr. Smith is comfortable with his current net worth and would like any increase in XYZ Corp shares to attribute to Sarah’s. To effectively transfer the future growth of XYZ corp. to Sarah the following steps need to be taken. Mr. Smith exchanges his XYZ Corp. common shares for 1,000 preferred voting shares with a redemption value of $1 million. These shares are retractable meaning that at any time Mr. Smith is able to redeem his shares for cash (Due to a special section in the income tax act, this reorganization of shares does not trigger any tax consequences). Sarah then subscribes for 100 common shares of XYZ Corp at a nominal value ($1/share) As a result of this corporate reorganization, any future growth of XYZ Corp. will belong to Sarah, as she owns the common shares of the company. This is because common shareholders retain an equity interest in the company, which entitles them to future profits. On the other hand, preferred shareholders retain an equity interest in the company, which has been fixed at a dollar amount. Mr. Smith’s interest in XYZ Corp. has been frozen at the current market value of $1 million. Because Mr. Smith’s preferred shares are voting and he has 1,000 shares (vs. Sarah’s 100 shares), he still retains control over XYZ Corp.

Using a Discretionary Trust

If you would like to pass on future growth of an asset to a number of beneficiaries including minor children, a discretionary family trust could be used. Rather than the beneficiaries subscribing directly for the new common shares (as was the case with Sarah in the above example), the family trust would subscribe for the shares. A discretionary trust would provide protection from the children mismanaging the shares and in addition allow the trustees of the family trust to determine which beneficiaries get which assets and the timing of these distributions.

Seeking Professional Help
It is very important that you speak to a professional advisor prior to undertaking an estate freeze. Your lawyer, accountant and The Butler / Laing Group can help you determine what is ultimately appropriate for you.  Contact us at (604) 535-4749, or use our contact page.

Note: The above article is for information purposes only and should not be construed as offering tax advice. Individuals should consult with their personal tax advisors before taking any action based upon the information in this article.

Choosing Equity Mutual Funds to Match Your Goals

Investors eager to participate in the stock market over the past few years have flocked to equity mutual funds, but many find it difficult to choose the right equity funds. The sheer number now available is bewildering. Moreover, the terminology used to describe them may be confusing. What’s the difference, for instance, between a growth fund and an aggressive growth fund? Or between an international fund and a global fund?

For example, if you’re not overly concerned about the risk of losing some of your capital and want to go all out for growth, you might look to put some of your capital in aggressive growth equity funds. The managers of such funds often invest heavily in young, small, innovative companies they expect to increase substantially in value. Aggressive funds often do better than average in bull markets and worse than average in bear markets.

If you’re more conservative but still want to emphasize growth, limit your search to regular growth or capital appreciation funds. These funds typically invest in larger and less speculative companies likely to produce a steady, long-term rise in earnings.

An important subcategory of growth funds is the group that invests in the stocks of foreign companies. You should be aware of the different funds available. An international fund invests primarily in foreign stocks, while a global fund may invest in a mixture of Canadian and/or foreign issues. You can determine which type it is by checking its investment philosophy as explained in the prospectus. Finally, there are some funds that invest in a single region (e.g., the Pacific Basin). These are less diversified, and therefore might entail more risk, however they are a practical way for an individual to invest internationally.

Another subcategory of growth funds is sector funds which invest heavily in single industries. Although these funds are more prevalent in the United States than in Canada to date, there are some Canadian Sector mutual funds such as energy funds, technology funds and gold funds which enable you to zero in on a particular industry you expect to prosper. Sector funds, too, are somewhat risky because they lack broad diversification.

For investors who need current income, but would like some capital growth as well, dividend funds may be an appropriate choice. They normally set a dividend payout target that they meet by investing in large, blue-chip companies that pay dividends consistently. They also have some long-term growth potential.

Once you know which category of fund is best for you, check the five- and ten-year performance records of all the funds in that category. This measures consistency of performance and tells you how each fund did in both up and down markets. You can find rankings periodically in various financial publications, and The Butler / Laing Group at ScotiaMcLeod can provide additional guidance.  Contact us at (604) 535-4749, or use our contact page.

Tax-Effective Donations of Public Securities

When you donate appreciated public securities to a Canadian registered charity you receive two tax savings: 1) a tax credit that is typically equal to the highest marginal tax rate; 2) no capital gains tax on the disposition. Combined these savings make appreciated securities the most tax-effective way to give a simple donation.

There are a number of publicly-traded securities that qualify. The most common types are appreciated stocks and trust units, but it is possible to donate bonds, futures and options, and shares or units in mutual funds. The incentive also applies to gifts of public securities obtained through employee stock options and to unlisted exchangeable shares — as long as the gift is made within 30 days of the exercise or exchange.

These tax savings may increase the amount you can afford to give, or simply reduce the out of-pocket expense of your gift. Corporations (which receive tax deductions, not credits) are also eligible for this incentive.

Significant tax savings

This table compares the tax consequences of donating cash proceeds of sold securities versus donating securities in-kind. The marginal tax and tax credit rates are assumed to be 45% for illustration purposes.

Donations of public securities must be transferred “in-kind” to the charity. Typically the security is transferred electronically to the charity’s brokerage account. The receipt is normally based on the closing price of the security on the day of receipt. Most charities sell the security upon receipt to ensure the value
of the gift is realized for their mission.

Through the Scotiabank Group team of experts, we can help you develop a charitable giving plan that is right for you. Your plan may involve gifts to your favourite causes on an annual basis or in your estate plan. Or it may include the establishment of a donor advised fund or a private foundation. Whatever your goals, we can help.  Contact us at (604) 535-4749, or use our contact page.

Critical Illness Insurance

One of the great advantages of modern technology is that it’s allowing more people to survive once-fatal medical conditions. However, the unfortunate reality is that many survivors must bear a heavy financial burden for things like medical treatment outside Canada, or ongoing care at home or in a facility. What can prevent depletion of your savings if you should fall ill? Critical Illness (CI) insurance can stop loss and protect your assets.

Protect Your Financial Health

You’ve worked hard to save and have made wise investment decisions to ensure financial security for you and your family in the future. An unexpected change in your health situation could entail a high cost for recovery. CI insurance can help protect your financial health when what you doesn’t happen, does. Upon diagnosis of a critical illness, a CI policy imposes a waiting period. Once the waiting period has expired, the policy owner is provided a tax-free lump-sum benefit, unlike traditional life insurance that pays a beneficiary upon death. CI insurance helps to meet the high costs associated with serious illness and to avoid tax implications or loss of returns if you were to prematurely withdraw your investments.

This lump sum benefit can be used as you wish, including to:

• Take advantage of private or alternative medical treatment, both in Canada and outside the country.
• Make RRSP contributions that may have lapsed during recovery.
• Replace lost income.
• Pay off a mortgage or other debts.
• Modify your home or vehicle to meet any new mobility.
• Continue to fund your children’s present or future education needs.
• Allow a spouse or family member to take a leave of absence from work.
• Help your business endure while you recover.

An Investment in Peace of Mind

A common hesitation you may have as you assess whether or not CI insurance is right for you and your overall plan is cost. It is often difficult to spend money on something that may or may not be utilized. But the peace of mind CI insurance offers can be priceless.

The calculation of CI insurance premiums depends on factors such as age, sex, smoking status and current health status (specifically looking at things like height, weight, lifestyle, and medical and family history). When applying for CI insurance, you would go through a process similar to that for life insurance, including medical tests and answering questions about these personal subjects.

Stay Healthy, Get Your Money Back

The truth of the matter is CI insurance premiums are more expensive compared to traditional life insurance coverage. Since the risk of developing a critical illness is more likely than dying prematurely, insurance providers are far more likely to pay out on CI insurance policies and as such, must transfer their risk through higher premiums. However, there is an option that, if you stay healthy, you can get your money back.

Although statistics indicate a great likelihood of developing a critical illness, it isn’t a certainty that you will fall ill. For that reason, many companies offer an optional rider that will return your cumulative premiums when the policy expires if you don’t make a claim. The following example for a CI benefit of $250,000 with an annual premium of $4,002.50 (inclusive of a $1,355.00 return of premium rider) illustrates how worthwhile this option can be.

With a rider in place, if you make it to the end of your coverage (typically age 75, although some riders may allow for a partial return of premium sooner as illustrated) and don’t make a CI claim, the good news is that you’ll be healthy, and the insurer returns the premiums you paid into the policy.

Summary

Thanks to medical advances, the chances of surviving major illnesses such as a stroke, heart attack or cancer are significantly higher today than they were a decade or two ago. Having Critical Illness insurance in place ensures that if you do fall ill, financial concerns will not compound your health concerns. You can concentrate on that which is more important: getting well.

If you have any questions, please feel welcome to contact us at (604) 535-4749, or use our contact page.

Take Control of Your Estate

For some, estate planning is difficult to think about, let alone engage in. While we understand the vital importance of getting our finances and legal affairs in order for our heirs, few of us make the time. It’s easy to put off — and besides, the term “estate planning” can conjure up notions of greater wealth than we feel we possess.

But all of us will have an estate to pass on, and want our cherished beneficiaries — be they family or a favourite charity — to receive their inheritance according to our own intentions.

Estate planning is a process

Estate planning is more than simply preparing a Will. It begins with reviewing your current situation by listing both assets and liabilities. Assets include such things as your residence, investments and life insurance. Examples of liabilities are your mortgage, taxes due at death and funeral expenses.

You should also review your Will and powers of attorney (a Mandate in Quebec), both of which need to be current and easy to understand for your wishes to be clear and carried out properly. A Will can become outdated over time, so check at least every three years that it conforms to your current situation or, after a major family event such as marriage or birth of a child.

If you don’t have a power of attorney, consider having one prepared. If you become mentally or physically incapacitated, your Will does not apply, and only a pre-arranged power of attorney can guarantee someone you trust will be able to act on your behalf in overseeing your affairs.

The next step is to determine your goals and objectives for your estate. In some cases, tax planning will be a priority. In others, the timing of income to beneficiaries is essential. It’s helpful to walk through the possibilities with expert advice, develop priorities, and identify any gaps between your current situation and your ultimate goals.

Filling the gaps

For many, life insurance is a useful way to fill any gaps. Younger individuals without significant assets can use life insurance to create an estate that will provide their beneficiaries with security. Older individuals who have already accumulated other assets can use life insurance to help preserve the value of their estate. Often, taking the first step to prepare an estate plan is the most difficult. But once you get started, you’ll find it’s not as hard as you expected.

The Butler / Laing Group has the knowledge, resources and teams of experts to guide you through the estate planning process, and give you the comfort of knowing that you have prepared for the future.  Contact us at (604) 535-4749, or use our contact page.

Charitable Giving: Some Common Strategies

Malcolm Burrows, Head, Philanthropic Advisory Services, Scotia Private Client Group.

Charitable giving is a growing priority for many Canadians. We see this in the latest statistics: donations have increased by 136% between 1995 and 2006. This kind of support for charity is unprecedented in our history. While generosity and belief in community are primary motivators, the greatest enabler is a series of new tax incentives that began in 1996.

In introducing these incentives for charitable giving, the Federal government has given taxpayers a choice. It is a choice about how individuals wish to support society and the amount of tax they wish to pay. With these new incentives, it is now possible to eliminate the taxation on 75% of income except in the year of death and year prior to death, when this figure jumps to 100%. Everyone still has to make a contribution to society, but the decision about where the contribution goes is now up to the individual taxpayer.

Charitable donations can often be divided into broad categories. Here are some of the more common options available.

Cash Donations – The most straightforward gift, whereby the donor receives an income tax credit for that year.

Gifts of Public Securities – Gifts of appreciated public stocks, bonds, mutual fund units or shares to a public charity, or private foundation, are eligible for an extra tax incentive on top of the regular credit. The capital gains are eliminated, rather than the regular rate of 50% when sold.

Bequests – Leaving funds or property through a charitable bequest in a Will allows the donor to retain use of the property while living. The donor has the option to appoint a different charity if circumstances change. The donor’s estate receives the tax credit in the year of death.

Charitable Gift Annuities – This “life income” strategy combines a gift and an annuity that pays income to the donor. The charity receives an immediate gift and the donor gets partially tax-free payments from the annuity for life.

Gifts of Insurance – Life insurance can also be used to fund donations. Individuals can name a charity as a beneficiary on a life insurance policy. If the donor transfers policy ownership to the charity, he or she will receive tax credits during life for each premium payment. Alternatively, donors who retain ownership of the policy can create a tax credit for their estates at death.

Working with a team of experts from across the Scotiabank organization, The Butler / Laing Group can work with you to establish a charitable giving plan that is integrated into your financial or estate plan to ensure that all your goals and objectives are considered.  Contact us at (604) 535-4749, or use our contact page.

Malcolm D. Burrows is the national charitable gift-planning specialist with Scotia Private Client Group and ScotiaMcLeod. He spent 13 years working at major charities.

Integrating Charitable Giving into Your Financial and Estate Plan

Malcolm Burrows, Head, Philanthropic Advisory Services, Scotia Private Client Group

Charitable giving is a growing priority for many Canadians. We see this in recent statistics: donations have increased by 136% between 1995 and 2006. This kind of support for charity is unprecedented in our history. While generosity and belief in community are primary motivators, the greatest enabler is a series of new tax incentives that began in 1996.

In introducing these incentives for charitable giving, the Federal government has given taxpayers a choice. It is a choice about how individuals wish to support society and the amount of tax they wish to pay. With these new incentives, it is now possible to eliminate the taxation on 75% of income except in the year of death and year prior to death, when this figure jumps to 100%. Everyone still has to make a contribution to society, but the decision about where the contribution goes is now up to the individual taxpayer.

What makes these incentives distinct is that they all focus on gifts of assets – stocks, bonds, mutual funds, real estate, RRSPs/RRIFs, and business interests. These aren’t gifts we give often. They are exceptional gifts that stand out for their size and level of commitment. Frequently, these are gifts that are planned ahead of time and realized through estate plans.

While this sounds exciting in theory, a good financial and estate plan that includes charitable giving can be difficult to implement on its own. It is first essential to put personal and family needs at the centre of the planning process and then consider giving. Charitable gifts are irrevocable – once given, they are not returned. Also, it is sometimes hard to choose charities and commit large gifts.

Container Planning

The best way to integrate charitable giving into your financial and estate plan in a way that reflects both your values and your desire to minimize taxes is to use a “container”. By a container I mean an intermediary charitable entity – either a donor-advised fund at a community foundation or a private family foundation that can receive a variety of assets over a number of years. The container can be filled at your own pace, in increments or in one large installment. The container represents a piece of your legacy, an entity in your family’s name.

Typically, these assets are endowed, which means the capital is invested and only the income is spent annually. Both advised funds and true private foundations give ongoing control to the donors and their families to choose the charitable recipient annually.

Container planning separates the process of planning the gift from the support of individual charities. You can plan to give a large amount to charity over a number of years as part of an integrated plan. The contributions happen on your timetable and not when fundraisers come calling. Gifts to individual charities occur as part of a controlled, thoughtful process that preserves maximum flexibility.

Working with a team of experts from across the Scotiabank organization, The Butler / Laing Group can work with you to establish a charitable giving plan that is integrated into your financial or estate plan to ensure that all your goals and objectives are considered.  Contact us at (604) 535-4749, or use our contact page.

Malcolm D. Burrows is the national charitable gift-planning specialist with Scotia Private Client Group and ScotiaMcLeod. He spent 13 years working at major charities.

Leaving a Legacy - Charitable Bequests

By: Patricia MacCallum-Lord, LL.B., TEP. Senior Will & Estate Planner, Financial & Estate Planning, Scotiabank

A Will is a legal document that expresses wishes regarding the distribution of the owner’s property following death. As such, it is an opportunity to financially recognize family, friends, and community.

A Will can also include alternate beneficiaries in case the first named beneficiaries fail to survive or otherwise are disqualified from inheritance. Dying without a Will means the ability to express such wishes is not exercised. In the absence of a Will, provincial legislation dictates the distribution of the estate based solely on the relationship/kinship individuals had with the deceased (e.g. legal spouse). This division is totally inflexible.

A Will provides the opportunity to name specific charities as beneficiaries and to detail the size and nature of the bequest. Gifts to charity by Will are called charitable bequests. It is vital that the charity’s full legal name be used in the Will otherwise the bequest may fail, thereby creating an intestacy.

Although most charitable bequests are motivated by philanthropic reasons and belief in the recipient charity, there are also income tax incentives for giving. It is therefore important to understand how charitable tax credits work as careful planning can reduce or eliminate income taxes owed at death by benefiting the selected charity in place of the taxman.

Charitable donations made by Will, or in the last year of an individual’s life, may be claimed against
100% of net income on the final income tax returns. Any unused tax credits can be carried backward to the year immediately preceding the death. By contrast, the contribution limit for charitable donations during one’s life is only 75% of net income.

A Will can also reduce income tax at death by enabling the executor of the will to distribute assets to the chosen charity in their original form (“in specie”). “In specie” gifts of publicly traded securities, employee stock options and ecologically sensitive land all receive a reduced capital inclusion rate of 25%, rather than the normal 50% rate. This incentive makes it twice as tax effective to transfer securities “in specie” rather than selling them and transferring the sale proceeds to the charity.

A charitable bequest in a Will is shaped by an individual’s values and personal priorities as income tax incentives only support existing values and priorities. In establishing an estate plan, it is therefore important for an individual to review their personal experiences and determine whether a charity has touched them. Through consultation with legal and financial advisors, an informed decision can then be made which balances personal and family needs with philanthropic wishes.  Contact us at (604) 535-4749, or use our contact page.

Business Succession Planning: Why plan now?

A business often represents a lifetime of work and vision. However, despite almost three-quarters of business owners wanting to transfer control or exit ownership within the next decade, barely a third have a formal succession plan in place. Lack of a plan is also the most common reason family businesses fail to survive first-to-second generation ownership.

Leaving business succession to chance could allow someone else to decide what happens to your business, and potentially at significant cost. Planning early also helps reduce the tax impact of ownership changes, as well as ensure a smooth and successful transition of the business to the new owner or owners. A successful plan will also help the overall value of your business today.

The Succession Planning Process

The process of planning and enacting a successful transition consists of several steps, each of which are equally important. These steps include:

Identify and Review Priorities
The first step of the process starts with identifying your priorities. Business owners should ask themselves, “What do I want for my future, my family, and my business?”

Identify a Buyer or Successor
Who will run the business when you are no longer doing so?

Develop a Succession Plan
Since a variety of expertise is needed, it is important that you work with an appropriate team of experts to help you develop your business succession plan.

Integrate with Personal Financial Planning
Ensure that your personal retirement and estate goals are integrated with your overall financial plan.

Monitor Plan Implementation
It is important to monitor and review your plan during the implementation period to ensure that you are on track in terms of timing and deliverables.

Elements of a Succession Plan
Succession planning does not take place in isolation from the larger issue of your overall financial security. An effective succession plan will examine all aspects of your financial situation.

Distribution of Ownership
If you are transferring ownership of your business, a shareholder agreement is a key tool that should be considered.

Selecting and Grooming Your Successor
Identifying the right person to take over the reins when you leave is a process that requires careful thought and planning. TM Trademark used under authorization and control of

Business Maximization Strategies
There are many strategies you should consider to increase the value of your business prior to sale or transfer of ownership.

The Role of Key Employees
Key employees are vital to the success of ownership transition, and can offer real help in the planning process.

Business Valuation
While you may have a good idea of what your business is worth, you should still consult with a professional business valuator to confirm or determine this crucial figure.

Financing and the Mechanics of Sale
Financing the change of ownership should be a key part of your succession plan.

Taxation and Legal Considerations
It is important that you consult with your tax and legal advisors early in the process to make sure that your plan achieves your objectives.

Retirement and Estate Considerations
Since your investment in your business is probably your most significant asset, there are a number of important retirement and estate planning issues that should be addressed.

Timetable
When you develop your plan, you should ensure that there is a clear timetable, so those involved know exactly what will be expected of them, and when.

Monitoring Process
Be sure to update and adjust your plan as necessary if and when there are changes to your business and/or personal situation.

Contingency Considerations and Risk Management
If illness or death meant that you were suddenly unavailable to manage the business, who would take over your responsibilities?

Finding the right approach to exiting your business will depend on your own expertise, the complexity of your personal financial situation and the time and desire you have to manage your transition. Whatever you do, don’t go it alone. It’s important to get the right team working for you. Working with our professionals from across the Scotiabank Group, we can help get you take the first step in developing a plan that is right for you.  Contact us at (604) 535-4749, or use our contact page.

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