We are often asked about the nature of our work and when an individual or company needs our services. It is very difficult to define the tasks of a tax specialist, as they vary from one mandate to another.
One thing is certain, our main objective remains the same: to save our client taxes. Unfortunately, it's not always that easy.
To clarify our role, here are 10 situations in which we can intervene:
You have a business project and want to know under which business entity you should operate. Is it beneficial to incorporate? There are two of us, should we register a general partnership? We are buying a building, can we just be co-owners? These are all start-up questions that we can answer.
You'd like to take over your mother's business, but don't know where to start, how to finance the transaction and how to manage the transition.
You have an operating company and you are wondering if it would be appropriate to integrate a management company or a trust. Why should you do so? And how?
You are the liquidator of an estate and you must see to the preparation of the deceased's income tax returns, as well as those of the estate and the clearance certificates. You know that certain tax breaks are available, but it is difficult to see clearly!
You own several buildings and are tired of hearing many myths about taxes: should you incorporate your buildings? Should you take out life insurance to cover death taxes? Should you pay taxes on your new construction? The list goes on and on.
Your business has grown and you feel that your accountant no longer has the skills required to properly advise you in making decisions.
Your business project has unfortunately come to an end and you would like to close it properly, withdrawing as much as possible and without fear that the tax authorities will come back in a few months or years.
You acquire a competitor and the bank asks you for a tax memo. Classic. We can even do more!
You sell a piece of land that you acquired several years ago or received as an inheritance. The capital gain is astronomical. There must be a way to reduce the tax burden.
You have received a proposed assessment from ARC or Revenu Québec. You are asked to explain certain discrepancies and to provide them with documentation. They may question the nature of the income, the relevance of the expenses, the appropriateness of the tax treatment, etc. The sooner we are involved in the file, the better the chances of success.
You would like to buy your partner's shares, but you don't know what the fair market value of your company is (you will need a business appraiser, also available at Barricad!).
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Barricad is an independent firm offering tax and business valuation services.