Martin Sorensen, Marshall Haughey and Hennadiy Kutsenko write the final column in a three-part series in The Lawyer’s Daily on select tax planning strategies that make use of the market downturn or otherwise mitigate its impacts.
Part three looks at certain strategies that can minimize the immediate or eventual tax consequences of this downturn for businesses. These strategies include:
- loss utilization;
- loss consolidation; and
- debt forgiveness.
In the first part of the series, they discuss estate freezes and income splitting. Part two looks at asset-protection measures that taxpayers may wish to undertake when worried about possible lawsuits or creditor claims.
This article was originally published by The Lawyer’s Daily (www.thelawyersdaily.ca), part of LexisNexis Canada Inc.