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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.
Please note that this publication presents an overview of notable legal trends and related updates. It is intended for informational purposes and not as a replacement for detailed legal advice. If you need guidance tailored to your specific circumstances, please contact one of the authors to explore how we can help you navigate your legal needs.
For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com.