|
Estate Freeze
An estate freeze is a legal estate-planning technique used in Canada to lock in the current value (and tax liability) of a capital property for one person, while attributing the value of future growth of that capital property to another person. This technique provides taxation, estate planning and business advantages by ensuring current owners (e.g. parents) of an asset can continue to control that asset while allowing other persons (e.g. children) to benefit from (and be liable for the taxes payable on) the increase in value of the asset after the date of the estate freeze. Practical uses of an estate freeze include transfer of control of a privately held business between generations, deferral of the taxes payable upon the disposition of the shares of that business, income-splitting between family members and protection of assets from creditor A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate (land)
An estate is a large parcel of land under single ownership, which generates income for its owner. British context In the United Kingdom, historically an estate comprises the houses, outbuildings, supporting farmland, tenanted buildings, and natural resources (such as woodland) that surround the gardens and grounds of a very large property, such as a country house, mansion, palace or castle. It is the modern term for a manor, but lacks a manor's now-abolished jurisdiction. Country house estate The "estate" formed an economic system where the profits from its produce and rents (of housing or agricultural land) sustained the main household, formerly known as the manor house. Thus, "the estate" may refer to all other cottages and villages in the same ownership as the mansion itself, covering more than one former manor. Examples of such great estates are Woburn Abbey in Bedfordshire, England, and Blenheim Palace, in Oxfordshire, England, built to replace the former manor hou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of countries and dependencies by area, second-largest country by total area, with the List of countries by length of coastline, world's longest coastline. Its Canada–United States border, border with the United States is the world's longest international land border. The country is characterized by a wide range of both Temperature in Canada, meteorologic and Geography of Canada, geological regions. With Population of Canada, a population of over 41million people, it has widely varying population densities, with the majority residing in List of the largest population centres in Canada, urban areas and large areas of the country being sparsely populated. Canada's capital is Ottawa and List of census metropolitan areas and agglomerations in Canada, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capita Property And Infrastructure
Capita Property and Infrastructure (previously Capita Symonds) is a UK multidisciplinary consultancy operating in the building design, civil engineering, environment, management and transport sectors, part of the Capita Group. They employ around 4,500 staff in 50 offices, across the UK and Ireland. Capita Architecture, Capita Bobrowski, Capita Lovejoy, Capita Pearce Buckle, MMB and Andrew Martin Associates were all Capita Symonds brands, now all under just the Capita name. History Symonds was established in 1960 and Capita was formed within the Chartered Institute of Public Finance and Accountancy in 1984. In 1995, Symonds acquired Travers Morgan - expanding into transport, engineering and environmental consultancy services. Capita Symonds originated as a merger of Capita Property Consultancy Ltd and Symonds Group, following the acquisition of Symonds by Capita in 2004. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation
A tax is a mandatory financial charge or levy imposed on an individual or legal person, legal entity by a governmental organization to support government spending and public expenditures collectively or to Pigouvian tax, regulate and reduce negative Externality, externalities. Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax relief. The first known taxation occurred in Ancient Egypt around 3000–2800 BC. Taxes consist of direct tax, direct or indirect taxes and may be paid in money or as labor equivalent. All countries have a tax system in place to pay for public, common societal, or agreed national needs and for the functions of government. Some countries levy a flat tax, flat percentage rate of taxation on personal annual income, but most progressive tax, scale taxes are progressive based on brackets of yearly income amounts. Most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estate Planning
Estate planning is the process of anticipating and arranging for the management and disposal of a person's Estate (law), estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or Charity (practice), charity, and may include legal tax avoidance. Estate planning includes planning for incapacity, reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can only be determined by the specific goals of the estate owner, and may be as simple or complex as the owner's wishes and needs directs. Guardians are often designated for minor children and beneficiaries with Capacity (law), incapacity. Taxation Tax avoidance, Avoidance of income tax, gift tax, capital gains tax, inheritance tax, and generation-skipping transfer tax plays a significant role in choosing the str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetaryThere are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the ''Historical Cost'' is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet. value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. ''Total assets'' can also be called the ''balance sheet total''. Assets can be grouped into two major classes: Tangible property, tangib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Splitting
Income splitting is a tax strategy of transferring earned and passive income of one spouse to the other spouse for the purposes of assessing personal income tax (i.e. "splitting" away the income of the greater earner, reducing his/her income for tax measurement purposes), thus reducing the tax paid by the spouse who earns more and increasing the tax paid by the spouse who earns less, with the goal of reducing the overall tax liability of the family. Global incidence and ramifications for sovereign debt and fertility rates The International Monetary Fund has called for the countries to abandon the practice of taxing family income instead of individual income. Some countries require joint returns but measure the tax on income individually, while others use only individual returns. Tax laws in these countries generally have regulations preventing the direct transfer of earned income from one spouse to another to reduce taxes. There are often still methods of using income splitting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is called the creditor, which is the lender of property, service, or money. Creditors can be broadly divided into two categories: secured and unsecured. *A secured creditor has a security or charge over some or all of the debtor's assets, to provide reassurance (thus to ''secure'' him) of ultimate repayment of the debt owed to him. This could be by way of, for example, a mortgage, where the property represents the security. *An unsecured creditor does not have a charge over the debtor's assets. The term cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax-deferred
Tax deferral refers to instances where a taxpayer can delay paying taxes to some future period. In theory, the net taxes paid should be the same. Taxes can sometimes be deferred indefinitely, or may be taxed at a lower rate in the future, particularly for deferral of income taxes. Corporate tax deferral Corporations (or other enterprises) may often be allowed to defer taxes, for example, by using accelerated depreciation. Profit taxes (or other taxes) are reduced in the current period by either lowering declared revenue now, or by increasing expenses. In principle, taxes in future periods should be higher. Income tax deferral In many jurisdictions, income taxes may be deferred to future periods by a number of means. For example, income may be recognized in future years by using income tax deductions, or certain expenses may be provided as deductions in current rather than future periods. A 2010 study documents the large extent to which U.S. taxpayers accelerate their deductible st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
