Awareness Based Stories based on real life.

10/03/2024

Other stories: A business may suffer due to the death of a key person, shareholder, or owner. This can significantly impact the industry, such as Loss of skills, Creditor Demand, Family Interference, and Capital tax. The loss of a key employee can take up to six months to replace, with a decrease in quality products, services and more. A business can suffer many losses in revenue due to death. Banks can refuse loans or recall loans if they find no crucial employee. If an owner or shareholder dies, he is believed to have sold all his shares for their fair market value immediately before death. Shares in an active, prosperous business can result in significant taxable capital gains if left to anyone other than their spouse. Executors might be faced with selling shares just to pay taxes.
Example: A business owner wants to leave 20% of his business interest to his daughter when they die. Shares cost 100000, and fair market value today is $600000, so if she dies today, this would result in a taxable capital gain. $600000-100000(cost) = $500000 times 50% taxed = $250000 taxed. You can save this 50% loss by calling us at 7786390323.
Example: A business lost a key employee responsible for 50% of the firm's new business. The company recently took a demand loan to revamp the IT and rely on the key person for sales. The bank heard of this recalled the loan, and demanded full repayment.

Call now to connect with business.

10/03/2024

Extension to the other story: "Even the death of a non-income earner can significantly impact the surviving family's finances, mainly if the deceased took care of the family's children or other dependant family members. If the stay home passes, there is no caregiver. Unless another person could step in and assume the role of a caregiver free of charge, they would have to hire someone to take this role.

29/02/2024

Welcome to awareness stories, based on real life.

Here is the first story:

One couple with three children. One stays home, and the other works as the sole income earner.
How would this young family cope financially if the sole income earner died?
Death of income earner would have a tax liability on the sale of property due to mortgage unpaid. Since
the spouse is a caregiver and not working, the bank will not approve a mortgage. A taxable capital gain
is triggered if a person dies, as he is believed to have sold all his property for its fair market value unless
rollover to spouse applies. This executor may have to sell the property to pay the resulting income tax
(can be over $200,000.00 in taxes). When a person dies, his registered assets like RRSP
RRIF will be registered(unless a roller over to spouse applies), which means the total amount will be taxed
at his marginal tax rate at death if the top bracket is low of 44.5% to 54% taxed. You lose close to 50% of
your investment. For managing taxes that become due at death.
If this is you we can help. Call to save 50% percent of your life investment at 1-778-639-0323.

Extension to the other story: "Even the death of a non-income earner can significantly impact the surviving family's finances, mainly if the deceased took care of the family's children or other dependant family members. If the stay home passes, there is no caregiver. Unless another person could step in and assume the role of a caregiver free of charge, they would have to hire someone to take this role.

Call now to connect with business.