Paul Spare - CPA, CA

Paul joined McCay Duff LLP in 1999 after graduating from the Commerce program at the University of Ottawa. He provides accounting and tax services to a wide-range of owner-managed businesses. Paul specializes in tax preparation and planning, U.S. tax services and estate planning. He is a former President of the Rideau View Golf Club and enjoys hitting the links with his kids in the summer and visiting local hockey arenas in the winter.   Learn More ...
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Succession Planning: Don’t Blame the Taxman if you Failed to Prepare

Your retirement plan is to sell your business. Fair enough. But will the proceeds be sufficient to support your desired standard of living in retirement? This is my last post on the subject of succession planning. In my previous post, I presented some of the considerations and options that pertain to passing on a business to heirs that may be children or other family members. Selling to a third-party outside of family can be more challenging. As …

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Succession Planning: Keeping it in the Family, Without Starting a Feud

Succession Planning: Keeping it in the Family, without Starting a Feud

In my previous post, I emphasized the importance of long-term and comprehensive planning to ensure that a business succession is as trouble-free as possible, and will leave the most after-tax dollars in your pocket. When that succession plan involves passing the business to a child or other family member, a host of considerations come in to play. Many of these have nothing to do with dollars and cents. Interpersonal relationships can quickly complicate, even sink, …

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How do you Pass the Torch without Getting Burned

How do you Pass the Torch without Getting Burned?

A succession plan that leaves the most dollars in your pocket is years in the making. Two years ago, the Canadian Federation of Independent Business found that about 54 per cent of its members planned to exit their businesses within five years, but only nine per cent had any formal written exit plan. Around the same time, KPMG, on behalf of the Canadian Association of Family Enterprise (CAFE), found that only 11 per cent of 322 family businesses surveyed had …

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