Meet Mr. H.: a long-time entrepreneur who had amassed a considerable net worth by the time he reached age 75. Retired and interested in keeping life simple, most of his wealth was sitting in an investment holding company.

His one concern?
Ensuring the legacy he passed onto his 4 adult children when he passed was secure.

His one request?
That we avoid fancy corporate structures, and keep things simple.

We reviewed three things on Mr. H.’s behalf: his will, his complete networth picture, and his investment holding company financial statement and tax return. Based on what we found, we made two recommendations:

From the review of these documents it was clear that the will was properly taking care of his children's interests and the estate size was considerable. Our only recorded was with respect to reducing the taxes due on death from his Investment Holding Company.

For the Investment Holding company, we recommended that he start paying himself large dividends and recovering corporate refundable divided taxes. The corporate refundable taxes offset the additional personal taxes he would have to pay but the net dividend would be used to increase his shareholder loan account.

Mr. H. took our advice and over a 3 year period, we increased his shareholder loan account by approximately $2 million dollars. The good news is that if he was to pass away, we could remove this shareholder loan tax free and provide it to the children after paying any corporate taxes on the liquidation value of his corporate investments.

Interested in keeping what’s yours in your estate?

Call to set up a complimentary consultation.

LEARN HOW YOU CAN KEEP MORE OF WHAT'S YOURS, CONTACT US TODAY!

  • "I've been a client of Louis Picco's for 7 years. I do business with Louis because he is a great mix of integrity, accessibility,professionalism and reliability. Over the course of our association, Louis has always personally made time for me for professional and personal money matters, taken the time to explain his strategy in managing my assets and provided invaluable insight. I trust him and confidently recommend him and his services."

     

    B.H.
    The Granola King Wholesome Foods
  • "In my own business, Louis has been an invaluable resource. Not content to simply receive, review and prepare tax returns for CRA, he is a pro-active advisor who I rely on for tax planning. For example, a review of my personal and business goals resulted in recommendations on how I could re-sturcture my company to reduce taxes owing. I have come to expect that level of support form Louis. I cannot recommend Louis highly enough. He really does:help you keep what's yours."

     

    Andrew Orr
    Insight Business Development
  • "Sometimes it can be challenging to understand some of the more complex tax issues, but Louis is patient and always takes time to explain things in ways that are easy to understand. I have come to rely on him and his team.I'm happy when we are audited and our auditors are happy with his work."

     

    Debbie Lambert
    Teamsters Union
  • "I usually do my own taxes, but this year I was not sure about the tax implications of some stocks I had bought. I fully expected to have to pay a lot of tax. I contacted Louis, gave him all the info, and was delighted when he called me back about a week later and gave me the good news! My taxes were all done, and I am getting a refund. I am telling all my friends how great he is!"

     

    - Gabrielle Ple
  • "Before we met Louis he got glowing reviews, and we were not disappointed when we met him. It was clear to us from the beginning that he is much more than an accountant.  In addition to providing excellent tax advice he has provided us with valuable business advice and connections.   We've been working with Louis for more than three years now, and what we like best is the quality of the work and his willingness to go above and beyond to help us succeed."

    - Lisa Andres, CEO
    IgnitePlay Inc.
  • "The first time I met Louis he gave me an initial assessment on my personal tax situation, and I liked his approach.  A year or so later I was happy to ask him to handle the files for five corporations. He's skilled at quickly identifying issues and suggesting solutions. I have worked with a number Louis' staff members, and they are all very good too. I'm happy to recommend Louis and his team, and I do so regularly."

    - Darren Reiter
    Purple Productions Inc.
  • "Over the past ten years I have built a strong business relationship with Louis Picco. Through good times and challenging times he has provided expert support and guidance. Louis and his team look after me with a personal touch. He's honest, interested in paying the right amount of tax, puts his clients first, and does a first class job."

    - Bob Murray
    People First Solutions Inc.
  • "Louis looks after a number of my companies. He brings a specialized knowledge and considerable experience to the job. His staff is wonderful, and the service I get is always impressive."

    - Allan Krasnick
    Salal Film Ventures
  • "When we first started to work with Louis, he really took the time to get to know us and understand our business needs. Now, years later, I appreciate that he makes himself available to us whenever we need him and always has time to carefully explain complex issues. Last year when we were audited by CRA, he was extremely helpful. He took the time to plan with us before the audit, and support us through the entire process. It's a pleasure to work with Louis."

    - Ray Radke
    Radke Brothers Construction Company Ltd.
  • "Louis and his team are really good at what they do. Louis is professional, personable, and always ready to explain what he is doing and why. He's also accessible: he's one of the rare people who always calls back right away. We've grown to over 40 employees, and Louis has grown with us. We are very happy with his services, whenever I hear anyone mention they need a great accountant, I recommend Louis."

    - Lee Cowley
    Lee A Cowley Law Corporation