Family Businesses · London, Ontario
Accounting and tax for family businesses in London, Ontario
A family business is more than a business. We help you protect it, grow it and pass it on well.
What we handle
The tax and bookkeeping issues family businesses face
Succession planning
Selling to family, an outside buyer or your team? The tax plan should start years before the handover.
Estate freezes
A freeze locks in today’s value of your shares so future growth goes to the next generation.
Lifetime capital gains exemption
Qualifying small business shares may be eligible for the exemption, but the shares must meet strict tests. We plan ahead so you qualify.
Paying family members
Reasonable wages for real work are generally deductible. Dividends to family members are limited by the TOSI rules. We help you get it right.
How we help
Services for family businesses
Every family business we work with gets a CPA who knows the industry, plain English answers and a secure online client portal.
Questions
Frequently Asked Questions
What is an estate freeze?
It locks in the current value of your shares so future growth passes to your children or a family trust, which can reduce the tax owing at death.
When should we start succession planning?
Ideally several years before the handover. Some tax planning, like qualifying for the capital gains exemption, takes time to put in place.
Can I pay my children?
Yes, a reasonable wage for real work they do is generally deductible. Dividends to family members are more restricted. We review what fits.
What our clients say
★★★★★
She takes the time to explain, educate and answer any questions. She simplified concepts and used examples that made it easier to absorb.
Amanda V
★★★★★
She has helped us with business and personal income tax for several years and we are ever so thankful for her expertise.
Joan B
★★★★★
Her friendly manner, professionalism and attention to detail is very impressive. I highly recommend Major Tax & Accounting.
Sandra R
Other industries we serve
We work with all kinds of owner managed businesses
Let’s talk about your family business.
Book a 15 minute call. We’ll listen, ask a few questions and tell you exactly how we can help.