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Wealth and Tax Matters 2014

This edition includes eight articles relevant to private businesses, executives, entrepreneurs and investors.

Our articles focus on the tax law requirements of US citizenship (including the voluntary disclosure program), estate planning and freezes, purchasing US vacation home, planning for the sale of a business and how to streamline your charitable giving donation.

Click here to read the full edition.


Initial OECD BEPS recommendations could have a significant impact on privately held companies

The Organisation for Economic Co-operation and Development (OECD) issued its Action Plan on base erosion and profit shifting (BEPS) in July 2013, featuring 15 ‘Actions’ or workstreams. The project produced its first set of recommendations on September 16, 2014. They include reports containing ‘draft final’ recommendations addressing four major topics: ‘hybrid mismatch arrangements,’ tax treaty ‘abuse,’ transfer pricing documentation (including country-by-country reporting), and transfer pricing methodologies for intangibles. The OECD intends to finalize those recommendations in 2015 in conjunction with completing related recommendations still in process.

Of the four reports that make recommendations for rule changes to domestic laws, those addressing hybrid mismatch arrangements, transfer pricing documentation, and tax treaty abuse may be of particular interest to privately held companies.

Once the BEPS reports are finalized, OECD and G-20 countries will have what may be perceived by many to be a ‘moral’ obligation to adopt their recommendations (the OECD has no enforcement powers). Certain countries will probably act quickly, while others (such as the United States) may take more time to work through the legislative process. Some countries have already adopted new rules in response to their own concerns about BEPS issues. As a result, companies – including privately held companies – will need to plan accordingly, and action may be necessary now.

Read the detailed Tax Insights here


Year-end tax planner – 2014: Helping individuals and owner-managed businesses save tax

The Year-end tax planner is designed primarily for individuals who have accumulated some wealth or own their own businesses (large or small). It includes year-end tax planning checklists for:

  • owner-managed businesses
  • employees
  • self-employed individuals
  • investors
  • parents and spouses
  • students
  • seniors
  • individuals and businesses with:
    • international connections
    • US connections  

Other helpful features include:  

  • a calendar of upcoming tax filing and other deadlines
  • integration tables relating to active business income and investment income
  • key personal and corporate income tax rates
  • titles of PwC publications and other PwC resources

Download the Year-end tax planner here.



Keeping your head above water: Recent issues in financial reporting for private enterprises


For the first time since its inception, significant changes to accounting standards for private enterprises, ASPE for short, are anticipated.

Are you affected? You will be if you’ve got subsidiaries, joint ventures, employee benefit plans such as pensions, discontinued operations, or redeemable preferred shares issued in connection with tax planning arrangements.

In this issue, we summarize what each of these changes are, or are proposed to be, and provide our initial observations on them. This outline is designed to give you some idea of how they might impact you.  

Download The Financial Reporting Release for Private Enterprises


The Canadian Supplement to the 2014 PwC Global Family Business Survey


Canadian family businesses continue on their path to steady, measured growth and they are 100% confident they will achieve it. But in this technologically driven and disruptive economy, family businesses will need to invest in people, technology and systems Read now: Family Business Surveythat will allow them to be competitive.

It’s time to professionalize all aspects of the business—a fact that global family business leaders appear to accept more readily than Canadian family business leaders.

Download the full report here.


The snowbirds sing... and the IRS listens

Tax Insights

For many Canadians, the opportunity to avoid a harsh winter by fleeing to the southern United States is irresistible. But some may have overlooked important tax implications.

How do the US income tax and estate rules apply to you?

Click here to read more.


PwC’s Innovation Blueprint

To be innovative, you need to engage everyone in the organization, challenge the norm, and take some acceptable risks to grow in the long-term. It is essential to staying relevant and competitive in the new economy.

Watch: PwC's Innovation BlueprintOur Innovation Blueprint helps everyone in your organization with a disciplined, step-by-step approach to achieving your business goals.

Watch our video on how innovation can be planned, fostered and delivered upon.

For more information, visit:


What to know about Real Estate Asset Lifecycle Management

In many industries, real estate assets are the second largest expense item on the balance sheet. Clearly, the management of your assets can make or break your bottom line. When accurate, actionable information is lacking, you may be missing opportunities to unlock the true value of your assets.

We bring together professionals with extensive experience in Asset Lifecycle Management, real estate, finance, accounting and tax to help you drive better value out of your resources. This includes:

  • Identifying opportunities to lower costs across the property, asset and portfolio management lifecycles.
  • Developing performance measurement and analytics related to the entire real estate asset portfolio to increase the quality and speed of reports.
  • Creating more flexible processes to help you better adapt to a changing real estate environment.

Real estate asset lifecycle

By addressing the people, process and technology solutions you need, you’ll be able to make more informed decisions, laying the foundation for future growth. Our team brings extensive Real Estate Asset Lifecycle Management (REALM) expertise to diverse sectors, helping organizations address their unique challenges.

Find out more here.




Tax Insights: New tax rules for testamentary trusts – The bad and the good (and some surprises)

Draft legislative proposals released by the Department of Finance on August 29, 2014, have important implications for estates and testamentary trusts, and for post mortem tax planning.

  • curtail certain tax advantages of testamentary and certain other trusts, and estates, but
  • provide more flexibility in the tax treatment of charitable donations on death

The proposals will result in higher taxes for testamentary trusts and estates, and for certain inter vivos trusts established before June 18, 1971, and will eliminate other preferential tax treatment accorded to them.

The changes, which apply starting for the 2016 taxation year, were announced in the February 11, 2014 federal budget and reflect a proposal first mentioned in the March 21, 2013 federal budget.

To read the detailed article, please click here.


Ramp up your digital IQ

6th Annual Digital IQ Survey—Canadian Insights

Nearly every organization lays claim to being a digital enterprise, but our 6th annual spot check on the digital health of organizations around the globe and in Canada revealed that only a minority are truly there.

Organizations with high levels of what we call ‘Digital IQ’ understand, value and weave technology throughout their enterprise and are more than twice as likely to be top-performing companies in revenue growth, profitability and innovation. Our survey analyzes perspectives of both business and IT executives to identify the actions and investments that are integral in high-performing digital enterprises today.

Read now: Digital IQ survey

Click here to read the Digital IQ Survey findings