: About Me

Allan Madan is a Chartered Accountant and owner of Madan Chartered Accountant ("Madan"). Madan is an accounting firm located in Toronto, Canada, which provides a wide range of services, including taxation, assurance, accounting, and consulting.

Personal Finance > Financial Planning Estate planning advice

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As a business owner, why should you care about estate planning? Well, if you're like most business owners, the majority of your wealth is tied to your business. And a big chunk of that wealth could be gobbled up by the tax man upon your death. For Canadian tax purposes, you are deemed to dispose of all of your assets at their fair market value upon your death, including your business. In order to minimize the tax consequences upon death, there are a few tax strategies that you can employ. Two of the most common being life insurance and an estate freeze. Life Insurance: Let's assume that th...

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