Legacy Accounting LLP

10/22/2026

Incorporating an existing business involves more than registering a corporation and opening a new bank account.

If you’ve spent years operating as a sole proprietor, you may have built up equipment, contracts, a recognizable business name and goodwill. Those assets can have real value—and moving them into a corporation is a transaction that needs to be planned.

What needs to transfer? What is each asset worth? What shares or other consideration will you receive? Are tax elections required?

Creating the corporation may be the easy part. Getting the existing business into it properly is where your accountant and lawyer earn their keep.

If you’re thinking about incorporating, have that conversation before you start moving assets. This clip from Episode 14 explains why.

10/21/2026

What exactly is a Section 85 rollover?

Imagine an asset that cost you $100,000 and is now worth $500,000. Moving it into a corporation at fair market value could potentially trigger tax on $400,000 of accrued value—even if you haven’t received cash to pay that tax.

For eligible property, a properly structured Section 85 election can allow the transfer to happen at an elected amount permitted under the Income Tax Act, potentially deferring that immediate tax.

But the gain hasn’t vanished. It generally remains embedded in the structure and may be recognized later.

That’s why I want owners to remember the purpose of this tool: it can give you flexibility to reorganize your business without unnecessarily accelerating tax.

This clip from Episode 14 explains the concept in plain language.

10/20/2026

You can build a successful business for fifteen years, decide to incorporate—and discover that moving your assets into the new company could trigger a tax bill.

That surprises a lot of business owners. Equipment, goodwill and other assets may be worth considerably more today than when you started. Changing the legal structure doesn’t automatically make the accrued gains disappear.

In today’s new episode of Legacy: The Business Succession Podcast, I explain Section 85 rollovers: a tax-planning mechanism that can allow eligible assets to move into a taxable Canadian corporation while deferring some or all of the tax that might otherwise arise.

We discuss incorporating an established business, preparing for a future sale or family transition, and why your accountant and lawyer need to work from the same plan.

The key distinction: tax deferred is not tax eliminated.

Episode 14 — Section 85 Rollovers Explained — is available now. You can also download our free Business Succession Planning eBook at legacyllp.ca.

https://www.youtube.com/watch?v=YJOyXomBE98

You want to incorporate and prepare for a future sale. But moving v...

10/19/2026

🌟 Lower Your Taxes with Legacy Accounting LLP! 🌟

Are you ready to take control of your finances and lower your tax burden? Look no further than Legacy Accounting LLP! Our team of experienced professionals is dedicated to providing personalized tax strategies that save you money while ensuring full compliance with the latest regulations. 💼✨

At Legacy, we pride ourselves on building lasting relationships with our clients, offering tailored solutions that meet your unique needs. Whether you're an individual or a business, our comprehensive services and attention to detail guarantee peace of mind and financial success. 📈💵

Join the Legacy family today and experience the difference expert accounting can make.
Let us help you secure a prosperous future by optimizing your tax situation! 🌟

🌐https://www.legacyllp.ca/services/tax



Contact us now for a consultation and see how we can make your financial goals a reality. 📞💬

10/18/2026

If you’re thinking about bringing the next generation into ownership, start with three questions.

1. What value do I need to protect for myself and my retirement?

2. Who should participate in future growth—and when should they receive voting control?

3. What happens if our family or business circumstances change?

An estate freeze may help address the first two questions. A well-designed succession plan, supported by appropriate legal agreements, needs to address all three.

Not every business needs an estate freeze tomorrow.

But if your company has accumulated significant value and the next generation is becoming involved, it’s worth asking your accountant:
“If I want my children to participate in future growth, how do I protect the value I’ve already built?”

Time creates options.

For more succession-planning guidance, download our free Business Succession Planning eBook at legacyllp.ca.

https://www.legacyllp.ca/resources/ebooks/business-succession-planning-canada

Learn proven strategies to transition your business smoothly and protect what you’ve built for the next generation.

10/17/2026

You can have a technically perfect estate freeze and still have no succession plan.

The share structure might tell us who owns the existing value and who receives future growth.

But it doesn’t answer who will run the business.

It doesn’t tell us whether the successor is ready, how you’ll fund retirement, how other children will be treated fairly, or what happens if someone wants out.

Those are the questions that determine whether the transition actually works.
An estate freeze is a tool. It isn’t the succession plan.

The tax structure should support the succession plan. The succession plan shouldn’t be built around the tax structure.

10/16/2026

We believe that clear communication and open practices are the foundation of trust, which is why we prioritize being straightforward with our clients. Our customer-focused approach ensures that each client receives personalized attention and solutions tailored to their unique financial needs. 🌟 Our team of experienced professionals is dedicated to providing top-notch service, making us the best tax office around. Whether it's tax preparation, bookkeeping, or financial advice, we're here to make the process smooth and stress-free. Let Legacy Accounting be your trusted partner on your financial journey. 🎃📈💼

🌐https://www.legacyllp.ca/podcast

10/16/2026

An estate freeze isn’t about choosing the value you’d like your company to have.

It needs to be based on a supportable fair market value.

I’ve been involved in correcting a freeze where a significant portion of the company’s value was tied to mineral rights. The original valuation reflected expected future returns, but those assumptions eventually proved too optimistic.

The preferred shares were carrying a value that no longer reflected the underlying economics.

We revisited the structure and completed what’s sometimes called a refreeze.

The lesson isn’t that estate freezes don’t work.

It’s that valuation matters—and circumstances change.

Your business changes. Your family changes. Your objectives change.
A freeze shouldn’t be completed and then forgotten for twenty years.

10/15/2026

Most parents bring their children into a family business with the best intentions.

They expect everyone to get along. They expect the children to remain involved. They expect the business to continue growing.

But what if circumstances change?

What if a child gets divorced, wants to leave, stops contributing or simply can’t agree with the rest of the family?

Once someone becomes a shareholder, removing them can be considerably more complicated than terminating an employee.

That’s why a shareholders’ agreement can be such an important part of succession planning.

It can address how shares are valued, who can purchase them, how a buyout is funded and what happens when relationships or circumstances change.

Don’t structure a family business only for the family you have today. Structure it for what could happen ten years from now.

Good succession planning includes conversations about situations everyone hopes will never happen.

https://www.youtube.com/watch?v=Oni-sjKx4fs&t=20s

Your business may be worth millions today. While your child may be ...

10/14/2026

We know how overwhelming it can be to start a new business; there are many components that need to be arranged. In particular, proper tax and legal structuring of new business ventures and relationships is vital. Working in collaboration with your legal team, we can provide guidance on:

📄 Shareholder & partnership agreements
💼 Employee share ownership plans
🏥 Private health services plans
✍️ Independent contractor agreements

Legacy’s team takes the time to understand your new business to be able to provide a detailed analysis of your tax and legal needs. Based on initial discussions with you, Legacy will advise on the best course of action to ensure that your new business is correctly structured for tax and legal purposes. You will also receive assistance with implementing your tax strategy to ensure each step is followed.

If you are starting a new business and would like to learn more about Legacy’s New Business Structuring services, contact us today! 📞💬

🌐https://www.legacyllp.ca/services/business-advisory/new-business-structuring