Planning to Succeed: Key Tax Principles in Retaining the Next Generation of Architectural Leaders
This webinar is part of the RAIC 2023 Conference on Architecture, now available to stream!
Topics:听The Practice and Business of Architecture
Length:听1 hour |听What's Included:听Video, Quiz, and听Certificate of Completion
The famous adage 鈥淏y failing to prepare, you are preparing to fail鈥� could not be truer for business succession planning. If you are an owner of a private architectural firm with goals of retirement, planning should be a priority for the future of your firm and your legacy. If you鈥檙e asking yourself questions like, how do I bring in key employees as future owners? Or, how do I retain key employees to ensure the continued success of the firm? This session is for you. However, not all ownership options are created equal. Deciding on which option works for you and the future of your firm depends on a few factors 鈥� i.e. who ownership will be transferred to: employees, children, third-party buyers 鈥� as well as the preferred modality 鈥� i.e. executive compensation, employee stock option plans, a third-party sale. Whichever decision you make, it is important to know that if you do nothing there are certain tax implications that owners must be aware of. Failing to prepare can result in double, and in some situations, triple tax that is completely avoidable.
As another example, there may be no immediate tax implications when issuing employee stock option to the employee so long as proper planning is undertaken. This is just one option owners may consider to retain key employees and bring them into the ownership fold. In this session, participants will learn about the various ownership transfer options for the next generation of architectural leaders; the intent of the session is to help pave the appropriate path for you, as an owner, to safeguard the future of your firm and its legacy.
Learning Objectives:
By the completion of this session, participants will be able to:
- Identify the key criteria to use in succession and ownership discussions with the next generation of leaders at their firm
- Define the importance of estate and tax planning for firm owners
- Determine tax efficient ways to tax the business to support ownership goals
- Differentiate between the various ownership options 听
Subject Matter Expert:
Mrs. Jennifer Reid
Certified Public Accountant, CGA, Canadian Tax Foundation, Society of Trust and Estate Practitioners (TEP), The Spanish School of Calgary, Board member, Bachelor of Business Administration, accounting, Mount Royal University, Completion of the CPA In-Depth Tax program, Completion of the CPA Advanced Tax Issues for the Owner-Managed Business course, Completion of the STEP diploma designation program
Senior Manager, PCS Business Owners , RSM Canada
Jennifer has practiced tax services in Calgary for over 13 years, with a focus on private companies and their owners, as well as trusts and estates. She has experience assisting clients in planning their estate, including considerations such as insurance, trust and probate planning, as well as in transitioning businesses to the next generation or new owners in a tax-efficient manner.鈥�Jennifer takes an active role in mentoring the next generation of tax professionals across Canada, through her continued involvement in facilitating multiple parts of the CPA In-Depth Tax Program. Additionally, Jennifer was the 2018 level one recipient of the Jeff K. Jutzi Facilitator Award for outstanding contributions to the In-Depth Tax Program.
Mrs. Deanna Fisher
Chartered Professional Accountants of Alberta; Chartered Professional Accountants of Canada; Society of Trust and Estate Practitioners Canada; Canadian Tax Foundation; Bachelor of Business Administration, University of Regina
Senior Director, Tax Services, RSM Canada
Deanna has over 25 years of experience in accounting, assurance and tax. She works with clients, advisors and colleagues to help navigate the complexities of the Canadian tax system. Deanna has worked with a range of high-net-worth individuals, trusts, and private corporations.鈥�As a trust & estate practitioner, Deanna works with clients who are trustees or executors, assisting them with the tax complexities of trusts and estates 鈥� whether it is planning, compliance or resolving tax issues. She also focuses on estate planning and appreciates a holistic and collaborative approach, one that takes into consideration all pieces to meet a client鈥檚 objectives.鈥�
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