Spectrum of Services
Located in Downtown Toronto, Spectrum Law is a boutique law firm specializing exclusively in tax and estate planning. We understand the complex issues that many private business owners and other high income earners must confront as part of their estate and succession planning. With our specialized knowledge, we are 100% focused on providing tax effective solutions for our clients.
Wealth Transfer Planning
Tax is at the core of an effective estate and succession plan. We understand how to execute tax minimization solutions for private business owners and other high income earners. Personal estate planning and business succession planning are essential to an effective wealth transfer to the next generation and involve many complex issues crossing several areas of law. Proper tax and estate planning requires specialized knowledge in the areas of corporate law, tax law, trust law, insurance, Wills, and estate administration. We not only plan but also execute for our clients.
Wills & Estate Planning
One of the most important estate planning tools is the Will. We understand the importance of a Will and how to integrate it into the broader tax and estate planning. We can also assist executors and trustees with our broad knowledge base in tax and understanding of complex corporate and trust structures.
There is no simple estate. Most executors will face a series of unique complexities and legal challenges. Without the proper support, executors are at risk of making mistakes and being exposed to personal liability. We work with executors in carrying out their roles and responsibilities. Our tax background is particularly useful in advising executors on the tax issues that arise on death. We have the knowledge and skill to plan for and execute tax minimization strategies to maximize the wealth transferred to the beneficiaries.
Insurance can and should be used as an effective planning tool for private businesses. We work with insurance specialists to plan and implement tax effective strategies that are used to build wealth, lower taxes payable on death, provide liquidity for taxes payable on death, equalize beneficiaries of an estate, and to provide funding for buy/sell or similar obligations under a Shareholders’ Agreement.
Tax dispute resolution
Tax Dispute RESOLUTION
Tax issues that arise with Canada Revenue Agency involve both legal and non-legal considerations. Whether you are an individual, business, or an accountant acting on their behalf – if you disagree with a Notice of Reassessment, have unreported income or unfiled tax returns, or are being audited, dealing with these tax problems should include the use of experienced tax specialists who understand how to get you the best results.
Voluntary Disclosure Programs
The Voluntary Disclosure Program was implemented by CRA to give taxpayers a “second chance” and allow them to bring their unreported income, unremitted GST/HST, offshore assets, or other tax issues onside of the law if CRA has not yet discovered it. Our tax specialists ensure that the correct procedures are followed, and that your voluntary disclosure is not denied on unfair grounds.
If you have been selected for audit or issued a Notice of Reassessment by CRA, we will work with you and your accountant or bookkeeper to obtain the best result. Our tax specialists ensure that your rights are respected by CRA, that you do not pay more tax than is required by law, and that penalties (such as gross negligence penalties) are not inappropriately assessed against you.
Taxpayer relief applications
When issues that are out of your control make it impossible to comply with tax requirements, CRA can grant relief through the Taxpayer Relief Provisions of the Income Tax Act. The potential taxpayer relief includes the waiver or cancellation of penalties and interest, an extension of the filing deadline for making certain elections, authorizing a refund despite a return being filed outside the typical limitations period, or authorizing a reassessment despite the adjustment being filed outside the typical limitations period. Our tax specialists can help you prepare and submit an application to CRA that maximizes your chances of being granted taxpayer relief.
Interest on a tax debt owing to CRA is often a small concern compared to the collection actions that CRA may attempt to take. CRA can and will freeze your bank accounts, garnish your income from suppliers or employers, and place a lien on your home. Our tax lawyers can help you create a plan to deal with your taxes owing and negotiate with CRA on your behalf to prevent collection actions from taking place.
Notice of objections
If you have been assessed by the CRA and disagree with the amount of taxes and penalties owing, we can help by filing a Notice of Objection. There are deadlines for filing a Notice of Objection so it’s important not to delay. We will work with the CRA on your behalf to get the right the result.