One of the most commonly used and effective tax strategies in Canada is the use of a family trust for multiplying the Lifetime Capital Gains Exemption (LCGE). This strategy enables family members, usually parents or grandparents, to multiply the capital gains exemption with children or other family members in order to reduce the overall tax liability.

We view it as distasteful, but bringing family members onboard a business is historically advantageous. Nepotism in certain contexts may explain why humanity has survived for centuries

The case of Marie, who needed a gatekeeper to protect against the brother she couldn’t say ‘no’ to. In family financial matters, gatekeepers can be essential within a family office structure.

Newly wealthy entrepreneurs can feel invincible and face pressure to re-create past success. But they are prone to making mistakes.