Will these changes affect your law practice or the practices of your professional service clients?
"Last Kick at the Can" Rebroadcasts
1. Thursday, December 8, 2016; 9:30 am – 11:30 am
2. Wednesday, December 14, 2016; 9:30 am – 11:30 am
(Original course: Wednesday, April 20, 2016)
Who should attend: Lawyers who practice through a corporate structure alone or in groups; NOTE: no changes for incorporated lawyers who are sole practitioners.
Learning level: All levels
The March 2016 Federal Budget contains proposed amendments that will prevent law corporations that practice directly or indirectly through partnerships or central law corporations from using strategies to increase their entitlement to the 13.5% preferential tax rate applicable to active business income. Instead the 26% corporate tax rate will apply to most such law corporations generally beginning January 1, 2017.
This course will cover:
short history of the legislation and the events that led to this change
no change for incorporated lawyers who are sole practitioners
importance of the small business deduction and “specified partnership income”
the new integration dynamics
central service corporations
partner-owned “side-car” law corporations
partnerco/serviceco stacked law corporations increased the entitlement of law corporations to the small business deduction
how the 2016 Federal Budget impacts these structures
how the transitional rules work
structures that continue to work or may continue to work
sole practitioners in true cost-sharing structures
certain associate counsel structures
partner incorporations to avoid adverse provincial tax allocations
problems associated with partnerships converting to a true cost-sharing structure
These changes will not affect most law corporations practicing as sole practitioners outside of cost-sharing arrangements or sole practitioners practicing independently of each other through cost-sharing arrangements
Law Society of BC CPD Hours: 2 hours (a minimum of 1 hour will involve aspects of professional responsibility and ethics, client care and relations, and/or practice management).
David G. Thompson — Thorsteinssons LLP, Vancouver
David Christian — Thorsteinssons LLP, Vancouver
"Last Kick at the Can" Rebroadcast: $200
Registration includes an electronic copy of the course materials.
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