Ian Pryor – Importance of Structure!
A Little About Ian Pryor:
Ian founded Pryor Tax Law in 2014 as an independent tax and estate planning boutique. His primary areas of expertise are corporate tax planning and reorganizations, advising on the purchase and sale of businesses, planning for high net-worth individuals, family business succession planning, trust planning and preparation, and international tax planning.
He works closely with other professionals and advisors to create and implement business and estate plans and enjoys working in a team environment to ensure client needs and goals are met.
Quick-Show Notes:
In this episode of The Millionaire’s Lawyer, JP and Ian Pryor discuss:
Ian Pryor works on the public aspect of things; he likes to work with other professionals to ensure their mutual clients’ needs are met.
Pryor meets with his clients and their team of professionals to go over everything to make sure that the structure of the business is correct, and that the client is well versed and able to take advantage of the structuring.
Last few years the tax crystal ball had become a little more foggy than normal, and now with COVID, the accountants have no idea what to expect.
The Government is in such a deficit that they are most likely to add more taxes, higher taxes, but we have no idea what they are planning. Everyone is sitting in limbo to find out the implications.
Your host, JP asked Ian Pryor what he thought people should be doing right now to stay proactive, he suggests:
- Plan in advance. Think of what your business is going to be doing in advance and position yourself to reap all of the benefits you should be able to.
- If you wait too long, when you go to sell you may be taxed up the ying-yang!
- COVID has really made a lot of people think about their estate, making sure they have their Wills and POA’s set up, and the structuring to sell soon and ensure a comfortable life for the family.
Ian and JP both feel as though the estate field will be flourishing over the next few years, this pandemic has shown everyone what really matters, and what to do to protect it.
The process of working with Ian very’s per client. Every corporation is different, just because you are an e-commerce business does not mean you should be structured the same as every other e-commerce business.
Canadian Business in the United States (US)
- Once Canadian corporations want to expand they generally look to the US because they are a bigger market.
- Currently, the US election has had a lot of Canadians hold off, they are unsure of what changes Biden might make in regards to taxation laws.
- What Ian generally sees is that the Canadian business will sell to the US.
- We can set up a sister corporation, or a joint partnership.
- Corporations from the US like LLCs, but for us Canadians, LLCs are taxed differently and is not recommended.
An individual who believes they know everything should raise some red flags – no one knows everything, find someone who knows what you don’t to help.
Some consequences that not planning ahead could have:
- Canadians that sell to LLCs – due to structuring and taxation
- For Canadians that have a UK beneficiary in their estate planning, the UK gets taxed on their inheritance.
Ian Pryor highly recommends making sure that you have planned in advance and keep revisiting the plan to revise along the way.
Planning allows for the optimal outcome of the situation.
Ian Pryor is also a member of STEP
Enjoy what you have, spend time with your kids while they are kids! Don’t let work absorb you and take you away from living your life and enjoying what you have!
Know what you don’t know and find someone who does know that. It is a lot better than assuming you know and Googling along the way.
Key Takeaways
From this episode of The Millionaires Lawyer with Ian Pryor:
- Planning is key, the more you plan in advance the more you will be able to reap the benefits.
- The taxation laws, and what is taxes are very different based on jurisdiction
- COVID-19 has made all accountants question what will be coming to make up for the deficit.
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