Tax lawyer Stuart Bollefer earned his LLB from the University of Toronto. In practice for more than 30 years, Stuart Bollefer is a partner at Aird & Berlis LLP, where he develops innovative solutions for his clients’ tax issues. He also speaks frequently about tax issues and has given several presentations on the new tax on split income (TOSI) rules.
Income splitting has been used for a number of years as a way of benefitting small businesses by allowing the transfer of income from family members in higher tax brackets to those in lower tax brackets. The income could be transferred as salaries for work done or as dividends paid on shares owned. The result is significant tax savings.
However, as of January 2019, the federal government’s new TOSI rules came in effect, removing the split income tax advantages. The new rules include as split income most types of distributions from corporations resulting in the highest marginal tax rate. Effectively, split income gains enjoyed by Canadian family members are taxable at the highest marginal rate.
The rules are vary comprehensive but there are exceptions to the application of these rules. One exception applies to persons who are actively involved in the business. Other exemptions relate to spouses who are over age 65. Business owners should consult with a tax professional to see if they qualify for an exemption to these TOSI rules.
When not busy with his responsibilities as a Toronto-based tax attorney, Stuart Bollefer enjoys playing golf. While he has pursued his interest in the sport by traveling to courses across North America, Stuart Bollefer also benefits from having a number of top-quality venues close to home. The best of these include:
Toronto Golf Club
Located in nearby Mississauga, Toronto Golf Club holds distinction as the first championship course in all of Canada and the third-oldest club in North America. Notable challenges include the two par 5s on the back nine and an 11-hole stretch comprising eight par 4s.
National Golf Club of Canada
Golfers at this George and Tom Fazio design must navigate notoriously difficult tree-lined fairways. Successfully reaching the greens brings even more adversity, however, as the course boasts high-quality but unpredictable putting surfaces.
St. George’s Golf and Country Club
This Toronto venue has attracted golfers since opening near Lake Ontario in 1929. The five-time host of both the Canadian Open and the LPGA Classic, St. George’s has been named by Golf Digest as the No. 2 course in all of Canada.