On June 25, 2019, lawyers from MHR Law attended the Central Mountain View Advisory Group’s open house on Trident Exploration at Reed Ranch School. Speakers from the Alberta Energy Regulator (AER), Surface Rights Board, Orphan Well Association and Farmers’ Advocate Office presented a high-level overview of options for land owners affected by Trident’s cessation of operations. Concerned landowners are encouraged to sign up for the Farmers’ Advocate Office’s distribution list for advisories from the FAO setting out information and advice on legislation, rights and responsibilities related to surface leases. Copies of advisories are also available by contacting the FAO office through 310-FARM (3276). MHR Law has seen an increase in calls from clients regarding delinquent surface lease payments, and will continue to look for ways to educate affected landowners and present viable, cost-efficient options for resolution.
Congratulations to MHR’s Dan McPherson on being nominated to the Olds & District Chamber of Commerce Board of Directors for a 3-year term! MHR supports the Chamber’s vision of engaging and inspiring integrity, respect and collaboration in our business community, and looks forward to continuing to support the Chamber.
MHR is pleased to announce that we are now listed on the Everything Olds Business Directory under Professional Services. EverthingOlds.ca is a fantastic website and hub for, you guessed it, everything Olds! Thanks to the Olds Institute for Community and Regional Development for their efforts in developing this great tool, and for helping support local businesses! If you haven’t visited the site yet, check it out to find a great directory of local professionals and services!
For the fifth year, MHR Law LLP has sponsored the Legacy Land Trust workshop on estate planning and succession opportunities. Dan Harder presented on the obligations created by the Alberta Land Stewardship Act in creating a Conservation Easement.
- the corporation can have multiple owners (called shareholders), each with different types of rights to control the business and earn a profit;
- shareholders can make agreements, called unanimous shareholder agreements, about how they will operate the business and who can be a shareholder;
- With contracts and leases, you can bring the next generation more certainty in your estate and succession plans, as assets are owned by the corporation directly and corporations can exist indefinitely;
- the assets of your business can be transferred, or “rolled over”, to the new corporation on a tax-neutral basis;
- income splitting between spouses and children is available in some circumstances; and
- small business tax rates are lower than most personal tax rates, so there is a tax deferral when you re-invest the profits back into the business.
- a corporation is more complex and expensive to establish and operate than a sole proprietorship;
- corporations are taxed directly, so a corporate tax return must be filed every year;
- future financing is more complicated;
- farmland owned by a corporation is not eligible for the lifetime capital gains exemption; and
- annual filings are required to keep the corporation ‘alive’.