Jon Cheek, CFA

Vice-President and Senior Investment Counsellor

Tel: 705-734-2548

Address

BMO Private Wealth
90 Collier St
Suite 104A
Barrie , ON
L4M 0J3
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Jon Cheek Home

Tax Planning

Philanthropy

Maximize Charitable Giving using a Holding Company

A small business can be an extraordinary opportunity for creating wealth. Small businesses are also the biggest creator of jobs in Canada. Almost 60% of Canada’s small and mid-sized business owners are aged 50 or older, nearly double the proportion of the overall workforce, indicated in a 2017 BDC study on The Coming Wave of Business Transitions in Canada. Furthermore, according to the Canadian Federation of Independent Business (CFIB), approximately 50% of business owners plan on exiting their business in the next five years with more than 75% planning to exit within the next 10 years. This provides a great opportunity for effective tax planning and charitable gift planning strategies for business owners.

Business Advisory & Succession Planning

5 Common Challenges for a Family Enterprise

Statistics show that family enterprise is the most common form of business ownership in the world. In Europe and Asia, some businesses have been family owned for 10+ generations, or several hundred years. In Canada, it is estimated that some 60% of the GDP is driven by family enterprises that employ more than 6 million people. Ironically research on family business has only gained significant traction over the past 50 years.

A Time To Sell: Preparing Your Business For A Potential Sale

As a business owner, the decision of when to sell your business must be carefully planned, and included as part of a long-term succession planning strategy. Planning for the sale well in advance allows you to prepare your business to ensure you’re in a position of strength to negotiate and maximize the proceeds of the sale.

Tax Planning Strategies

Tax Tips For Investors

Knowing how the tax rules affect your investments is essential. Tax strategies that you should consider such as income splitting, charitable giving and estate planning.

The Tax Consequences and Benefits of Charitable Giving Through A Will

People often choose to fulfill their philanthropic goals by making gifts to charity in their will. There are many benefits to this form of giving and one of them is the tax benefit. When an individual provides for a charitable gift in his or her will, his or her estate is entitled to a donation tax credit. If the estate qualifies as a “graduated rate estate” (GRE), the donation tax credit may also be used to reduce or completely offset the tax liability that arises from the deemed disposition of capital property that occurs upon death. In the year of death and the year prior to death, up to 100% of a taxpayer’s net income can be offset by charitable donations.

Canadian Snowbirds and U.S. Income Tax

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

Managing Your Wealth

Wealth Planning Facts & Figures

This is a helpful resource summarizing important tax, retirement and estate planning information.

Estate & Succession Planning

What Happens When a Canadian Resident Dies?

What Happens When a Canadian Resident Dies? discusses what happens to the assets of a deceased Canadian resident from a tax and estate perspective.

Estate Information Organizer

This is designed to help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and other information needed to administer your estate or act as your Power of Attorney for Property

“Stress Testing” Your Estate Plan in a Time of Crisis

April 30, 2020: A crisis can be a catalyst for action if you don’t have an estate plan – or even a Will. Here is a checklist to help ensure your estate plan is up to date, reflects your current wishes, and continues to align to your goals.

Estate planning for complex family dynamics

Today, the modern family comes in many different shapes and sizes; this diversity is having an impact on family relationships and the way families interact when addressing estate planning.

Planning for the Family Vacation Property

If you own a vacation property, this provides information on the tax consequences of selling a second home and highlights important estate planning considerations, if your plan is to keep your vacation property in the family for the next generation.

Research

Rates Scenario

Fixed Income and Foreign Exchange Strategy. Outlines the firm’s short and medium-term interest rate and foreign exchange rate forecasts.

Economic and Market Updates

Global Markets Commentary

The monthly Global Markets Commentary provides an overview of recent global events and their impact on the markets.

Global Equity Weekly

A look at what happened in the equity markets over the past week and an update on the earnings reports.

Wealth Experience Podcast

Tune into The Wealth Experience podcast channel for an exclusive BMO Wealth Management Podcast.