BMO Bank of Montreal - We're here to help.™
Russ Johnston

Vice President and Senior Private Banker | CFP, FEA

Tel: 604-665-7458
Tel: 604-351-8550

Address

BMO Private Wealth
595 Burrard St
9th Floor
PO Box 49500
Vancouver, BC
V7X 1L7
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Russ Johnston Home

Tax Planning

Philanthropy

BMO Charitable Giving Program

Philanthropy is an important financial planning consideration for many Canadians, and an integral part of their wealth management plan. A Charitable Gift Fund (“donor advised fund”), established through the BMO Charitable Giving Program, allows you to create a flexible and customized philanthropic solution that will have a lasting impact on causes that matter to you and your family.

Philanthropic Services for Private Foundations

The BMO Private Banking business offers a range of advisory, financial, and administrative services to assist in the management of your foundation. Our comprehensive range of services simplifies the day-to-day management of your foundation’s assets and offers a high level of convenience, efficiency and service.

Donating Appreciated Securities

The benefits of making a charitable donation are countless – from helping those in need to the personal satisfaction of giving back to the causes that are important to us. Charitable giving also makes good sense from a tax perspective. With proper planning, you can reduce your total income tax liability and maximize the value of your donation.

Building Your Legacy Using a Private Foundation

Like many Canadians, making the world a better place and creating a legacy aligned to your personal values, beliefs and convictions is an important wealth planning priority. Establishing a private foundation can help you achieve these priorities and give meaning and structure to your philanthropic goals. It can also help you to pass these values on to your children and grandchildren, by involving them and other family members in your giving strategy and family legacy.

Exploring charitable giving: Understanding donor advised funds and private foundations

Charitable giving is an important goal for many of us. Some donors seek to improve their community, while others, who are financially secure, simply want to give back.

Financial Planning

2020 Wealth Planning Facts and figures

This 2 page chart provides invaluable detail on RSP contribution limits, RRIF Minimum Withdrawls, benefit values for CPP and OAS, Important dates for consideration, marginal tax rates, probate fees and so much more. It is updated each year in March so check back for your annual update

Will and Estate Planning

The Mighty Power of Attorney for property

A comprehensive estate plan addresses important issues related to your property that impact you and your family throughout your lifetime, as well as after your death. Such comprehensive planning includes addressing your potential incapacity during your lifetime. The granting of authority to someone else to manage all of your financial affairs, and property worldwide, while you are unable to make decisions regarding the management of your property and financial affairs, is critical related to your property and financial affairs.

“Letter of Wishes” for Wills and Discretionary Trusts

This article will discuss the role that a “Letter of Wishes” (or “Precatory Memorandum”) can play in providing guidance to the executor of a Will or trustee of a discretionary trust.

Estate Information Organizer

The BMO Wealth Management Estate Information Organizer 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. Using this resource, you can specify where documents or accounts are located, identify appropriate contacts and provide security access details for your online accounts. The Estate Information Organizer can be invaluable in helping to ensure that nothing is overlooked in the administration of your estate.

Executor Task List

Executors are responsible for a variety of tasks ranging from funeral arrangements to filing income tax returns with the Canada Revenue Agency (CRA), to the final distribution of estate assets. If you are appointed Executor, our Task List will provide you with some guidance by describing the types of duties you will be required to perform.

Top ten Reasons for choosing a corporate Executor

The demands of being an Executor, along with the potential for personal liability, can be overwhelming. Depending on your circumstances and the complexity of your estate, you may want to use the services of a Corporate Executor.

BMO Letter of Wishes

This article will discuss the role that a “Letter of Wishes” (or “Precatory Memorandum”) can play in providing guidance to the executor of a Will or trustee of a discretionary trust.

Business Advisory & Succession Planning

Transferring your business to the next generation

Entrepreneurs who have built successful companies often want to see their business passed on effectively to the next generation.

5 mistakes in selling a business

Selling their company is usually the largest and most challenging fi nancial transaction of a business owner’s life. For most owners, selling a business only happens once and selling the business represents the culmination of their life’s work.

A time to sell

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.

As a business owner, what’s your succession and transition plan?

Retiring from your own business can be difficult after having invested the better part of your working years to achieve success. And, business owners who want to pass on that successful business may be faced with a bigger dilemma of if and how to transfer the wealth they have accumulated through their business. A number of critical factors need to be considered including how they will exit from their business, the valuation of the business, family considerations and expectations and their own retirement plans.

Considerations for Exiting Your Business

Business transition may involve a generational transition, management or shareholder buyout, or an outright third-party sale. The BMO Business Advisory and Transition Planning team is committed to understanding the personal and business objectives of business owners – through candid conversations and education about the options available – so they can help them make an informed decision on the transition of their business. This article outlines considerations for business owners who are planning to transition their business or are dealing with unsolicited acquisition offers.

Who Will Buy My Business?

Once a business owner decides to start the process of selling his/her company, one of the first considerations is who will purchase the business. Each potential buyer will approach an acquisition opportunity with a different view of the business’ strengths, weaknesses, opportunities, and threats. In addition, the type and number of buyers interested in acquiring the same business may have a significant impact on its perceived value, and purchase price. Understanding the types of buyers and potential advantages and disadvantages of engaging with each, may help business owners determine their priorities when selling their business.

Intergenerational Wealth Transfer

The successful transfer of wealth to the next generation requires the careful construction of a plan that considers the wealth requirements of each generation and the communication of a family constitution across the generations. Only about 10% of wealthy families adequately prepared the heirs for their future. Intergenerational wealth transfer does not happen by accident; families must work together to document their constitution and build family governance that will manage the wealth over the generations.

Individual Pension Plans: A Retirement Savings Option For Business Owners

An Individual Pension Plan (“IPP”) is a registered pension plan established for a single plan member, and provides an effective way for your business to fund your retirement pension while reducing corporate income taxes.

5 Mistakes in Selling a Business

Selling their company is usually the largest and most challenging financial transaction of a business owner’s life. For most owners, selling a business only happens once and selling the business represents the culmination of their life’s work. Often the business bares their name and holds a place in their heart right next to the kids. For these reasons, selling the business is not just a technically challenging process, it’s also emotionally complex.

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.

Do you have a succession plan for your business?

A succession plan would detail the business owner’s desires with respect to the management of the business and the disposition of their shares. This is very important because business owners devote a significant amount of time, energy and, in most cases, their own money to building their business. If you’re contemplating a sale to a third party or a transition to family or employees, setting goals, having a vision and developing a formalized business succession plan are critical for success.

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.

COVID-19 Update

The BMO Advisory Team is here to help

The BMO Business Advisory and Transition Planning team consists of experts in the area of business and financial advisory services.

Tax Planning Strategies

Tax Tips for Investors

This article provides an overview of select strategies to assist you in reducing your tax bill.

Alter Ego Trusts

Alter-Ego Trusts, which are set up for individuals, and Joint-Partner Trusts, which are set up for spouses (including common law couples), are often used as Will substitutes by many high net worth families.

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.

Separation, Divorce and Your Financial Plan

Separation, Divorce and Your Financial Plan outlines the financial and tax implications of a breakdown in a relationship for issues relating to both married and unmarried (i.e., “common-law”) spouses.

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.

Managing Your Wealth

Wealth Planning Facts & Figures

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

Insurance Considerations

Insurance Considerations for Business Owners and Incorporated Professionals

Wealth Planning for Uncertain Times

April 30, 2020: In times of uncertainty and market volatility, creating or updating your wealth plan will help to keep you focused on the long-term and can provide reassurance that your goals remain achievable.

Wealth Themes

Wealth Themes is a monthly compilation of timely articles and tools from our experts and other BMO Financial Group partners.

Estate & Succession Planning

Preparing Your Last Will and Testament

The attached article – Preparing Your Last Will and Testament – explains various aspects of Will preparation including, the importance of appointing an appropriate executor, life events that warrant a Will review and the use of testamentary trusts.

“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.

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.

Digital Assets and Your Estate Plan

This article discusses common digital asset considerations and important information for making sure they are properly addressed in your estate plan.

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.

Engaging the next generation

Are they prepared? Children and grandchildren need to get ready for their roles as inheritors.

Succession Planning for the Family Farm

This article addresses common questions asked by our agricultural clients regarding succession planning of the family farm.

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.

Economic and Market Updates

Investment Strategy: 2021 Market Outlook

BMO’s outlook on the equity markets featuring Brian Belski, Chief Investment Strategist, to help you prepare for the coming year.

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.

Global Markets Commentary

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

Talking Points

Talking Points is a weekly market commentary written by Douglas Porter, Chief Economist and Managing Director at BMO Capital Markets.

Equity and Fixed Income Strategy

Strategic commentary on equities and an overview of financial markets.

Focus

Focus is a weekly financial digest.

The Goods

A Monthly Commodity Watch-Tracks BMO Capital Market's Commodity Price Index and provides commentary and forecasts.

Education and Knowledge

Networth Newsletter

A quarterly publication written by BMO Subject Matter Experts on a variety of timely and relevant wealth management topics.