Confirmed with Link: News Release: Ottawa Senators appoint Ian Mendes as vice president, communications and name Sylvain St-Laurent director, communications

[Golden_Jet]

I'm no tax expert, just saying 50% on inheritance isn't a thing even for the poor, worst case they'd be looking at ~26% of the 950 m In capital gains taxes since only half of it is taxable

Not sure any of us know how that works.
One daughter lives in the US. where capital gains is 0-20%, depending on yearly income.
EM lived in Barbados, so was registered from there.
The capital gains is based on about 800-825 million. (950-125)
Then they’ve kept 10%, so remove that from the 825.

 

[LiseL]

Not sure any of us know how that works.
One daughter lives in the US. where capital gains is 0-20%, depending on yearly income.
EM lived in Barbados, so was registered from there.
The capital gains is based on about 800-825 million. (950-125)
Then they’ve kept 10%, so remove that from the 825.

I think someone posted that they cleared about $400 million after all debts were paid so that would be their starting point for capital gains ($200 million each), not $950 million. As for their 10% share (5% each), owning an investment is income neutral until they either experience a capital gain or loss when they sell their share. Same concept as owning a business. The capital gains/loss of a business is only a factor when it's either sold or shuts down.

If they have operating cost profits or losses during the year associated with that share, that is calculated as income each year it occurs. If they make a profit, they add it to their annual income. If they have a loss, the deduct if from their annual income. The value of their share is not automatically deducted from the sale price as that was the price for owning 90% of the Sens. The value of their share is $105,555,556 ($950M x 100 [ / 90]), so $52,777,777.50 each and will only become a factor if they sell their share.

I do income taxes for small businesses and rental property owners so I have dealt with this issue, plus I'm a math nerd so numbers are my thing.

 

[Stylizer1]

I think someone posted that they cleared about $400 million after all debts were paid so that would be their starting point for capital gains ($200 million each), not $950 million. As for their 10% share (5% each), owning an investment is income neutral until they either experience a capital gain or loss when they sell their share. Same concept as owning a business. The capital gains/loss of a business is only a factor when it's either sold or shuts down.

If they have operating cost profits or losses during the year associated with that share, that is calculated as income each year it occurs. If they make a profit, they add it to their annual income. If they have a loss, the deduct if from their annual income. The value of their share is not automatically deducted from the sale price as that was the price for owning 90% of the Sens. The value of their share is $105,555,556 ($950M x 100 [ / 90]), so $52,777,777.50 each and will only become a factor if they sell their share.

I do income taxes for small businesses and rental property owners so I have dealt with this issue, plus I'm a math nerd so numbers are my thing.

Beech's nemesis.

 

[BigRig4]

I think someone posted that they cleared about $400 million after all debts were paid so that would be their starting point for capital gains ($200 million each)

So if you leverage debt against your corporation, it offsets your capital gains when you sell?

 

[L'Aveuglette]

This is how you squash criticism against your team 101.

No but seriously this is nice. Have we ever had a Québécois hire for media relations? Should help the Sens' reach in Gatineau.

 

[DrEasy]

This is how you squash criticism against your team 101.

No but seriously this is nice. Have we ever had a Québécois hire for media relations? Should help the Sens' reach in Gatineau.

I'm sure this played a role. They probably didn't even need to hire two people if it wasn't for this purpose.

 

[Loach]

So what does the Athletic do now? Ian did a lot there. Investigative, hockey podcast, Sens, the Utah stuff. Gonna be tight to find one person to do that.

 

[Masked]

So what does the Athletic do now? Ian did a lot there. Investigative, hockey podcast, Sens, the Utah stuff. Gonna be tight to find one person to do that.

Don't they have the angry elf, Chris Stevenson, on their staff?

 

[LiseL]

So if you leverage debt against your corporation, it offsets your capital gains when you sell?

That's correct. Capital losses are applied against capital gains, but not against other taxable income. CCA depreciation on buildings works in a similar fashion (class 4). The depreciation can only be applied to lower the business income but can't be used to create a loss on any other taxable income. Capital losses carry forward until you experience a capital gain. However, capital gains do not carry forward. You'd have to setup trusts or some other vehicle to shelter that income from income tax. I don't do corporate taxes but have some knowledge on how it works.