I kind of liked the ring of that – sounds rather tabloidly, with a bit of a legal touch. Obviously not as exciting as Sir Black’s trial but then again, what is?
In any event, if you happen to be a US company looking to do business in Canada or to buy a Canadian business, unlimited liability corporations are very cool because they allow US companies “flow-through” and “check the box” treatment for tax purposes.
Previously, in Canada, it was only Nova Scotia that had them, and they charged rather handsomely for them, since they were the only game in town. However, Alberta has recently enacted similar legislation out there (and word has it that it a bit less expensive) and, as I just heard a bit earlier today, apparently BC will also be doing so shortly.
So, for you US tax mavens out there, the next time you look longingly at Halifax with misty eyes at the thought of tax savings to be had on the shores of Nova Scotia, you would also do well to cast your eyes westward to the rising sun (and lowering fees!) of BC and Alta ULCs.