Boughton's William Cooper comments on "Phantom Income" bankrupting thousands

May 26, 2009 - CBC Radio interviews William Cooper of Boughton Law Corporation for his take on Canadians being taxed on "phantom income".

The recession has not been kind and if you think those stock options are helping... you may be right. CBC investigates "phantom income" generated by the perceived compensation benefit received when offered a reduced purchase, via stock options on shares of the employer. Under Canadian law, tax is calculated on the IMV of the stocks when they are issued, irrespective of when sold, even if their value has greatly depreciated. Although, it's not a new revelation, Bill Cooper, is concerned that it will be a shock to many, "Right now there are probably thousands under water."

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Boughton Law Corporation is a premier, full-service Vancouver law firm. Boughton has been privileged to serve the Vancouver business community since 1949.

Boughton lawyers have expertise in aboriginal law, administrative law, banking, bankruptcy and insolvency, commercial and corporate law, complex litigation, cross border, employment and labour, immigration law, environmental law, estates, trusts and wills, intellectual property, labour, real estate, securities, taxation and transportation.

At Boughton, we serve our Canadian and International clients from our Vancouver, BC and Whitehorse, Yukon offices.