Self-employed – How can you sell your business tax-free?
Did you know that you can sell shares in a small business corporation tax-free thanks to the capital gains deduction? In fact, every individual resident in Canada can benefit from a total amount of $848,252 in 2018 (indexed annually) as a capital gains deduction on the sale of eligible shares.
However, is it possible for a self-employed person who doesn’t operate his or her business within a corporation to benefit from the same exemption in the event of a sale?
SPECIAL FEATURE: TAX BREAKS FOR MANUFACTURING COMPANIES
Following on from our last article in a four-part series on innovative manufacturing companies, we continue to address this topic by elaborating on some of the existing tax measures available to this industry.
TAX PLANNING THROUGH PRIVATE COMPANIES
In the 2017 Federal Budget tabled on March 22, Finance Minister William Francis Morneau announced that he would conduct a review of tax planning strategies using private corporations and that a consultation paper would be released in the coming months. Last Tuesday, July 18, the Minister tabled his recommendations, as well as legislative proposals aimed at countering certain tax planning strategies.
IMPORTANT INFORMATION FOR YOUR 2016 INDIVIDUAL INCOME TAX RETURNS
It’s that time of year again, time to think about preparing our income tax returns. For most of us, it usually ends up being a bit of a puzzle, because it’s difficult to know which documents and what information we need to forward to our accountant to ensure that any deductions and tax credits to which we are entitled, are maximized.
RELEVANT INFORMATION FOR YOUR 2016 TAXES
It’s that time of year again when we have to think about preparing our tax returns. For most of us, this can be a real headache, as it’s hard to know what documents and information to send to our accountant to maximize the deductions and credits to which we’re entitled.
PERSONAL INCOME TAX RETURNS: Are you ready?
Every year, when the snow begins to melt and spring is just around the corner, it’s time to start thinking about filing our income tax returns. For most of us, this becomes a real headache. Here’s a summary of what’s new for 2016, both federally and in Quebec, as well as a brief reminder of measures already in effect.