A layer of complexity is created as the value of your business assets transitions into your personal investments. Tax laws and regulations may be complex, requiring advice from a qualified tax advisor or consultant. Some of the tax strategies to discuss with your tax advisor when transitioning your business are:
If you have business assets outside of Canada, you may find their sale to be taxable in that jurisdiction. Furthermore, the proceeds received on the disposition of foreign assets may trigger a second tax upon their return into Canada. Tax and legal professionals with experience in multinational transactions can suggest ways to minimize double taxation and smooth the transition of assets on your death.