What Do You Know About Lifetime $500,000 Capital Gains Exemption?
Neil McIntyre is a Canadian (almost finished his CA) who blogs, pretty unusual for an accounting professional. He wrote a great little article titled 6 quick facts about the capital gains exemption in Canada and number five (5) is something that sole proprietorships or partnerships need to know.
Unincorporated businesses – sole proprietorships or partnerships – are not eligible to use the exemption, which is a prime benefit to incorporation. There are ways to roll business assets into a newly formed corporation not resulting in tax. Via 6 quick facts about the capital gains exemption in Canada
With the growth in self-employment over the last 10 years, I wonder how many successful unincorporated businesses think they will someday be able to claim the capital gains made using the Lifetime Capital Gains Exemption?
If that is you, get in and see an accountant or look up Neil McIntyre.
March 20th, 2009 at 8:22 am
CA4IT (Chartered Accountants for Information Technologists) is the largest network of Chartered Accounting firms in Canada that focus on providing bookkeeping, accounting, tax, paralegal and financial planning services to independent contractors (small business) in the IT industry.
June 12th, 2009 at 11:22 am
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