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One thing you need to mention: The right accountant and the right family situation means that you don't pay taxes on the first N * $750k, where N is the number
by 3pt14159 15y ago
One thing you need to mention:
The right accountant and the right family situation means that you don't pay taxes on the first N * $750k, where N is the number of family members you have.
It gets really complicated but essentially you can set up a family trust in Canada that owns a certain class of shares, or even a holding company that holds the shares and then when you sell the company every person in the family trust uses up their one time $750k credit. You can do this with friends you really trust as well, so it isn't always a case of Delware company. This is a brief introduction, that makes sweeping generalizations.
My very good friend is a CA that focuses on technology companies with PWC in Toronto. If you need introductions he is phenomenally good and gets it. He took 3 years of Comp Sci at Waterloo before getting bored of it and switched to accounting.
- cmer 15y agoThe exemption only applies for Canadian companies, never to American ones. While it is true that you can use your family members' exemption, anybody who just gives away their exemption for free is a fool in my opinion. That is unless they know for a fact that they will never use it. Usually, such a practice warrants a little reward to the people using up their exemption to your benefit.