I am one of the three directors that formed a corporation in Oct/2010. We have just completed our business taxes for the years 2010-2018.As a result, the corporation is assessed to have over $200,000+ in non-capital losses for all the years combined.
Question 1: I have been told by my accountant that I might be able to use these losses as an “ABIL”. I would like to know more about “ABIL” and also the process involved to applying for this.
Question 2: Also, if we don’t dissolve this corporation but instead sign off the ownership to one of the directors only, can the other two directors still use their share of “ABIL”?
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