Hi, I am a retired physician with a professional corporation (now for investment purposes only since I retired) and would like to know if such a corporation is a “qualified small business corporation” for CRA purposes. In other words, can we (me and my wife are shareholders) claim the Lifetime Capital Gains Exemption?
I tried to understand the rules and to me it seems that we cannot, since in the last 24 months the corporation did not carry any active business.

CRA says:
A share of a corporation will be considered to be a qualified small business corporation share if all the following conditions are met:

at the time of sale, it was a share of the capital stock of a small business corporation, and it was owned by you, your spouse or common-law partner, or a partnership of which you were a member
throughout the 24 months immediately before the share was disposed of, while the share was owned by you, a partnership of which you were a member, or a person related to you, it was a share of a Canadian-controlled private corporation and more than 50% of the fair market value of the assets of the corporation were:
used mainly in an active business carried on primarily in Canada by the Canadian-controlled private corporation, or by a related corporation
certain shares or debts of connected corporations
a combination of these two types of assets
I would appreciate any input.