We, my husband and I, run an incorporated small business. We are both owners and shareholder of the business. The company owns 2 properties, houses.
Can we, upon the winding up the business due to retirement, transfer the properties to ourselves? We really would like to keep them, and prefer not to sell.
Can the transfer be treated as our capital gains and be tax free up to the limit of the allowed lifetime capital gains on closing the business?
If we understand correctly the limit was a bit over $900,000 per shareholder in 2023.
Your response and advice will be greatly appreciated.
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