I am considering moving my business and business-owned property offshore. What are the consequences?

Allan Madan, CA
 Oct 9, 2012
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When moving your business from a Canadian corporation to another corporation in a tax-free country, you are deemed to have disposed of that business assets’ at their Fair Market Value. This triggers capital gain tax, which must be paid to the CRA  Proper tax planning is required to minimize capital gains tax, and to ensure that the profits of the offshore corporation are not taxed in Canada.

Disclaimer

The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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