Best Financial Advisors in Mission, BC

What tax implications need to be considered when selling a business to retire? “I tell my clients to worry about the actual sale first,” John says. “There are too many variables to try to quantify in dollars too soon.” Only once you’ve established your sale should you worry about tax implications. At that point, you “need to know if your shares qualify for the Capital Gains Exemption. Are there deferred tax costs hidden in your assets if you have to sell them (such as low tax cost, whether amortized or actual) with a higher sales price?” “Remember, whatever is good for the seller is generally not good for the buyer—like selling shares vs assets. If you sell assets, we can defer the personal taxes as you take the funds out over the years. Treat your company like you would an RRSP—you don’t need to cash out right away.”...