Categories
Natural Language Processing for Customer Feedback

Key tax considerations when passing on your business [Video]

Kevin Quach:

Good morning. I’m Kevin Quach, Business Succession Advisor, and today I’m pleased to have with me my colleague Sébastien Desmarais, who is a tax and estate planning specialist.

Hello, Sébastien.

Sébastien Desmarais:

Hello, Kevin.

Kevin Quach:

So, when it comes to business transfers and the importance of having a succession plan, I think the key thing for entrepreneurs is being able to minimize taxes when they exit. And we know that depending on the approach that gets taken, there may be different tax implications. Sébastien, could you start by telling us about the kind of tax planning all entrepreneurs should be aware of?

Sébastien Desmarais:

Yes, the tax measure to consider is the Lifetime Capital Gains Exemption, which is currently set at $1.25 million.

In other words, if an entrepreneur sells the shares of their company, the first $1.25 million could be tax exempt. You don’t pay any taxes on that amount, and with …

Watch/Read More