Selling a business is never an easy decision and some times there is a lot of emotion involved. Below are a few Canadian tax related questions to think about before you sell your business.
- Does your business has a business number (BN)?
- Does your business has employees?
- Does your business have a GST/HST account?
- How is your business structured? Sole proprietorship, partnership, etc? How does this affect the board of directors?
- Have you accounted for entire business? How have you valued your assets or inventory?
- Have you considered a recapture or a terminal loss of capital cost allowance (CCA) on the sale of your assets?
- Do you have eligible capital property for sale?
We can help you answer many of these questions or similarly you can contact your tax services office.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.