Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This course will focus on the many tax issues that arise, from a compliance and planning perspective, when shutting down a corporation. It will focus exclusively on private companies. Common traps and planning opportunities that arise when shutting down corporations will also be discussed.
Whether for performance reasons, planning reasons, or just because of the evolution of the life-cycle of a corporation (or its shareholders), CPAs are often required to assist in the “shutting down” of a corporation. This may occur via dissolution, amalgamation, or wind-up. This course discusses the key tax considerations to address in each of these scenarios.
Although there will be coverage of the issues associated with the winding-up of smaller “mom and pop” type corporations that are ceasing operations, this only represents a small portion of the course coverage. The remainder of the course coverage will be more applicable to corporations within larger corporate groups. As an intermediate level course, there will not be any coverage of specific issues related to T2 preparation.
Topics Include:
- Taxable wind-ups
- Tax-deferred wind-ups
- Tax-deferred amalgamations
- Issues impacting shareholders of corporations being shut down
- Issues relating to winding-up dividends
- Tax issues relating to the disposition of shares and debts
- Debt forgiveness issues that arise on winding up
- Losses
- Clearance certificates, liability for tax debts, tax refunds, assessing a dissolved corporation
- PUC and ACB issues (corporate and shareholder)
NOTE: No updates or changes were made to the 2023 version of this course. If you completed the course in 2022, please be advised the 2023 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
Key Takeaways
Upon completing this course, you will be able to:
- Understand the different ways in which a corporation can be “shut down”.
- Understand the key tax issues associated with the taxable windup of a corporation.
- Understand the key tax issues associated with the tax-deferred windup of a corporation.
- Understand the key tax issues associated with the amalgamation of two or more corporations.
- Understand the key tax issues for the shareholders of corporations that are being “shut down”.
Who Will Benefit
Professionals who are involved in winding up/dissolving corporations or who advise clients that are involved in winding up/dissolving corporations. Particular focus will be placed on private companies.
Prerequisite(s)
Participants should be comfortable with the rules of the Income Tax Act and have experience with Canadian corporate tax.
How to Access The Course
To access the course please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.