Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
This seminar 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 seminar 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: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.
Key Takeaways
By the end of this course, participants should 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
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Milan Legris, LL.B., LL.M, TEP, is a tax and estate planning lawyer in Ancaster, ON. Milan restricts his work to consulting with other professional advisors for high-net worth individuals, senior executives and key employees, as well as owner-managers and their families. Milan was called to the Ontario bar in 1986 and is also an advisor and author of reference materials on taxation for the Law Society of Ontario’s (LSO) Professional Development and Competence Department. Milan was a lecturer and instructor for the LSO’s Bar Admission Course on taxation.