The $1.25 MILLION TAX EXEMPTION Opportunity for Business Owners

You spent decades building a successful business, and received an offer worth millions. Then you discover the most valuable tax exemption available to Canadian business owners isn't available to you. It’s because nobody checked whether your corporation actually qualified before the sale happened. In this episode of Legacy: The Business Succession Podcast, host Jared Pilon of Legacy Accounting LLP breaks down the Lifetime Capital Gains Exemption, which is currently $1.25 million for qualifying property. He explains why simply owning an incorporated business doesn't automatically mean you qualify. This is the episode that could save you — or cost you — hundreds of thousands of dollars. What You'll Learn in This Episode: What specific conditions must be satisfied Why a highly successful business can actually create its own LCGE qualification problem through accumulated passive assets Why LCGE planning is exit planning, not just sale planning, and why a deemed disposition on death makes this relevant to every business owner Why the best time to ask whether your shares qualify is when there is no transaction on the table You don't always get to choose when your exit happens. A buyer can arrive unexpectedly. Your health can change. Life doesn't always wait for your five-year plan. The question is whether your business will be ready when that moment comes. Download Legacy's Business Succession Planning eBook at legacyllp.ca. It's free and designed to help you start asking the right questions long before you're sitting across the table from a buyer. https://www.legacyllp.ca/resources/eb... Find us at: https://www.legacyllp.ca/ reception@legacyllp.ca Timestamps 00:00 Kicking it off 00:52 Lifetime Capital Gain Exemption 01:38 Qualifying 06:45 Farms don't always qualify 07:43 Shares that don't qualify 09:23 Your timeline 14:35 Ask your accountant 15:03 Wrapping it up #LifetimeCapitalGainsExemption #businesssuccession #taxplanning ________________________________________ Disclaimer: By using this website, blog or podcast, users agree as follows: The information, services and/or products are for general information only, and any reliance on the information provided therein is done at your own risk. If you make tax, accounting, investing or legal decisions after accessing this website, blog or podcast, it is recommended that you consult a qualified professional first. The views and opinions expressed are those of the author, seller, guests or publisher and do not necessarily reflect the views of the organizations or businesses that these individuals are associated with. Although we make strong efforts to make sure our information is accurate, we cannot always guarantee that the information on this podcast is always correct, complete or up-to-date.