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How you’re taxed when selling a business to family
– moneysense.ca
Q: I want to sell our Dairy Queen (DQ) to my oldest daughter. The profit year after year is $56,000.00 to $76,000.00 but sales are about $1.5 million. We do not own the building—we lease it from a large company. We only own the equipment inside and the signage. I would like to sell the DQ to her at fair market value which it’s at right now so that the Canada Revenue Agency (CRA) will not come back later requesting more capital gains tax from me. I assess it to be worth between $340,000 to $360,000. The transfer to my daughter of DQ rights is free from DQ and the equipment is about $189,000. Will the CRA consider that or will there be problems?
—Larry
A: One of the first questions to be considered is whether you are selling shares that qualify for the Lifetime Capital Gains Exemption, or not. The sale of shares to a related party can invoke some very complicated rules, currently under review by the Finance Department. Specifically, Section 84.1 could deem the proceeds to be a dividend rather than a capital gain…
