LTCG Tax Planning Services that Ontario Companies Can Budget Around
The sale of an investment, business or property can generate a capital gains tax liability which could be more significant than anticipated – especially in cases where no prior analysis was done prior to the transaction being signed off on. Beta Taxes Professional Corporation has developed an LTCG Tax Planning service designed specifically to plan ahead of the event, rather than after.
- Capital gain risk assessed before you sell
- Evaluation of eligibility for lifetime capital gains exemption
- Timing and planning strategy for significant transactions
- Coordination with your lawyer/financial planner
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Affordable Capital Gains Tax Planning for Ontario Businesses
Capital gains tax planning by Ontario businesses and individuals really begins before any deal is completed. Once the deal has been made, it becomes difficult to implement many methods that would have helped you save on taxes because the calculations become final upon completion of the sale.
At Beta Taxes, we provide flat-fee capital gains tax planning for investors, businesses, and landowners in all of Toronto and the GTA. If you are trying to decide when to sell an asset or considering a business exit plan several years down the road, our CPAs will assess your particular situation.
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Why Lifetime Capital Gains Exemption Planning Should Start Early
The importance of lifetime Capital Gains Exemption planning lies in the fact that the capital gains tax exemption is not automatic and, thus, certain qualifications must be met. Your stock needs to qualify, and in many cases, this means that you had to make certain decisions years earlier, prior to any actual sale transaction taking place. For example, having investments or property which does not pertain to active business use can make shares exempted from capital gains disqualifying even when they could have been a tax shelter for a substantial part of the gain.
This idea applies to Capital Gains Tax on a Business Sale in general. In this case, the choice between selling shares and selling business assets affects the outcome substantially, and this choice must be made during the negotiations process, not once everything is signed.
Tax Planning Services for LTCG We Provide
Tax Owed on Capital Gains
- Determination of the amount of tax that would be owed when selling the asset
- Review of the cost, adjusted cost base, and anticipated selling price
- Finding exemptions or methods to minimize the amount due
- Actual numbers to assist in making a decision, not an estimate
Planning for Timing of Sale of Investment
- Analyse current and future income to determine the optimal time to sell
- Determine if sale needs to be accelerated or delayed for tax purposes
- Coordination with your retirement and business income plans
- Planning based on real financial situation
Loss Utilisation Plan
- Determine losses available to be used against gains
- Determination of loss carryback and carryforward under CRA regulations
- Examination of previous years for other opportunities
- Actual reduction of tax liability through compliance
Adjusted Cost Base (ACB) Audit
- Verification of costs of purchases, reinvested distributions, and changes
- Correcting omissions or mistakes in the calculation of cost base
- Audit of investment information to ensure accuracy prior to filing
- Prevention of excess taxation arising from miscalculated ACB
Lifetime Capital Gains Exemption (LCGE) Planning
- Check to determine whether the shares meet the requirements of the exemption
- Determine the actions to take to qualify before the sale
- Review of ownership structures in light of the LCGE requirements
- Integration with the business exit and succession plan
Real Estate and Investment Capital Gains Planning
- Tax planning before the purchase, sale, or transfer of real property
- Ownership structure audit for investment properties
- After-tax analysis of investment decisions
- Coordination with broad tax and financial planning
Why Choose Beta taxes
for LTCG Tax Planning Services
Discovery
We know what you intend to sell, when you plan to sell it, and your long-term financial objectives.
Review
We will analyse your cost basis, structure, and past transactions to get an accurate picture of exposure.
Strategy Session
We'll walk through timing, exemption qualifications, and strategies before taking any action.
Deploy & Support
We'll assist you in putting the strategy into action and will be available for your assistance at all times.
Serving LTCG Tax Planning Clients Across Ontario & Canada
No matter where your business is located, we provide the LTCG Tax Planning Services Ontario Businesses Rely On, using cloud software to eliminate location constraints. Come see us in our Ontario office, or meet us virtually, anywhere you may be located in Canada.
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testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
We Work with Your Preferred Accounting Software 2
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
We Work with Your Preferred Accounting Software
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
FAQ’s
Frequently Asked Questions
How does LTCG tax planning differ from just filing my capital gains at tax time?
Filing occurs once the gain is realised after the sale has been made, and thus any planning opportunities have long passed. On the other hand, LTCG tax planning takes place before the sale to allow the opportunity for timing, structuring, and exemptions.
How does the Lifetime Capital Gains Exemption work?
It enables eligible individuals to enjoy protection of up to $800,000 in capital gains tax exemption when selling their shares of eligible small business corporations. Not all small business corporations qualify for this exemption based on how they are structured and what kind of assets they have.
When should I plan my taxes before selling my business?
As soon as possible. There are some requirements for qualification that will require time to achieve, e.g. satisfying the condition that your corporation's assets qualify for the LCGE, so waiting until a buyer shows interest may mean missing out on many options.
Can you help lower capital gains tax on selling real estate?
Yes, by looking at the property's ownership structure, transaction dates, and possible tax exemptions before the sale closes.
What is the adjusted cost base, and why is it important?
The adjusted cost base of an asset is effectively its purchase price. When filing capital gains, the difference between the sale proceeds and the ACB is used to determine the amount of capital gain. If the ACB is wrong, the tax bill will be higher than required.
Can capital losses help me reduce my capital gains tax?
Yes – they can be used to offset capital gains in the current year, as well as be carried back three years or forward indefinitely by the CRA, which is included in our analysis.
Can I sell my business shares or underlying assets?
Different tax implications depend on the structure of the transaction and whether or not the shares will be exempted from the Lifetime Capital Gains Exemption. This is precisely the type of issue to discuss when planning.
Does lifetime capital gains tax planning only apply to individuals or companies too?
It applies to both – the company owning investments or other assets needs its own planning about future capital gains independent from the planning for selling the shares.
What documents are required for initial consultation on lifetime capital gains tax planning?
Purchasing documents, investment/property statement(s), previous tax return and transaction terms that you wish to consider. We'll confirm the specifics once we get familiar with what exactly you're going to sell.
How much does lifetime capital gains tax planning cost?
It depends on the specifics of your case. We provide a fixed-price quote after we understand what exactly you're planning and what it takes to review it properly.
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Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
In your initial call we’ll use the opportunity to understand your business as well as discuss the current challenges you face in accounting and suggest solutions that are tailored to your specific needs. You’ll get a better picture of how we will assist you in achieving financial success by providing clear communication, practical guidance and consistent, year-round service.
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