Corporate Tax: Shutting Down the Corporation

Corporate Tax: Shutting Down the Corporation
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DL22230091

Recorded: October 2020

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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.

LEARNING OBJECTIVES
By the end of this course, participants 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”.

CONTENT

  • taxable wind-ups
  • tax-deferred wind-ups
  • tax-deferred amalgamations
  • issues impacting shareholders of corporations being shut down
  • issues relating to winding-up dividends
  • losses
  • clearance certificates, liability for tax debts, tax refunds, assessing a dissolved corporation
  • tax issues relating to the disposition of shares and debts
  • debt forgiveness issues that arise on winding up
  • PUC and ACB issues
PREREQUISITES: 

Participants should be comfortable with the rules of the Income Tax Act and have experience with Canadian corporate tax.

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.

CPD- 3.5 Hours

When
4/1/2022 - 3/31/2023 11:59 PM
Where
On-demand