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Here's how to minimise Capital Gains Tax

by , 14 June 2016
Here's how to minimise Capital Gains TaxIf you sell or dispose of assets, then you can't escape from Capital Gains Tax (CGT). And if you don't comply here, you'll be hit hard by penalties and fines.

But what if I told you that you didn't always have to pay Capital Gains Tax on assets you got rid of?

That's right! There is a way. And in this article I'll show you what it is...

Keep reading to find out...

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Here's how to minimise Capital Gains Tax


I'm talking about reorganising your business, and moving your assets around. And there are several ways to do just that. Here are three of them…

Way#1: Company Formations (Section 42 of the Income Tax Act)

If you carry out business as a sole proprietor, and you wish to set up a company or close corporation, then you can transfer your assets to the corporate entity without gaining any capital gains tax.

Way#2: Share swaps (Section 43 of the Income Tax Act)

This is done if you wish to introduce a holding company.

Way#3: Amalgamations (Section 44 of the Income Tax Act)

This occurs when your company, an amalgamated company, gets rid of all its assets to another company, a resultant company, through an amalgamation, merger or conversion. And, as a result, your company ceases to exist.
 

*Those were three ways you can reorganise your business to minimise capital gains tax.

But don't forget that there's one more useful way to do just that.

To learn of  that other way you can reorganise your business to minimise your capital gains tax, page over to Chapter C 12 in your Practical Tax Loose Leaf Service handbook.

Don't already have it? No problem! We've got you covered.

Simply click here to order your very own copy of this invaluable tax resource today. 


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Comments
1 comments


niklaas 2016-11-07 14:42:58

Greetings I just want to know if I sell my law firm to someone does it attract capital gains tax and not the property their will pay rent to me

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