As an owner-manager, the end of the year is always a good opportunity for you to consider ways to improve your tax position.
Before January 1st arrives, you can still act to manage taxes for yourself and your incorporated business for 2016. This year, there are several new things to keep in mind as you review your 2016 business tax situation. If your company is a Canadian controlled private corporation and you want to sell your business remember that due to the new eligible capital property rules, you may want to conclude the sale before December 31, 2016 in order to benefit for a tax deferral of approximately 12%.
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