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What Do I Do with My Corporation When I Retire?

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Assuming you do not sell your practice shares, when you retire your professional corporation needs to remove the “professional” title, leaving you with a numbered holding company. This is usually done with the help of a lawyer and your accountant, but this change doesn't require you to sell any assets nor does it trigger any taxes. In addition, this change also allows you to modify the structure of shares however you wish. When looking at estate planning purposes, for example, you may want to freeze the value of your shares and issue new growth shares to other family members, or to a trust, to transfer future growth and taxes to that member.

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