This is an exemption found in the Income
Tax Act (of Canada) that relates to certain capital gains realized in
the sale of qualified small business corporation shares (and certain
farm properties). It is available over an individual’s lifetime
to a limit, which usually changes from year to year, and which is currently a limit of over $860,000.00. The exemption may be claimed
many times, but only until this limit is cumulatively reached.
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The general opinions expressed herein
are for information purposes only and are not to be relied on. Individuals
are encouraged to seek legal advice as it relates to their specific
fact scenario to ensure they are fully aware of their legal rights and
obligations.