What options exist for the CCPC (with fiscal year end as 31-Dec) to avoid departure tax if its funds are locked in three months non-redeemable GIC that won't mature until a month or two after emigration of the owner (and his family), who is an IT consultant who moves to the US?
In order to avoid departure tax on the value of the company less liability, can the CCPC create liability equal to the value of the company by declaring the total assets as dividends but paying them when the GIC matures later after the owner becomes a non-resident?
Also, if the corporation plans to operate after emigration, does the CCPC need to file its last T2 as CCPC and pay tax due within six months and three months after emigration respectively. Then file another T2 as a non-resident corporation six months after the end of the calendar year?
CCPC Departure Tax and tax returns
Moderator: Mark T Serbinski CA CPA
Re: CCPC Departure Tax and tax returns
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