What to do when selling the real estate you own but keeping the business that occupies it?
If you work in a building you own and you’re thinking about selling, you may want to consult a tax lawyer to take advantage of a tax scheme available to Canadians on a disposition or sale.
TORONTO, ONTARIO, JANUARY 4, 2011 -- Beacon Corporation, Brokerage joined 1% for the Planet (1%), pledging a portion of its sales to support non-profit organizations focused on sustainability.
"Beacon Corporation, Brokerage is a great addition to the network. By signing on to 1%, it shows they’re really walking the walk in their sustainability efforts,” says Terry Kellogg, 1% CEO. “They're using generosity as a tool with which to build their business and enabling valuable environmental work along the way. We're excited to welcome them to the 1% family."
A client of mine was thinking about selling his business (a mid-sized manufacturing firm) and was wondering about what to do about the real estate asset – a large factory and receiving building from which the business operated.
I told him to cash out the real estate now, but continue to run the business until it was time to hand the reins over and retire.