How To: Close a Canadian-Controlled Private Corporation (CCPC) | Part 3 - Settling Financial Obligations

In this third part of our series on dissolving a Canadian-controlled private corporation (CCPC), we will help you navigate the final stages of dissolution, including paying off debts, notifying creditors, and distributing remaining assets. We break down the legal, financial, and tax obligations involved in closing your business, so you can ensure a smooth and compliant dissolution process.

Stay tuned for our upcoming video series, where we’ll provide in-depth coverage on each step involved in closing your Canadian Controlled Private Corporation (CCPC). Over the next few weeks, we'll dive deeper into each topic, offering detailed guidance and expert insights to help you successfully navigate the dissolution process. Don't miss these essential tutorials!

🔑 In this video, we’ll cover:
✅ Paying Off Debts & Liabilities: How to identify, settle, and document all outstanding obligations.

✅ Notifying Creditors: The proper procedure for notifying creditors of the corporation’s intention to dissolve and what information needs to be included.

✅ Distributing Remaining Assets: How to fairly distribute assets to shareholders based on shareholdings, along with tax implications.

✅ Statement of Distribution of Assets: How to prepare this essential document to finalize the process.

Ensure compliance with legal and tax regulations, including obtaining a CRA clearance certificate, handling capital gains tax for shareholders, and meeting all reporting requirements.

If you're dissolving a corporation in Canada, whether it's a CCPC or another entity, this video will guide you through the crucial final steps to avoid pitfalls.

Disclaimer:
The information provided in this video is for general educational purposes only and is not intended to be legal, tax, or professional advice. Closing a Canadian Controlled Private Corporation (CCPC) involves legal and financial considerations unique to each business, and you should consult with a qualified legal, tax, or financial advisor for specific advice tailored to your situation. Relying solely on this information may not address all relevant factors or requirements for your particular circumstances.

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