Extinguishing a corporation in British Columbia, Canada

[tabat]

Hello and thanks in advance.

If a person had to extinguish a corporation (in BC) and the corporation had 1 share (and a sole owner/shareholder):

1.
what would the procedure be?

2.
And what would happen to the assets of the corporation (real estate) + liquidity?

3.
How much the sole shareholder would be taxed on those assets?


Thank for your time.

[vangogh]

Welcome to the forum tabat. Let me say upfront that I really don't know specifically what you need to do, but I did a little searching and it sounds like you file a voluntary dissolution application (https://www.corporateonline.gov.bc.ca/corporateonline/colin/accesstransaction/menu.do?action=setup). There's a link to the forum in the middle of the page I just linked to on the BC Registry Services site. You need a login to access it.

Hope that helps.

[tabat]

Hi, the website you mentioned is down.

Hopefully someone will also know about the tax issue (with transferring assets from the corporation to the owner/sole shareholder).

[Patrysha]

That's really a question that should go to a professional within your province or local/federal government sources, not a general small business forum. Especially since so few active on the forum are Canadian, let alone from BC.