AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
If you sell the shares of a qualifying Canadian-controlled private corporation while you are still resident in Canada, the gain may be sheltered by the lifetime capital gains exemption, which the CRA's 2025 guide gives as $1,250,000 of gains. An asset sale by the company does not use your personal exemption, and gains on shares sold after you become non-resident are generally not eligible, so the timing of the sale against your departure matters.
Plenty of Nigerian Canadians build a business over ten or fifteen years (a pharmacy, a trucking firm, a care agency, an accounting practice) and then decide to move home to Lagos, Abuja or Port Harcourt. Selling before you go can be the biggest financial transaction of your life, and Canadian tax rules reward planning it around your departure date. This page explains the main rules as the CRA's Capital Gains 2025 guide (T4037) describes them. It is information, not tax advice; a sale of this size needs a Canadian accountant and lawyer.
Share sale or asset sale
| Share sale | Asset sale | |
|---|---|---|
| Who sells | You, the shareholder, sell your shares | Your company sells its equipment, contracts, goodwill and stock |
| Who pays tax on the gain | You personally | The company, then you again when you take the money out |
| Lifetime capital gains exemption | Available if the shares qualify | Not available on the company's gain |
| What the buyer takes on | The whole company, including its history and liabilities | Only the assets it chooses |
| Buyer's usual preference | Less often | More often, for cleaner liability and tax write-offs |
Sellers usually prefer a share sale because of the exemption; buyers often prefer assets. The price is where the two meet, so know the after-tax value of each structure before you negotiate.
The lifetime capital gains exemption
The CRA's 2025 guide gives the exemption as $1,250,000 of capital gains on qualifying property, which means a maximum deduction of $625,000 because only half of a capital gain is taxable. The guide labels the figure as a proposed change and says the limit is indexed to inflation, so check the current year's figure. To qualify as qualified small business corporation shares, the CRA lists conditions including:
- at the time of sale, the company is a small business corporation: a Canadian-controlled private corporation with all or most (90% or more) of its assets, by fair market value, used mainly in an active business carried on mainly in Canada;
- throughout the 24 months before the sale, the shares were owned only by you, a related person or a partnership you belonged to;
- throughout those 24 months, more than 50% of the company's assets were used mainly in an active Canadian business.
Spare cash and investments held in the company can break the 90% and 50% tests. Accountants often "purify" a company by moving surplus assets out well before a sale; the 24-month look-back means this needs to start early.
Why the departure date matters
The CRA says you must be resident in Canada throughout the year to claim the deduction. It also treats you as resident throughout the year if you were resident for part of it and resident throughout the year before or the year after. Gains on shares sold while you were non-resident are generally not eligible.
When you emigrate, Canada also treats you as having sold most of your capital property at fair market value on the day you leave (the departure tax, explained in departure tax when moving back to Nigeria). Private company shares are not on the CRA's list of excluded property (which covers Canadian real property, Canadian business property used through a permanent establishment in Canada, and registered plans such as RRSPs and TFSAs), so shares you still hold in your Canadian company are generally caught. You can elect on Form T1244 to defer paying that tax, without interest, until you actually sell, but the CRA requires security if the deferred federal tax exceeds $16,500. Leaving first and selling later can therefore bring tax on departure and still leave the later sale outside the exemption. If your property is worth more than $25,000 in total, the CRA also expects Form T1161 listing it with your final return.
A worked example
Example only, with simplified figures and ignoring other limits. Ada's shares in her Ontario care agency cost her $100,000. In March, while she is still living in Toronto, she sells them for $700,000.
- Capital gain
- $700,000 − $100,000 = $600,000
- Taxable half
- $300,000
- Exemption room (2025 guide)
- $625,000 maximum deduction
- Deduction used
- $300,000, so the taxable gain is reduced to nil
Had the company held $400,000 of idle investments, it might have failed the asset tests and the whole $300,000 taxable gain could have been taxed at her marginal rate. Other rules, such as previous use of the exemption and investment losses, can also reduce what is available; your accountant will check.
Steps before you sell
- Get an accountant's view on whether your shares qualify today, and what would need to change.
- Fix the departure date only after the sale timetable is clear.
- Value the business and agree share or asset structure with the buyer.
- Plan how proceeds will be held and moved; see the money checklist for relocating to Nigeria.
- Keep the sale agreement, closing statement and tax slips; Nigeria's tax authorities and banks may ask about the source of funds.
Where Pryme fits
Sale proceeds often need to sit in more than one currency while you resettle. A Pryme account holds naira, dollars, pounds and euros, and Swap converts only when you choose, showing the rate and fee before you approve. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
Can I use the lifetime capital gains exemption after moving to Nigeria?
The CRA says gains on qualifying property sold while you are non-resident are generally not eligible, so most sellers complete the sale while still resident.
How much is the lifetime capital gains exemption?
The CRA's Capital Gains 2025 guide gives $1,250,000 of gains for 2025, a maximum deduction of $625,000, and says it is indexed to inflation.
Does an asset sale qualify for the exemption?
The exemption applies to qualifying shares you sell. In an asset sale the company sells, so the exemption does not apply to the company's gain.
What is the 24-month rule?
The CRA requires that, for 24 months before the sale, the shares were owned only by you or related persons and the company met the more-than-50% active asset test.
Sources
- CRA: Capital Gains 2025 (T4037), modified 11 Feb 2026 · accessed Oct 2026
- CRA: Dispositions of property for emigrants of Canada (modified 20 Jan 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.