I wish I could predetermine my death [emoji23] In any case, you are correct. Either sell the asset or the Corp. In either case the tax man takes his pound of flesh, and in the case of the asset sale you also pay the land transfer tax. Have you considered owning the asset in a family trust?

My issue with the corporation is what happens when a person passes away while holding real estate in the corp. Bear with me a minute while I set up this example. Suppose you have a property worth $1M that you buy in a new corporation. For simplicity at this point you have $1M in assets...