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Document Id : 3004
File Type : Microsoft Word
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Canada Shareholder Buy-Sell Agreement (Promissory Note Method)
Plan ahead for the continuation of your business upon the death or retirement of an owner with this Shareholder Buy-Sell Agreement (Promissory Note Method) for Canadian companies.
- Under this Agreement, the corporation holds life insurance policies on each of the shareholders and uses the proceeds to redeem and acquire its own shares from a deceased shareholder's estate.
- If a shareholder dies, the surviving shareholders can purchase the deceased's shares on a pro rata basis (proportionate to their current shareholdings) by issuing the corporation a promissory note for the purchase price.
- The corporation will loan the purchaser the amount of the purchase price from the insurance proceeds, and then makes an election for a deemed dividend to be paid from the capital dividend account if possible.
- This Agreement is governed by Canadian income tax laws.
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