Can I leave my business or shares in a company through my will in Ontario?

Yes, you can generally leave business assets or shares in a private corporation through your will in Ontario. Shares in a privately held corporation are personal property and can be gifted to a named beneficiary or fall into your residue.

However, leaving business interests through a will is more complex than leaving cash or real estate. Several factors require attention. Your shareholder agreement may contain restrictions on who can receive shares on death — for example, a right of first refusal or a mandatory buyout clause triggered by a shareholder's death. These provisions can override or conflict with your will. Review your shareholder agreement before finalizing your will.

There are also significant tax implications. On death, shares are deemed disposed of at fair market value, which can trigger capital gains. Proper tax and estate planning — including the potential use of a holding company, trust, estate freeze, or life insurance — can significantly reduce the tax burden on your estate and successors.

If your business is your most significant asset, a standalone business succession plan coordinated with your will is the right approach. A lawyer working alongside an accountant can help ensure your business passes to the right people in the most tax-efficient way.