Capital Gains: Realty sales help

I've a client who's selling an apartment complex and he wants to avoid paying tax on the capital gains and capital cost allowance recaptue.

He's invested $310,000.00 and has an offer for $600,000.00, but he's countering for $650,000.00. He's claimed about $55,000.00 in CCA and will have the $340,000.00 in capital gains.

I've worked an estimate to bring his tax bill on this sale to $81,000.00, but I'm wondering if there's other ways to reduce the tax.

In Canada there is no small business advantage for corporations who's main soure of income is real estate, so we can't create a corporation and transfer the complex at cost, then pay the corporate rate on the gains and recapture. Plus, he'd have to draw the money from the corporation slowly, in the form of dividends, to avoid paying personal income tax on the dividends.

His marginal tax rate on the sale would be 45.66 percent, and that's a lot of quid.

Thanks for any help or suggestions, all ideas are welcome.

Thanks guys, I'll research those through the Canada Revenue site and see our tax laws give similar relief.