The Section 85 Rollover is a technique that allows taxpayers to defer all or part of their income which would normally be taxed on. This allows the taxpayer to defer paying taxes on any assets that are transferred. These assets include eligible property like capital property, Canadian and foreign property, some inventory, and real estate.
There are two things that are to be kept in mind with the Section 85 Rollover when transferring property:
- A portion of any payment must be shares of the corporation. This can be common, preference or a combination of both.
- The fair market value of the property must equal the fair market value of the payment
To determine fair market value of the property and the shares, it is suggested that a Chartered Business Valuator be engaged to determine the fair market value of the shares. The CRA requires that all transfers are done in a fair and reasonable manner.
This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.
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