Master the Section 85 rollover to facilitate tax-deferred asset transfers, avoid common pitfalls, and execute seamless corporate reorganizations.
Section 85 is the most “quoted” section number of the Income Tax Act, for both tax and non-tax professionals. It is commonly used to accomplish a variety of reorganizations, move assets between different entities or change share ownership. However, as with most beneficial things in Canadian taxation, the “devil is in the details.”
In this course, we will take a detailed look at what Section 85 is, why it exists, when it could (or should) be used and how to use it.
Topics include:
• Why does Section 85 exist?
• When is it useful?
• What conditions must be met in order to use it?
• What happens as a result of Section 85?
• How to complete and file the Section 85 election form with the CRA
• Practical considerations and examples
• Tips and pitfalls
Educator and Tax Advisor
Alex Garber, CPA, CA, MTax has been working in public accounting since 2004, focusing primarily on income taxation for Canadian owner-managed businesses and their shareholders. Alex presents PD seminars for CPA Ontario and facilitates at the CPA Canada In-Depth Tax Program. Alex is also a faculty member at the Schulich School of Business, York University, where he teaches income taxation at both undergraduate and master's levels. Alex started his career with Deloitte and Touche LLP in Toronto. He is currently an independent tax advisor, assisting various clients, sole-practitioners and CPA firms in Ontario.
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