Filing a Section 85 Election Form

This webinar explains how to file a section 85 election form (T2057/T2058)

CPD hours: 2

We also cover how to avoid tax when transferring assets to a company and incorporating a business on a tax-free rollover basis. There are lots of examples to help explain these important tax topics.

Recorded Dec. 18, 2024

This webinar explains how to file a section 85 election form (T2057/T2058) and includes among other topics:

• How taxpayers and partnerships can transfer assets tax-free
• Administrative details such as due dates, penalties and amending election forms
• The tax consequences of not transacting at fair market value (FMV)
• Comprehensive income tax consequences (to both the seller and the buyer) of using section 85
• Section 84.1 anti-avoidance rules
• How to incorporate your business on a tax-free rollover basis, and
• How to crystalize your capital gains exemption.