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A Section 85 Rollover can be used to reduce personal taxes when incorporating your business. This video will explain how a S85 works and give some examples to illustrate this tax planning technique.
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CONTENTS OF THIS VIDEO
00:00 - Intro
00:45 - What is a Section 85 Rollover?
01:30 - How Does a Section 85 Work?
02:20 - Why Use a Section 85 Rollover?
02:59 - Common Scenarios for Using a Section 85
04:22 - Example 1: Incorporating When Goodwill Exists
05:28 - Example 2: Transferring Land to a Corporation
06:58 - How to Complete a Section 85 Rollover
07:12 - Step 1 - Determine the Value of Assets
07:30 - Step 2 - Incorporate a New Company
08:00 - Step 3 - Transfer Assets Using Form T2057
08:37 - Step 4 - Declare Any Capital Gains on Personal Taxes
09:01 - Should a S85 Always Be Used When Goodwill Exists?
09:28 - Example Where Goodwill is Attached to the Owner
09:58 - Final Thoughts
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MENTIONED IN THIS VIDEO
► What is a Section 85 Rollover Blog Post
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► How to Incorporate a Company Blog Post
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► How to Fill the T2057 Form
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