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Section 85 Rollover
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What is Section 85 Rollover?

Transferring property from personal ownership or one corporation to another in Canada can trigger capital gains tax on the perceived sale to the corporation at fair market value. Section 85 of the Income Tax Act offers a solution by enabling property transfers to Canadian corporations without immediate taxable gains.

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Foreign Income Verification – Form T1135 Reporting
Blog

Foreign Income Verification – Form T1135 Reporting

Foreign Income Verification –All taxpayers (individuals, corporations, partnerships, and trusts) who, at any time during the year, owned specified foreign property with a total cost of $100,000 (Canadian) or more must file Form T1135- Failure to file results in punitive penalties; therefore, it is essential to understand the requirements to file Form T1135.

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