Transfer of assets to Limited company on incorporation

Options
emma1801
emma1801 Registered Posts: 55 Regular contributor ⭐
in General accounting discussion
I need to make an election to transfer assets at Nil tax written down value S266 CAA 2001

Should I enter this on the individual tax return SA100 or on the capital gains summary pages SA108, can any one advise?

Comments

  • Rhode
    Rhode Registered Posts: 1
    Options
    It would be better to seek the advice of an incorporation company before you make the final call. I remember having the same confusion back in 2011, although I do not know whether you have the exact same doubts. People from Ontario Business Central http://www.ontariobusinesscentral.ca/ stepped in to help me out in resolving the issue.
  • emma1801
    emma1801 Registered Posts: 55 Regular contributor ⭐
    Options
    Thank you for your advice, yes I did seek advice in the end.
  • burg
    burg Registered, Moderator Posts: 1,441 mod
    Options
    If you transfer at nil tax wdv then it is not a CGT issue as these assets have been subject to a trade and CA's claimed.
    Regards,

    Burg

Categories

Privacy Policy