In order to help practitioners and other tax professionals assist clients and others with property transfer engagements, this seminar covers selected tax aspects explaining the transfer of property to a corporation using the Section 85 rollover rules. Each module contains specific examples and cases designed to help participants review relevant tax theory and focus on major tax planning issues, including filing requirements and ensuring the transaction is not caught by key anti-avoidance provisions.  The course does not cover the accounting treatment of the transfer of property pursuant to a Section 85 election.

Topics Include:

• the purpose and use of Section 85 of the ITA
• conditions of application
• agreed amount: election and limits
• cost of consideration and other rules
• paid-up capital and legal characteristics of shares received
• anti-avoidance rules and other considerations
• election deadline and penalties

Applicable for

Tax professionals and practitioners who seek improved knowledge about Section 85 and the process for correctly preparing and filing a T2057 election.

Participants in this seminar may also benefit from Corporate Restructuring – Fundamentals, Advanced Tax Planning Strategies and Corporate Restructuring – Application for Private Corporations.

Learning Objectives

By the end of this course, participants should be able to:

• Identify the conditions necessary to make a Section 85 election and the property eligible to transfer under Section 85.
• Apply the upper and lower limits of an “agreed amount” for the transfer or property.
• Determine the cost amount of property transferred under Section 85.
•    Compare and contrast the requirements of and circumstances when Section 85 would be used instead of Section 85.1.
• Be aware of the relevant anti avoidance rules associated with a transfer of property under Section 85.
• Complete a T2057 election form and be aware of the deadlines for filing a Section 85 election and related penalties.

What to Expect

• An email will be sent from CPA Manitoba to the participant within two business days of registration. The email will include information on how to access the course along with the necessary login credentials.
• Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.
• This course is designed for participants to view while following along with the course material provided.
• This self-study course allows the user to save their progress and return to continue later.

Registration is for this course is open until August 31.2023 and should be completed by September 30, 2023, after this time, access to the course will no longer be available.

To receive a certificate, participants must complete a quiz at the end of the course. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this you will no longer have access to the quiz.