Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
Clients often engage professional accountants to assist with transactions designed to accomplish objectives such as creditor proofing, estate planning, and corporate restructuring. These transactions require that practitioners possess comprehensive knowledge of Section 85 in the Income Tax Act (ITA) in order to meet the client’s objectives in a tax-efficient manner. Section 85 interacts with several related and anti-avoidance provisions that professionals should understand in relation to these engagements.
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.
This 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.
NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.
Schedule
- August 6, 2025, 8:30 a.m. - 12:30 p.m.
- August 7, 2025, 8:30 a.m. - 12:30 p.m.
Key Takeaways
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.
Who Will Benefit
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.
Prerequisite(s)
Participants should be familiar with the ITA.
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Karen Wilkinson, FCPA, FCA is President of Karen Wilkinson Professional Corporation. She was previously a Tax Partner with Deloitte LLP with over 25 years of tax experience. Karen's practice is focused on assisting private companies and their owners in maximizing wealth and transitioning the business to the next generation. While at Deloitte LLP, Karen was the Chief Learning Officer for the Canadian tax practice for 9 years. She has been involved in the delivery of all aspects of the CPA Canada In-depth tax program and is a former lecturer for the CPA Canada Income Tax for the General Practitioner course. Karen graduated from the University of Waterloo with a Master of Accounting degree.