Property Transfer Agreement | Canada

The parties agree that the property is being transferred at fair market value.
The purchaser agrees to issue shares in its capital stock to the seller and assume any outstanding encumbrances on the property as payment of the purchase price.
The parties agree to make a joint Section 85(1) election under the Income Tax Act (Canada).
The parties mutually indemnify each other with respect to the transfer.
The agreement sets out the manner of arriving at an agreed amount for depreciable property subject to subsection 85(5.1) of the Act, and eligible capital property subject to subsection 248(1).
The parties intend that the purchase price for the assets be an amount equal to the fair market value of the assets at the date of the agreement.
This template is available in MS Word format, and is fully editable to fit your circumstances.
This legal document is governed by Canadian tax laws.

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Last Updated: 13-November-2024

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The developer of the technology also assigns all of its moral rights, to the extent allowable by law.
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The parties are both Canadian corporate entities.
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This document complies with Canadian tax laws and is only for use in Canada.

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The purchaser and vendor agree to jointly file an election under subsection 85(1) of the Income Tax Act.
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The special resolution is passed by the directors. It authorizes the corporation to amend its Articles of Incorporation and to convert the shares as part of a corporate reorganization.
The form can be used by federal corporations and by any provincial corporation incorporated under a Business Corporations Act (Alberta, BC, Saskatchewan, Ontario, New Brunswick, Yukon, NWT and Nunavut). A different form may be required in Quebec.
Available as a downloadable MS Word document.

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