Canada Section 85 Rollover Agreement (Oil and Gas Assets)
Transfer oil and gas assets from an individual to a corporation with this Section 85 Rollover / Transfer of Assets Agreement for Canadians.
- The assets are being transferred as a rollover under section 85(l) of the Income Tax Act (Canada).
- The vendor and purchaser will jointly file an election with respect to the transaction.
- In the event of an uncontested re-assessment by Canada Revenue Agency, the aggregate cost amount set out in the reassessment notice will constitute the cost amount of the assets.
The Canada Section 85 Rollover / Transfer of Assets Agreement for Oil and Gas Assets is a downloadable and fully editable legal template.
Last Updated: 14-April-2016