Ontario Section 85 Asset Rollover (Land for Preferred Shares)

Prepare a Section 85 Asset Rollover Agreement of Land for Preferred Shares with this easy-to-use template for Ontario, under Subsection 85(1) of the Income Tax Act (Canada).

• The vendor sells a parcel of land for fair market value to a holding company in exchange for preferred shares in the holding company (a rollover) with a redemption amount equal to the purchase price of the land.
• The parties agree to file joint elections as required under the Income Tax Act (Canada) and the Ontario Corporations Tax Act.
• The file includes a Section 116 Affidavit of Residency, to be sworn by a corporate officer of the vendor, if applicable.
• Available in MS Word format and fully editable to fit your specific circumstances.
• This is a Canadian legal form for use in the Province of Ontario.