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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
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Experience:  25 years in practice
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I am thinking of rolling my farm to a corporation. I

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I am thinking of rolling my farm to a corporation. They say section 85 if that helps. I understand I can trade my grain on hand for shares. I also understand I can take annual notes for the grain. In the future each year when I am paid for the annual note I show it as grain sold and the corporation shows it as grain purchased (in the meantime the corp has sold the grain and pays the tax on it - sound right?). From what I have heard from the presenter, or fcc guy present, is they always use 10 years to do this. Okay now this is my question. CAN I USE SAY 15 OR 20 YEARS TO SET UP AN AGREEMENT SUCH AS THIS. WHY ALWAYS 10 YEARS OR IS THAT JUST A FAVOURITE NUMBER TO USE AS AN EXAMPLE?? Thanks for the chance to ask this question.

Submitted: 1 year ago.
Category: Canada Law

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