When you are considering becoming a business owner, you have the option of buying an existing business or starting a new one. The option you choose will affect how you will account for the purchase of the business assets for income tax purposes. 

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Original Article Source Credits: Canada.ca, https://www.canada.ca/

Article Written By: NA

Original Article Posted on: 14th April 2021

Link to Original Article: https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/setting-your-business/bringing-assets-into-a-business/buying-existing-business.html