Author: External Author | Jun 16, 2021 | Categories: Business Valuation , Business Valuation Expert , Financial Consultant

Section 167 of the Excise Tax Act (the Act) contains provisions for two elections that apply to the sale of a business and its assets. The election under subsection 167(1) applies to the sale of a business or part of a business. The election under subsection 167(2) applies to the supply of the business assets of a deceased individual. This memorandum examines each of these elections as well as the provisions that could apply where there is a sale of a business that has no commercial activity. It also covers the provisions of section 167.1, which apply to the supply of goodwill.

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