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hey folks this is your accountant minsu Sohail I operate out of Toronto Ontario and my specializations are taxes for Canada and USA my presentation today is only for educational purposes it does not constitute any legal advice or opinion so please do not use any of its contents without seeking a professional advice I will be talking about sales of business today and their sale and purchase of assets is involved so sale of business can take place either by sale of assets or by sale of shares well be talking about sale and purchase of assets in this scenario vendor has a choice to sell assets of his or her choice if the price allocated to an asset is greater than its book value the vendors recapture of capital cost allowance becomes taxable income for vendor if the price of an asset is greater than the cost of the asset the difference between cost and price recovered is subject to capital gains tax in an asset sale vendor can be left with assets for which corporation has no use after di
