ARTICLE · 31 MAY 2023

After The Asset Purchase Agreement: Forms, Filings, And Fees

Thompson Dorfman Sweatman LLP

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In Manitoba, an asset purchase and sale transaction won't be complete without considering these three forms: A joint election under subsection 167(1)...

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Stéphanie Tétreault

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In Manitoba, an asset purchase and sale transaction won't be complete without considering these three forms:

1. CRA: GST Form 44

A joint election under subsection 167(1) of the Excise Tax Act (Canada) generally allows a person (the "Vendor") to sell a business or part of a business to a recipient (the "Purchaser") with no GST payable on the property or services sold under the agreement if certain conditions are met. To qualify, the Vendor must be selling a business or part of a business, and the Purchaser must be acquiring all or substantially all of the property (generally 90% or more) that can reasonably be regarded as being necessary for the Purchaser to be capable of carrying on the business or part of the business.

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