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Not So Good Will

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Not So Good Will

If you are incorporating your existing sole proprietor business, don't forget about goodwill - that's the reputation and client base you're taking with you.  If not dealt with properly you can be taxed twice on the value of this asset.

Once when CRA assesses and applies a value to it and you pay tax on the gain as an individual, and a second time because you messed up and CRA does not allow you to claim this value as the cost base in your corporation.  

As with anything tax, it's complicated, so when you're incorporating, use your lawyer and accountant to good purpose.

If you're looking for an accountant who does more than count your winnings and file your taxes, that's me - I do tax so you can relax!

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