Canada Section 85 Rollover Agreement (Oil and Gas Assets)

Transfer oil and gas assets from an individual to a corporation with this Section 85 Rollover / Transfer of Assets Agreement for Canadians.

• The assets are being transferred as a rollover under section 85(l) of the Income Tax Act (Canada).
• The vendor and purchaser will jointly file an election with respect to the transaction.
• In the event of an uncontested re-assessment by Canada Revenue Agency, the aggregate cost amount set out in the reassessment notice will constitute the cost amount of the assets.

The Canada Section 85 Rollover / Transfer of Assets Agreement for Oil and Gas Assets is a downloadable and fully editable legal template.