Don't forget the goodwill!

Bruce_C49

The proprietor who ends his/her proprietorship and rolls over assets and liabilities should be careful to add Goodwill on the new corporation's balance sheet. The Canada Revenue Agency will look for this when your accountant prepares an opening balance sheet for them - the T2Sch101.

Goodwill should be reasonable. The shareholder/operator can take back the goodwill as a shareholder loan.