Saskatchewan Releases Bulletin on Buying and Selling a Business

Saskatchewan recently issued Information Bulletin PST-77, “Buying and Selling a Business,” to provide guidance on the PST liability that may be triggered with the sale of a business or certain assets. The bulletin also highlights the importance—for both the seller and purchaser—of obtaining a Bulk Sale Clearance Certificate, which ensures that the seller has filed all required returns and paid any taxes owing, including penalties and interest. 

In addition, the bulletin provides examples of which assets included in the sale of a business are considered taxable or non-taxable and discusses the PST implications of franchise transactions, renting or leasing a business, and business wind-ups.