I have entered all revenue/expenses up to the sold date. This business was not a small business corp - cannot find the right location to enter the necessary details.
Any money that you were paid that wasn't for inventory or fixed assets would be considered goodwill. Goodwill itself is considered like a fixed asset, so to enter it, you would put it in the CCA section as Class 14.1. For the opening balance of undepreciated capital cost enter the value of the goodwill of your business. For the proceeds of disposition enter the value of the sale of your goodwill.
So in this case since I started the business from scratch the opening balance of undepreciated capital cost would be 0?
This appears that I would be taxed as business income versus as a capital gain. I am understanding this correctly?
Thank you!