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Bought a business and previous owner has o/s gift certificates we are honouring.?
My friend and I bought a business just recently. The previous owner had issued gift certificates to customers who are now redeeming them with us. When the business was bought the o/s gift certificates were not taken into account in the purchase price. In saying that, do we have to take these certificates into our revenue even though we received no cash for them or is there a more beneficial way to treat this under CRA rules?
4 AnswersCanada9 years ago