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Some or all of the purchase price is often computed based on Target profits for some period following the acquisition. That type of arrangement (often called an earn-out) can help bridge differences in how the parties value Target. However, earn-outs must be approached carefully from a Canadian tax perspective and should be reviewed by Canadian tax counsel.

部分或所有出售價格，通常會按照目標公司在收購之后一定期限內(nèi)的利潤進行計算。該類安排（通常稱為或有對價）可幫助彌補雙方對目標公司估值的分歧。但從加拿大稅務的角度，必須慎重采用或有對價，并且須由加拿大稅務律師進行審查。

The principal tax issue associated with earn-outs is that section 12(1)(g) provides that payments based on the use of or production from property, including as an installment of the sale price, are treated as income, not capital gains, to the recipient. That kind of recharacterization is generally quite negative for a seller of Target shares, because:

與或有對價有關的主要稅務問題是，在第12(1)(g)條中規(guī)定，基于資產(chǎn)的使用或產(chǎn)物的支付款項，包括分期支付出售價格在內(nèi)，應作為收款人的所得進行處理，而不是資本收益。這種重新定性通常對目標公司股票的出售方非常不利，原因是：

• only 50 percent of capital gains is included in income;

僅有50%的資本收益被包含在收入所得當中；

• capital losses can be used only against capital gains;

資本損失僅能用于抵消資本收益；

• only capital gains can benefit from the QSBC exemption (see Section IV.B, infra); and

僅資本收益可以從合格小企業(yè)公司稅務減免中獲益（見下文第IV.B節(jié)）；并且

• nonresident sellers (usually exempt from Canadian capital gains tax) may be subject to Canadian withholding tax under the Part XIII equivalent of section 12(1)(g).

非居民出售方（通常可獲得加拿大資本收益稅減免）可能需根據(jù)與第12(1)(g)條類似的第XIII部分規(guī)定，繳納加拿大預扣稅。

Section 12(1)(g) does not affect the tax position of the buyer; the recharacterization is one-sided.

第12(1)(g)條并不影響收購方的課稅情況；重新定性是單方面的。

The CRA has a helpful administrative policy on shares sold subject to an earn-out, which allows the seller to use the cost recovery method to report the sale proceeds and to avoid section 12(1)(g). Under that regime, as amounts of the sale price become determinable, the seller reduces its cost basis in the shares. As such, no capital gain is realized until the amount of the sale price that can be calculated with certainty and to which the seller has an absolute (although not necessarily immediate) right exceeds the seller’s cost base. The administrative policy applies if the following conditions are met:

對于根據(jù)或有對價安排出售的股份，加拿大稅務局頒布了優(yōu)惠的行政性政策，允許出售方利用成本回收方法，申報出售收益，避免第12(1)(g)條規(guī)定的情形。根據(jù)該機制，隨著出售價格可確定，出售方可降低持有股份的成本基礎。因此，在可以確定計算的且出售方擁有絕對（但并非可即時生效的）權利的出售價格超過出售方的成本基礎之前，不會實現(xiàn)任何資本收益。在下列條件滿足的情況下，行政性政策適用：

• the seller deals at arm’s length with the buyer;
• 出售方與收購方非關聯(lián)；
• the earn-out feature relates to underlying goodwill whose value cannot reasonably be expected to be agreed on by the parties at the date of sale;
• 或有對價的特征與潛在商譽有關，而雙方在出售日期預計無法協(xié)定此等商譽的價值；
• the last contingent amount under the earn-out becomes payable within five years of the end of the Target tax year that includes the date of sale; and
• 或有對價項下的最后一筆或有對價金額，在包含出售日期的目標公司稅務年度結束后五年內(nèi)可支付；以及
• the seller submits a formal request to use the cost recovery method with its year-of-sale tax return. A reverse earn-out is also frequently used to avoid the application of section 12(1)(g).

Essentially, if a property’s purchase price is expressed as a maximum considered to be the property’s FMV at the time of sale subject to reductions if reasonable conditions regarding future earnings are not met, section 12(1)(g) will not apply. Instead, both the seller’s proceeds and buyer’s cost basis will be treated as the maximum amount owing, subject to appropriate adjustment in post-sale tax years if the relevant conditions are not met and the sale price is reduced. Such post-closing adjustments to the buyer’s cost basis can be troublesome if the buyer sells Target shares before the completion of the adjustment period.

• 出售方在資產(chǎn)出售年度的納稅申報單中，提交了采用成本回收方法的正式請求。²³反向的或有對價也常被用于規(guī)避第12(1)(g)條。實質(zhì)上，如果一項資產(chǎn)的收購價格表示為出售時資產(chǎn)的最高公允市價，且如果與未來收益有關的條件未滿足時此等價格需進行下調(diào)，則第12(1)(g)條不適用。²⁴相反，出售方的收益與收購方的成本基礎將視為最高應付金額，若未達到相關條件并降低出售價格，將在出售后的稅務年度進行恰當調(diào)整。如果收購方在調(diào)整周期結束之前出售目標公司股份，此等對收購方成本基礎的交割后調(diào)整可能產(chǎn)生問題。