I purchased my part of the business from my brothers via a nominal amount and continued operations independently. How do I report the value of the fixed assets if the FMV is higher than what I paid for and subsequently, how do I calculate the CCA?
It is a "first principle" that accounting is a historical record, it is generally not an estimate of current values. Accordingly, for accounting purposes, you record what you actually paid and calculate depreciation on that basis.
Tax reporting and CCA are a separate matter. There are numerous complicated rules related to FMV and non-arm's-length transactions, and various "elections" that you may be able to make to optimize the tax consequences for yourself AND for your brothers. It's too complicated to discuss here; I strongly recommend that you consult your own professional accountant, and do it as soon as possible because the elections may affect both you and your brothers and may be subject to rigid time constraints.
