Our client—married owners of an established home improvement retailer—wanted to hand off their business to their two children after the pandemic made them realize the importance of putting a future plan in place.
If you are transferring your family business, you need to know about amendments to Bill C-208 that were proposed in Budget 2023. Our tax alert covers what's ahead.
The federal government proposed amendments to the rules in Bill C-208 to facilitate intergenerational business transfers (IBT), including the introduction of two separate sets of tests to impose new restrictions.
Bill C-208, a private member’s bill, proposes to exempt certain intergenerational transfers from the punitive section 84.1 rules if certain conditions are met.