It's your legacy—help keep it in your family with Bill C-208
You've worked hard to ensure the success of your family’s business—and you want to keep it in your family’s hands. Bill C-208 intends to equalize the income tax treatment between selling a business to a third party and an intergenerational transfer to a family member. Bill C-208 is in effect—but it’s crucial to stay informed and understand your options as new legislation is on the horizon.
Have one of our advisors contact you to discuss your family succession plan.
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.
Changes to Bill C-208 may come as early as November 1. In this video, Keith MacIntyre discusses three things for business owners to consider now.
With Bill C-208 now in effect but with potential amendments on the horizon, our advisors answer some key questions to help your business—and legacy.
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.