On July 8 and 9, 2021, two articles by Alan Lanthier* were released in respect of the status of, and expectations for, a federal private member Bill which facilitates more tax-efficient intergenerational transfers of businesses (Bill C-208). Royal Assent was received on June 29, 2021.
In particular, the articles discuss
the problems with the old legislation;
the road to the new legislation;
the basics of the new legislation;
the issues with the new legislation;
the effective date and concerns with the Department of Finance release indicating a January 1, 2022 start date; and
expectations for adjustments to the legislation.
Tax relief for family business transfers: A legislative fiasco – Part I
Tax relief for family business transfers: A legislative fiasco – Part II
* Allan Lanthier has held leadership roles in national tax-focused organizations, has been an advisor to both the Department of Finance and CRA, is a retired partner with an international accounting firm, and is a frequent contributor to the National Post and Globe & Mail.