Good news for family business succession!
For years CALU has been advocating for a change to section 84.1 of the Income Tax Act, an anti-avoidance rule that applies where owners of a private corporation sell shares to another corporation controlled by family members. On June 22, 2021 that advocacy paid off when the Senate adopted Bill C-208. The final remaining step before the bill becomes law is for it to receive Royal Assent which currently comes from the Chief Justice of Canada. Bill C-208, a private member’s bill which created a limited exemption from section 84.1 on the sale of qualified small business corporation shares, was ...
