INFOexchange 2021 Vol.2 now available!
In this issue: Finding the Opportunities in a Year of Challenges, by chair Cindy David
Finance proposes to defer implementation date for Bill C-208
Bill C-208 is the private member bill intended to facilitate the transfer of small businesses to family members that received Royal Assent June 29, 2021. The Department of Finance has now announced that the federal government plans to introduce legislation that will defer the implementation date of these amendments until January 1, 2022. The passing of this bill is a significant accomplishment in that it finally addresses the existing inequities caused by section 84.1 of the Income Tax Act, which penalized business owners when shares are sold to their children versus to an arm’s-length third party. At the same time, ...
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 ...
Submission on draft legislation governing ELHTs
CALU provided further input to the Department of Finance, regarding draft legislation contained in the Budget Implementation Act 2021, governing Employee Life and Health Trusts (ELHTs). This submission, which was prepared by Kevin Wark, Tax Advisor, and Robert McCullagh, Secretary-Treasurer, on behalf of the Health and Welfare Trust (HWT) Task Force, seeks to clarify one interpretive issue, obtain indexing of the $2,500 PHSP limit in the future, and obtain another year extension from CRA for existing HWTs. View the submission
Canadian Business Resilience Network calls on the Prime Minister for national economic re-opening plan
CALU joined with the Canadian Business Resilience Network of the Canadian Chamber of Commerce to call on the Rt. Hon. Justin Trudeau, Prime Minister of Canada to take action. The group penned an an open letter asking the PM to work closely with all of the premiers in developing a pan-Canadian pandemic reopening plan. With COVID-19 vaccination rates rising, infection rates dropping and many Canadians turning their attention towards a post-pandemic future, there is a growing need to have a clear and predictable framework for how and when restrictions will be eased and businesses can reopen. The open letter, which ...
Nomination de Barry Pascal à titre de président de CALU
OTTAWA (Ontario), le 5 mai 2021 — Barry Pascal, MFA-P, TEP, a été élu président du conseil d’administration de CALU pour le mandat de 2021 à 2022. Barry est un associé chez Bell Pascal Services Assurance, une entreprise de la région de Montréal spécialisée dans la planification successorale et le financement de conventions d’actionnaires pour les entrepreneurs et les entreprises familiales. En plus de ses 38 années au sein de l’industrie des assurances avancées et des conseils financiers, Barry apporte une expérience considérable en tant que membre du conseil d’administration et de comités de CALU au rôle de président, ayant ...
Barry Pascal appointed CALU chair
OTTAWA, ON, May 05, 2021 — Barry Pascal, MFA-P, TEP, has been elected chair of the board for the Conference for Advanced Life Underwriting (CALU) for the 2021-2022 term. Barry is a partner at Bell Pascal Insurance Services, a Montreal-area firm specializing in estate and succession planning and the funding of shareholder agreements for entrepreneurs and family businesses. In addition to his 38 years in the advanced insurance and financial advisory industry, Barry brings extensive CALU board and committee experience to the role of chair, having served on the board for a total of six years, and serving on more ...
CALU 2020-2021 Year-In-Review
Have a look at the year that was in the CALU 2020-21 Year in Review.
INFOexchange – 2021, Vol.1
In this issue: Finding the Opportunities in a Year of Challenges, by chair Cindy David; Budget 2021 highlights by GR Committee chair, Adrian George
CALU Strategic Plan 2021-2023
CALU’s board of directors and staff have created a strategic plan to guide CALU through the next three years. In developing CALU’s 2021-23 Strategic Plan, the board set out to determine the right direction, priorities and initiatives for CALU to pursue to support members through a challenging present while remaining vital and relevant well into the future. Read the plan
