Advocacy in action

CALU envisions a Canada where all people in all communities have financial security. Our advocacy efforts leverage the financial expertise of our members and share that knowledge openly with government in support of informed public policy. Here are some examples of our advocacy in action.

Income Tax Act, section 84.1

CALU was a determined advocate for a change to section 84.1 of the Income Tax Act, an anti-avoidance rule that created unfair tax penalties for business owners who chose to sell their business to a family member rather than an arm’s-length buyer. Over the years, CALU made multiple submissions to the federal government and had countless meetings with MPs and senators seeking a change to rules that undermined the futures of many small businesses and their owners.

As part of its advocacy, CALU actively supported the adoption of Bill C-208, a private member’s bill introduced in 2020, that sought to permit the transfer of shares in a private corporation to a child or grandchild of the business owner on similar tax basis as with arm’s-length sales. CALU appeared before the House of Commons Standing Committee on Finance to speak in support of the Bill (link to video).  Through the efforts of CALU and other organizations, Bill C-208 passed Royal Assent and became law on June 29, 2021.

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Submissions to government

The following are examples of advocacy activities undertaken by CALU to inform and engage with policy makers. For a longer list of our submissions to government, CALU members can log in to the members portal.

Pre-budget consultations in advance of the 2022 federal budget - August 2021

CALU submission to the House of Commons Standing Committee on Finance with recommendations based on our public policy priorities.

Response to Impact of Calmusky Decision on Estate Planning - September 2020

A joint submission from Advocis, The Financial Advisors Association of Canada, and CALU to the Ministry of Finance outlining concerns about the potential impact of the recent Ontario court decision in Calmusky v. Calmusky on the estate plans of many Ontarians.

Response to COVID-19 Pandemic Minimum Withdrawal Rate for Registered Retirement Income Funds - March 2020

A joint submission from Advocis, The Financial Advisors Association of Canada, and CALU with feedback and recommendations to the Department of Finance Canada regarding the proposed reduction in the minimum withdrawal rate for RRIFs.

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