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Section 84.1

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, ...

July 9, 2021|Categories: Industry news|Tags: |

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