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Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
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Bill C-208 intergenerational transfer questions answered
20 Sep 20212 min read
Bill C-208 was enacted to equalize the income tax treatment between a third-party sale and a sale to children/grandchildren of a family business. Before Bill C-208, gains from intergenerational transfers were taxed as dividends instead of capital gains. This meant that parents and/or grandparents couldn’t use the capital gains exemption when selling to the next generation—which could result in much higher taxes. With Bill C-208 now in effect but with potential amendments on the horizon, our advisors answer some key questions to help your business—and legacy—navigate and utilize its intended benefits.
Contents
Why is Bill C-208 important to family businesses?
The most significant aspect of Bill C-208 is that it intends to equalize intergenerational and third-party transfers of businesses. This can offer family business owners significant peace of mind when succession planning by helping to create and maintain intergenerational prosperity and preserving a business’ legacy.
How will it help family businesses and our communities?
Bill C-208 can play an important role helping communities to thrive. When family businesses can stay within the family and succession isn’t detrimental, communities can maintain their unique identities and prosper through employment opportunities.
What is the significance of November 1, 2021?
The Department of Finance intends to make amendments that protect the integrity of Bill C-208 and protect against artificial tax planning. The government plans to work on amendments that will apply to the later of November 1, 2021 or the date of the legislation’s publication.
With amendments on the horizon, what can I do now?
Bill C-208 is now in effect, but as noted, changes are expected. You should proceed with caution when planning your business’ succession to the next generation, as transactions other than a genuine transfer may carry risk.
How could the federal election affect Bill C-208?
Bill C-208 is a boon to family businesses and the communities they support. Our hope is that there is ongoing government support for Bill C-208 and that its intentions continue to be honoured.
Bill C-208 offers significant benefits for family businesses. Our advisors can help you with a range of considerations—from determining optimal shareholding structures to determining if your business qualifies.
If you are transferring your family business, you need to know about amendments to Bill C-208 that were proposed in Budget 2023. Our tax alert covers what's ahead.
The federal government proposed amendments to the rules in Bill C-208 to facilitate intergenerational business transfers (IBT), including the introduction of two separate sets of tests to impose new restrictions.
Our client—married owners of an established home improvement retailer—wanted to hand off their business to their two children after the pandemic made them realize the importance of putting a future plan in place.
