Bill C-208 Introduces Support for Family Business Succession
On June 29, 2021, the Private Member’s Bill C-208 received Royal Assent. Bill C-208 provides for the intergenerational transfer of certain family businesses to receive the same tax treatment as businesses sold to a third party. Bill C-208 represents a significant positive change to support family business succession in Canada. However, there is a tight window in which businesses can act, which is prior to November 1, 2021.
LEARN MORE: Dig into changes to family business succession in this Tax Alert from MNP.