Bill C-208 amends the Income Tax Act to provide tax relief to those who wish to transfer (sell) shares of their farm, fishing or small business to their adult children or grandchildren. It allows for the intergenerational transfer of shares to be treated the same as the sale of those shares to an arm’s length (unrelated) corporation.
The 2023 Federal Budget introduced amendments to the Bill C-208 legislation designed to tighten the scope of the rules. More criteria were added to require a more comprehensive transfer of ownership from a parent to an adult child. However, those amendments do not come into effect until January 1, 2024. As such, there remains a potential opportunity to rely on the original form of Bill C-208 to transfer the applicable types of shares to an adult child, provided the transfer occurs by December 31, 2023.
Date Sep. 22, 2023 | Time 9AM – 11AM PT | Online | $158
In this session we will cover:
- Review of Bill C-208 and amendments from federal budget
- Identification of clients and situations were there is benefit from initiating a transfer
- Considerations for doing transfers pre and post January 1, 2024
*Note: This session does not go into the details of how to execute a related re-organization.
Facilitator: Shane Schepens, CPA, CA
Intended participant: This session is intended for partner and senior staff who are responsible for tax planning. The session will provide tips on how to identify when a client would benefit from a transfer of shares and how to get ready for the required re-structuring.
Verifiable CPD Hours: 2.0
Ethics Hours Included: 0.50