Bill C-208 and How It Can Affect Your Family Business
Bill C-208 amends the Income Tax Act to reduce taxes that must be paid when a business owner wishes to sell shares of their farm, fishing or small business to their adult children or grandchildren. In the past, the Income Tax Act penalized business purchasers who were not arms-length from the business owner (unrelated). This bill reduces the tax that needs to be paid when an adult child or grandchild purchases the business from previously as high as 48.27% of the selling pric
