By Matthew McCully
While Bill C-208, an act to lessen the tax burden on intergenerational transfers of small businesses, farms and fishing corporations recently passed into law, the federal government was quick to point out that amendments are on the way.
A press release from the Finance Department was published on Monday explaining the government’s intentions moving forward, citing a commitment to facilitate genuine intergenerational share transfers while protecting the integrity of the tax system.
“The government is clarifying that it does intend to bring forward amendments to the Income Tax Act that honour the spirit of Bill C-208 while safeguarding against any unintended tax avoidance loopholes that may have been created,” the press release reads.
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