From: Department of Finance Canada
Private Member's Bill C-208 has passed in both Houses of Parliament and received Royal Assent. Bill C-208 makes amendments to the Income Tax Act but does not include an application date.
The federal government is committed to facilitating genuine intergenerational share transfers, while preventing tax avoidance that undermines the equity of Canada's tax system.
The government proposes to introduce legislation to clarify that these amendments would apply at the beginning of the next taxation year, starting on January 1, 2022.
/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.
