Course content

    1. Presentation

    2. Recording

About this course

  • $49.00
  • 1.5 CPD hours
  • August 25, 2021

Course Description

Bill C-208 – An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) (“the bill”) received Royal Assent on June 29th, 2021. This bill could have significant changes to how we tax plan for the intergenerational transfers of all small businesses in Canada, though the legislation is in flux and very likely changes are forth coming in the near future. It is important for practitioners to be aware of the current legislation and how it will impact all future succession planning.
  1. The changes to subsection 55(2) deeming at certain times siblings to be related for the purposes of subsection 55(2) and its impact on:
    1. How they impact the butterfly rules under subsection 55(2).
    2. What planning can possibly be undertaken in light of this new subparagraph 55(5)(e)(i)
  2. A review of the changes to the following provisions:
    1. New paragraph 84.1(2)(e) which modifies the rules for the intergenerational transfers of incorporated businesses;
    2. Changes to other various provisions related to the changes to paragraph 84.1(2)(e) in particular the new need for an assessment of fair market value.
  3. Various technical uncertainties in the current legislation
  4. Possible safeguards that could be implemented in the near future based on the Quebec Taxation Act which has similar intergenerational provisions built into that act.
  5. Various planning opportunities that this bill opens up for intergenerational transfers of small businesses.

Instructor(s)

Alex Ghani

Partner

CPA CA, CGA, CPA (Texas)

Alex has close to 20 years of experience working in the accounting departments of large companies and as a public practitioner. Over the years, Alex helped many private clients with their tax structuring and estate planning needs. Alex also assists in Canadian and US tax compliance and various other tax related matters.

Alex is heavily involved in the tax community and is a member of the Canadian Tax Foundation (CTF) where he has published articles for the CTF and presented at various events for the CTF.

In addition, Alex has also presented at events for CPA Ontario, accounting groups and other industry specific events. He also facilitates the CPA Canada In-depth tax course.

Manu Kakkar

Manu has over 20 years of experience in taxation in both domestic and international, personal, and corporate taxation as well as expert witness reports and testimony. He is an award winning and prolific tax writer. His Master of Taxation thesis on butterfly reorganizations won 2 awards and was published in the Canadian Tax Journal. Manu has published and presented over 450 tax articles and presentations since 2001 across Canada. Manu is an authority in taxation as his name has been cited 41 times in the Income Tax Act.

Stan Shadrin

Stan is a CPA, CA with over 10 years of experience of helping businesses with their accounting and tax needs. He has held various positions in small accounting firms as well as a national accounting firm. Stan has served a variety of clients ranging from sole proprietors to medium size businesses by helping them establish most efficient tax structures and assisting them with Canadian income tax compliance.