Course content

    1. Presentation

    2. Recording

About this course

  • $69.00
  • 2 CPD hours
  • December 21, 2021

Course Description

Bill C-208 was granted Royal Assent on June 29, 2021. It amended the Income Tax Act (ITA) to provide tax relief to families who wish to transfer shares of small businesses or family farm and fishing corporations to their children. The Department of Finance issued a news release on June 30 to announce its intention to delay the effective date of these amendments to January 1, 2022 due to concerns with the language of the bill. Presentation, and that these amendments would address the following issues:
  • The requirement to transfer legal and factual control of the corporation carrying on the business from the parent to their child or grandchild
  • The level of ownership in the corporation carrying on the business that the parent can maintain for a reasonable time after the transfer
  • The requirements and timeline for the parent to transition their involvement in the business to the next generation
  • The level of involvement of the child or grandchild in the business after the transfer

The Department of Finance issued a press release on July 19, 2021 confirming that the provisions of Bill C-208 can be used immediately to facilitate intergenerational transfers of shares of small businesses or family farm and fishing corporations. Some practitioners have encouraged their clients to utilize the opportunity immediately, while others have taken a more conservative “:wait-and-see” approach and are awaiting the amendments.
Specific topics to be covered will include:
  • What are Intergenerational Transfers?
  • Review of the changes in Bill C-208
  • Key tax implications and issues to consider when developing a succession plan
  • Best practices in preparing a succession plan

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.