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.
Top up your 2021 PD Credits with this informative session!
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
This webinar will be of most interest to accountants, tax practitioners and financial planners who have family-owned business clients or work with companies and individuals considering family wealth transfers.
Professional Development Credits
Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.
Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for three months following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.
This Webinar Includes:
- 30 days to review the webinar recording
- Print version of the presentation slides
Alex Ghani, CPA, CA, CGA, CPA (Texas)
Alex is a member of the Chartered Professional Accountants of Ontario (CPA, CA), and is a Certified Public Accountant (CPA), licensed to practice public accounting by the State of Texas. He has completed all three levels of the CPA Canada’s In-Depth Tax Course.
He 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 Kakar, CPA, CA
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 runs his own independent tax practice with an office in Montreal and serves a diverse client base across Canada and the US. His firm acts as tax counsel to over 100 professional firms in Canada and the USA.
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 200 tax articles and presentations since 2001 across Canada. Manu is an authority in taxation as his name has been cited 29 times in the Income Tax Act.
Manu has taught tax at The Canadian Institute of Chartered Professional Accountants, The Canadian Tax Foundation and The Society of Trust and Estate Practitioners, of and various provincial accounting bodies across Canada.
Manu sits on the Steering Committees for the Canadian Institute of Chartered Professional Accountants’ National Conference on Income Taxes; the Canadian Tax Foundation Laval Program Committee; CPA Canada's Small and Medium Practitioner’s Tax Committee; and the Canadian Tax Foundation's Ontario Tax Conference. Manu is currently serving a three-year term on the Canadian Tax Foundation’s Board of Governors.
Stan Shadrin, CPA, CA
Stan is a Chartered Professional Accountant (CPA, CA). He has completed three levels of the In-Depth Tax Course and has over 10 years of experience working for national accounting firm and local accounting firms.
Over his career Stan has advised variety of clients ranging from owner managed businesses to public companies. Stan’s areas of specialty include tax structuring, Canadian tax compliance and other tax matters, dealing with issues related to Canadian inbound taxation and Canadian outbound taxation.
Stan has also presented on variety of tax topics at CPA Ontario events and other professional development courses.