Bill C-208: Transferring your company to your kids just…
Tax circles have been buzzing over the recent changes to the Income Tax Act relating to Bill C-208 which aims to put private company share sales to children and grandchildren on level footing with private company share sales to external third parties. Prior to these changes, certain private company owners would have to sell their company’s shares to non-family members to realize their Lifetime Capital Gains Exemption (“LCGE”) – which could amount to significant tax savings depending on the type of company being sold:
