Transfer of the family business to the next generation.
Provides amendments to the ITA which will facilitate certain intergenerational transfers permitting the appropriate conditions are met. Traditionally legislation of this nature is proposed and adopted through the budget process but this was passed through a private members bill. The department of finance has been quick to act that there will be further legislation proposed to clarify all requirements to provide access to these amended provisions with effective dates of January 1, 2022. We will continue to provide updates as they become available.
