Bill Introduced for Transfer of Shares

Accounting firms and tax lawyers who spend countless hours figuring out aggressive ways of reducing taxes for corporate clients now have a new method of spreading shares amongst their clients children.

It’s called Bill C-208. Thanks to the Parliament of Canada, Canadians handed a series of tax effective strategies in the Income Tax Act, at the recommendation of Finance Canada. What does this mean? This could allow a rush of tax-free transfers of shares between business owners and their children, thereby maximizing the total tax free gains from sale of shares.