Canada – Government of Canada provides details on next steps for Private Member’s Bill C-208
Private Member’s Bill C-208 has passed in both Houses of Parliament and received Royal Assent. Bill C-208 makes amendments to the Income Tax Act but does not include an application date.
June 30, 2021 – Ottawa, Ontario – Department of Finance Canada
Private Member’s Bill C-208 has passed in both Houses of Parliament and received Royal Assent. Bill C-208 makes amendments to the Income Tax Act but does not include an application date.
The federal government is committed to facilitating genuine intergenerational share transfers, while preventing tax avoidance that undermines the equity of Canada’s tax system.
The government proposes to introduce legislation to clarify that these amendments would apply at the beginning of the next taxation year, starting on January 1, 2022.