The federal government proposed amendments to the rules in Bill C-208 to facilitate intergenerational business transfers (IBT), including the introduction of two separate sets of tests to impose new restrictions. These restrictions introduce new timing requirements for a parent to give up control of the transferred business and for the child to have an active involvement in the business. Changes to Bill C-208 apply to transitions occurring on or after January 1, 2024, if enacted.
Are you wondering what challenges or opportunities this may present for your family business and intergenerational transfers?
Join our panel of tax and family enterprise advisory professionals as they outline:
- the modifications introduced in Federal Budget 2023
- details of the new immediate IBT and gradual IBT tests
- what impacts the new and amended legislation may have on your family business when transferring to the next generation
- potential benefits of putting your plan in place now ahead of the December 31, 2023, deadline
Keeping your business in the family means understanding your options so that you can effectively plan your next steps—because your business deserves to stay in your family’s hands.
Your business. Your legacy.
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As National Tax Leader at Grant Thornton, my areas of focus span from complex tax analysis, planning and compliance to financial analysis, forecasting and accounting. Since beginning in public practice in 1993, I’ve helped diversified public and private corporations in numerous industries with complex business structuring, strategic planning, project management, business management and change management.
As the National Leader of our Succession and Estate Planning Group, my focus is to gain a deeper understanding of what matters most to my clients and, through that process, deliver tailored advice and exceptional service. With over 12 years' experience I have delivered a wide array of tax and business planning advice, related to areas such as succession and estate planning, corporate and personal tax planning, complex corporate tax reorganizations, and mergers and acquisitions.
As Managing Partner of the New Brunswick business unit, I’m responsible for overseeing the region’s eight office locations. I’m proud to lead a team of dedicated, passionate people focused on exceptional client service across our great province. For over 20 years, I’ve been an assurance practitioner—providing accounting, assurance, and advisory services to clients in both the public and private sectors. As a certified Family Enterprise Advisor, I particularly enjoy working with family businesses—helping them address the unique issues encountered by family members working together, including succession and continuity planning, governance systems, communication, and conflict resolution.
For over 20 years, I have advised private organizations across a wide range of industries- including construction, real estate, and high-tech- most often dealing with intricate matters with effective tax planning to maximize opportunities and minimize risk. Building strong relationships with both the Canada Revenue Agency and various incentive agencies have created opportunities for me to provide valuable advice to my clients on numerous programs and participate in various practitioner forums.