Canadian tax expert David Rotfleisch was recently featured in an article on financialpost.com. In this article, he shares insights on how the new legislation can help business owners sell shares of their business to their children when they retire, or split the business among siblings, without incurring the financial disadvantages they would under the current tax laws.
“For private business, the changes remove a major irritant to family succession. The CRA or the federal government should have done it years ago because small business is the main engine driving the Canadian economy.”
Check out the full article here.
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."