Proposed bill positive news for Family Business Owners
A recent article in the financial post highlights a new bill that has been proposed in the House of Commons. The proposed bill seeks to level the playing field for the tax implication of selling a business to your family member vs. to a third party. Currently, a significant deduction from the capital gain is allowed when selling to a third party, but this deduction is not necessarily available when selling to a relative. The proposed bill could be a welcome change for many family-owned businesses in Canada. Please see the Financial Post article HERE