Planning for succession: It will soon be easier for you to transfer your business to a family member
June 2021: Great news! It will soon be easier for you to transfer your business to a family member. Bill C-208 has passed the Senate, meaning you will be treated the same whether you sell your business to a family member or to a complete stranger – rather than incurring a higher tax bill just for keeping it in the family.
This is the culmination of years of efforts by CFIB and their members, who have signed petitions, answered surveys and written to MPs to stop this unfair tax treatment of family businesses.
Whether you’ve just started your first business or your doors have been open for a long time, succession planning should be an essential part of your overall business plan.
Unlike many salaried employees, you don’t have access to a pension plan, which means that you’ll probably have to rely on the sale of your business to see you through your golden years. On top of this, if you’re looking to keep the business in the family when you retire, it can actually be more expensive to sell or transfer it to your kids than to a third party.
CFIB is fighting to ensure that you’re able to successfully plan for retirement, and that you have the necessary tools and resources at your disposal.
More information about the fight against unfair tax laws with CFIB here: https://bit.ly/2TvRGOu