Our firm's July 5, 2021 podcast described the saga of Bill C-208 (a Canadian private members bill that provides for inter-generational transfers of certain shares of Canadian-controlled private corporations) that received Royal Assent on June 29, 2021 that was accompanied a day later by a very misleading and confusing press release by the Department of Finance that seemed to call into question whether or not Bill C-208 would be respected by the Canadian government as immediate and valid law.
Many Canadians and parliamentarians were very confused by the June 30, 2021 press release. The House of Commons Finance Committee Chair convened a special meeting for July 20, 2021 to discuss the June 30, 2021 press release and called Department of Finance officials to address questions. However, on the eve of the committee meeting, the Department of Finance released an additional press release which "affirmed" that Bill C-208 was valid law with immediate effect upon Royal Assent. It also announced its intention to introduce amendments later this year to address "surplus stripping" concerns but acknowledged that any amendments, if passed by Parliament, would only have impact on the later of either November 1, 2021, or the date of publication of the final draft legislation.
Accordingly, this podcast discusses the July 19, 2021 Department of Finance press release, the July 20, 2021 House of Commons Finance Committee meeting and what should affected taxpayers do now?
Moodys Tax Law is only about tax. It is not an add-on service, it is our singular focus. Our Canadian and US lawyers and Chartered Accountants work together to develop effective tax strategies that get results, for individuals and corporate clients with interests in Canada, the US or both. Our strengths lie in Canadian and US cross-border tax advisory services, estateplanning, and tax litigation/dispute resolution. We identify areas of risk and opportunity, and create plans that yield the right balance of protection, optimization and compliance for each of our clients' special circumstances.
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