Terra Remote Sensing has implemented an Employee Ownership Trust (EOT), becoming the fifth EOT established in Canada to date. The transaction reflects growing interest in employee ownership models following the introduction of new EOT rules under the Income Tax Act, which came into effect on January 1, 2024, and the federal government’s announcement earlier this year that the capital gains tax exemption for qualifying EOT transactions will become permanent.
Bennett Jones acted for Terra Remote Sensing on the implementation of the Employee Ownership Trust, with a team led by Wesley R. Novotny, with Wade Ritchie and Zachary Thacker (Tax).
Based in British Columbia, Terra Remote Sensing is a leading provider of airborne and marine mapping in Canada.