Effective May 1, 2026, Terra Remote Sensing completed its transition to an Employee Ownership Trust (EOT), becoming the fifth publicly announced company in Canada to adopt this ownership model. The transaction reflects growing interest in employee ownership models following the introduction of new EOT rules under the Income Tax Act (Canada), 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.
Based in British Columbia, Terra Remote Sensing is a leading provider of airborne and marine mapping in Canada and the US.
Bennett Jones was pleased to act for Terra Remote Sensing on the implementation of the EOT structure, with a team led by Wade Ritchie and Wesley R. Novotny, with assistance from Zachary Thacker and Gracie Boser (Tax).
Bennett Jones is leading the way on EOTs having assisted with two of Canada's first EOTs and is currently involved in additional EOT transaction.