Ottawa, June 23, 2021 – The Canadian Federation of Independent Business (CFIB) is pleased by yesterday’s adoption by the Senate of Bill C-208 at third reading, which will finally amend the tax rules around the transfer of small businesses, farms and fishing corporations to family members.
This is the last step before the Bill receives Royal Assent and become law. CFIB has been calling for this important change for years, and has supported similar Bills in the past, but this is the first time that one has come this far. This Bill finally amends the unfair tax rules that penalize small business owners who wish to sell their business to a family member rather than a third party.
Nearly three quarters (72 per cent) of business owners are planning on exiting their business by 2028, and many are counting on the sale of their business to finance their retirement. With this decision by the Senate, business owners can plan their retirement with more confidence, and will no longer have to choose between a bigger retirement fund or passing their business down to their children.
- Jasmin Guenette, Vice-President of National Affairs, Canadian Federation of Independent Business (CFIB)
For media inquiries or interviews, please contact:
Milena Stanoeva, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small- and medium-sized businesses with 95,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.