Small business owners welcome the implementation of Bill C-208 | CFIB
Toronto, July 20, 2021 – The Canadian Federation of Independent Business (CFIB) is pleased that the federal government finally confirmed Bill C-208 as the law of the land in a press release yesterday. The Bill, which equalizes the tax burden on small business owners who wish to sell their business to a family member with those who sell to strangers, received Royal Assent on June 29, but was being delayed by the department of finance in a break with procedure.
Small business owners have been waiting for this change to the Tax Act for years. This Bill is the culmination of years of work on the part of CFIB and small business owners in fighting for fairness for family-owned businesses.
Nearly three quarters (72 per cent) of business owners intend to exit their business by 2028. With C-208, business owners are no longer penalized for selling their business to a family member.
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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.