Bill C-208 on intergenerational transfers of family businesses has cleared a major hurdle. On June 22, just before the end of the parliamentary session, the bill was adopted without amendments by the Senate.

"This is excellent news for brokerage firms in all regions of Quebec," said RCCAQ chair Mathieu Brunet. Following a number of failed attempts in recent years, the federal legislation, sponsored by the MP for Brandon-Souris (Manitoba), Larry Maguire, had garnered significant support in various economic sectors across Canada. This amendment to the Income Tax Act will finally allow owners of brokerage firms who wish to do so to sell their business to a family member at the same tax rate as when selling to a stranger.

"We are very pleased to have taken part in IBAC's lobbying campaign and to have contributed to this impressive achievement!" noted Mr. Brunet. "Many entrepreneurs, including brokerage owners, raised their voices in a bid to address a major inequity and to make it easier for family businesses to keep operating throughout the province. We're proud of all we've accomplished on behalf of RCCAQ members and brokerage firms."

Prior to receiving Royal Assent and becoming law, the bill's final passage should occur in the next few weeks. We'll be sure to keep you informed about the timing of the process.

Please click here to read IBAC's press release.

If you have any questions or comments, please email us: communications@rccaq.com