For many years, non-arm’s length intergenerational transfers of corporate businesses were treated inequitably under the Income Tax Act (ITA). A transfer of a corporate business between non-arm’s length parties[1] resulted in dividend treatment to the vendor instead of capital gains treatment, precluding the ability to claim the capital gains deduction. …
Genuine intergenerational transfers
By John OakeycloseAuthor: John Oakey
Name: John Oakey
Email: jfoakey@bakertilly.ca
Site: https://www.bakertilly.ca/en/btc/professionals/national-halifax/john-oakey
About: National Tax Director for Baker Tilly Canada. John has extensive experience with Canadian corporate and personal income taxes with specialization in the areas of corporate reorganizations, estate planning, succession planning and tax compliance. He also has significant experience dealing with GST/HST issues and U.S. citizen cross-border tax reporting issues.See Authors Posts (34) • April 18, 2023 • 2 Comments
Email: jfoakey@bakertilly.ca
Site: https://www.bakertilly.ca/en/btc/professionals/national-halifax/john-oakey
About: National Tax Director for Baker Tilly Canada. John has extensive experience with Canadian corporate and personal income taxes with specialization in the areas of corporate reorganizations, estate planning, succession planning and tax compliance. He also has significant experience dealing with GST/HST issues and U.S. citizen cross-border tax reporting issues.See Authors Posts (34) • April 18, 2023 • 2 Comments