Session 3: Succession of the Family business—Current Rules and New Rules For 2024
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Welcome to the 2023 Tax Update Seminar Series!
Session 3 focuses on rules for transition of the family business; old rules in place until the end of 2023 and the new rules from 2024 on. It will be broadcast this Thursday, October 5.
Technical Corner will focus on these rules in section 84.1 primary, but it is quite lengthy. Also the draft rules in the latest version of the Income Tax Act are not current as changes were made in August. You may need to access these via the Department of Finance website under draft amendments if you want to review them in advance.
This session is scheduled early in the Series to allow time to carry out Business Succession Plans under current rules before 2024. The new rules from 2024 on are in some ways more generous but are also more complex, with many ways to go wrong. Take your pick by browsing the rules laid out side by side with many worked examples.
