In fact, the Income Tax Act allows a parent to give their shares to their children. When it comes to incorporated businesses, it is possible to give one's shares to one's child without a tax being applied to the transfer. In fact, the child gets the shares back as if he or she had always owned them. Of course, in a situation like this, there is no consideration for the parent; it is more like a gift. Regardless, it can be done tax-free in that context.
On March 9th, 2021. See this statement in context.