Mr. Speaker, Bill C-208 has been in force since June 29, 2021. The Canada Revenue Agency published guidance on this matter on April 20, 2022.
Budget 2023 announced proposals to strengthen the intergenerational business transfer framework. Information about the timing and details of the proposed measures is publicly available in the budget’s supplementary information on tax measures in the 2023 budget plan, under the section “Strengthening the Intergenerational Business Transfer Framework”. These proposed measures would apply to transactions that occur after December 31, 2023. Transactions that occur after Bill C-208 came into effect and before 2024 would continue to be subject to the rules introduced by Bill C-208.