Finance committee  If owners sell their assets to a foreign entity that is not part of the family, they can claim a deduction for capital gains. Let's use an example where the sale price is $1 million, which would not be taxable. That is what is currently happening. In the case of farms or, as Mr.

Finance committee  At this time, yes, it is...

Finance committee  That's exactly what I was going to say. The Quebec government has formulated a series of criteria...

Finance committee  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 ha

Finance committee  As I mentioned earlier, owners have often invested all of their savings in their business. Therefore, when they want to transfer the farm to their children, they usually expect to get some capital back to cover their needs. I've seen many of these situations in my career, and I c

Finance committee  The problem actually has more to do with the financing of transactions than with the capital gains deduction in cases where businesses are owned by individuals. For example, if the child wants to acquire the assets that are personally held by the parent, the child can finance th

Finance committee  Yes. Are you talking about farm transfers?

Finance committee  Right.

Finance committee  It would be one of the top ones, yes. This is very important for us. The average age of farmers is increasing, and the transfer of farm businesses is becoming increasingly important, as it is in other sectors of the economy. The current tax rules limit access to certain deductio

Finance committee  Good morning, everyone. In terms of the intergenerational transfer, under the Income Tax Act, when individuals sell shares from their own incorporated company to a company with which they have a relationship, for example, if parents sell their shares to one of their children who