Finance committee  If we're over time, by all means, you can certainly move on. I can add a couple of things, I guess.

Finance committee  Sure. For the first one, I would agree that in the non-arm's-length and arm's-length environments, thinking of that with regard to a third party, there's no requirement that the individual be active. Thinking down your line, if a parent was still active in the business and the

Finance committee  I think in terms of coming to the pure cost of any measure, I probably don't have the ability to do that and I don't have the experience in that area. I've heard from a lot of members today, as well as in previous sessions, and they all seem to be in line with the spirit of what

Finance committee  Having gone through the same analysis of the pieces that are added, it's always a little difficult from our standpoint until we see CRA's interpretation of how they or the minister would apply it. There are a few safeguards in there that would certainly help. There is also one

Finance committee  Sure, I can quickly respond on that. I did have my mom and dad and my wife read my statement to help with that part, as my wife tries to explain dentistry to me from time to time and I don't understand it either. To back up Kevin's comments, I think I've read between the lines

Finance committee  Sure. It definitely comes into play. Sometimes it's not even that the sale is to the third party; it's that it creates awkwardness in the family dynamic since often individuals will come in assuming that their capital gains exemption is on the table. They've operated their busine

Finance committee  It can be in an actual situation, but also just create awkwardness in the dynamics of trying to do a proper transition.

Finance committee  I think the provisions that are in place are there for anti-avoidance reasons. Obviously, there are many ways in many sections of the act in which anti-avoidance reasons exist. The section 55 one is an interesting one. Bill C-208 tries to tie it to the status of the shares themse

Finance committee  I think in that type of scenario, if mom and dad pass away and the kids decide to carry on the business, on their passing a deemed disposition of their assets at the last will of mom and dad, depending on the will, happens. If a capital gains exemption is claimed on their passin

Finance committee  Bill C-208 would work to level the playing field in that situation.

Finance committee  That is correct. You can imagine the joy I get sitting in a boardroom and telling two siblings that they are unrelated for the purposes of splitting up the business. They sometimes question, at that point, whether they should be talking to me or somebody else on the matter. For t

Finance committee  Good afternoon, Mr. Chair and committee members. Thank you for the opportunity to speak to you today regarding the transition of family businesses in Canada. My name is Dustin Mansfield. I'm a tax professional with BDO Canada, from Boissevain, a vibrant rural farming community