{"id":905,"date":"2023-07-26T17:16:45","date_gmt":"2023-07-26T17:16:45","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/?p=905"},"modified":"2023-08-16T17:29:58","modified_gmt":"2023-08-16T17:29:58","slug":"intergenerational-business-transfers-where-are-we-now","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2023\/07\/26\/intergenerational-business-transfers-where-are-we-now\/","title":{"rendered":"Intergenerational Business Transfers: Where are we now?"},"content":{"rendered":"<div class=\"elementor-element elementor-element-c581e5c elementor-widget elementor-widget-post-info\" data-id=\"c581e5c\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n<div class=\"elementor-widget-container\">\n<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n<li class=\"elementor-icon-list-item elementor-repeater-item-c02e8ee elementor-inline-item\"><span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">July 26, 2023<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"elementor-element elementor-element-d25d368 elementor-widget elementor-widget-theme-post-content\" data-id=\"d25d368\" data-element_type=\"widget\" data-widget_type=\"theme-post-content.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor elementor-7669\" data-elementor-type=\"wp-post\" data-elementor-id=\"7669\" data-elementor-post-type=\"post\">\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-399935c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"399935c\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b2dba68\" data-id=\"b2dba68\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-e5e8343 elementor-widget elementor-widget-text-editor\" data-id=\"e5e8343\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><a href=\"https:\/\/wellington-altus.ca\/wp-content\/uploads\/2023\/07\/AWPG-Tax-Article-Intergenerational-Transfers-_v2-1.pdf\" target=\"_blank\" rel=\"noopener\">Download this article as a PDF.<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0058c2f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0058c2f\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6963dcb\" data-id=\"6963dcb\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-f0a8c71 elementor-widget elementor-widget-text-editor\" data-id=\"f0a8c71\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>The transfer of family businesses to the next generation has long been a contentious tax issue. Owners rightfully expect the same tax benefits when selling their businesses to their children or other relatives as if they had sold to a third-party purchaser. Fiscal policy, meanwhile, aims to ensure that such sales to family are authentic and that business owners don\u2019t use transfers \u201cin form\u201d only to extract corporate surplus in a tax-preferred manner, a practice known as surplus stripping.<\/p>\n<p>With over 60% of family enterprises expected to change hands in the next decade<sup>1<\/sup>, the need to strike a balance between facilitating legitimate intergenerational business transfers and preventing surplus stripping has become a pressing one. Enter the 2023 Federal Budget, which introduced a framework of rules within which genuine intergenerational transfers may occur while discouraging surplus stripping via an artificial transfer.\u00a0<strong>The proposed rules also mean that business owners will be limited in how they transition their business to the next generation and when they step away from management\u00a0<\/strong><strong>and control.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1d95ab1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1d95ab1\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4f15678\" data-id=\"4f15678\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-686afde elementor-widget elementor-widget-text-editor\" data-id=\"686afde\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><strong>Two new possible transfer routes<\/strong><\/p>\n<p>The new framework applies where\u00a0<strong>an individual Vendor sells shares<\/strong>\u00a0of \u201ca qualified small business corporation\u201d (QSBC) or \u201cthe capital stock of a family farm or fishing corporation\u201d (QFFP) (i.e., shares that qualify for the Lifetime Capital Gain Exemption (LCGE)) which they control both legally (&gt;50% of voting shares) and in fact (exert controlling influence),\u00a0<strong>to a corporation controlled by one or more of their \u201cChildren\u201d<\/strong>\u00a0(18 years or older).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3333f75 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3333f75\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-347ea86\" data-id=\"347ea86\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-e0a2b1c elementor-widget elementor-widget-text-editor\" data-id=\"e0a2b1c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p1\"><em>\u201cChildren\u201d includes grandchildren, nieces and nephews and their children, and spouses or common-law partners of any Children.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e050373 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e050373\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a390566\" data-id=\"a390566\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-fd6fb44 elementor-widget elementor-widget-text-editor\" data-id=\"fd6fb44\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>To apply the framework and receive the desired tax consequences, the Vendor and Children must file a joint election selecting the desired transfer route and meet certain requirements for the\u00a0<strong>transfer of control, management,<\/strong>\u00a0and\u00a0<strong>economic interest<\/strong>\u00a0in the business, as well as the\u00a0<strong>retention of control<\/strong>\u00a0and\u00a0<strong>active involvement<\/strong>\u00a0in the business by the Children.<\/p>\n<p>The proposed rules provide for two possible intergenerational business transfer routes:<\/p>\n<ol>\n<li>An\u00a0<strong>immediate intergenerational business transfer<\/strong>\u00a0akin to an arm\u2019s length sale. In effect, ownership and control is transferred on sale and management is transitioned over 36 months.<\/li>\n<li>A\u00a0<strong>gradual intergenerational business transfer<\/strong>\u00a0that mimics an estate freeze with redemption over time. The Vendor\u2019s economic interest in the corporation becomes fixed at the time of sale and must be reduced below certain thresholds within 10 years. The Vendor can continue to exert influence over the business post-sale but must fully transition management within 60 months.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-494b817 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"494b817\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-abfde5f\" data-id=\"abfde5f\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-dd5b6a7 elementor-widget elementor-widget-text-editor\" data-id=\"dd5b6a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\">The new rules apply starting on January 1, 2024. For those wanting more flexibility in transferring their businesses to the next generation, planning should be completed by the end of 2023.<\/p>\n<\/div>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0f8af9b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0f8af9b\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-23e2608\" data-id=\"23e2608\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-ba228b9 elementor-widget elementor-widget-text-editor\" data-id=\"ba228b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p><strong>Choosing a transfer route<\/strong><\/p>\n<p>The choice of transfer route depends on the intentions of the Vendor and the Children. With either route, the Vendor must sell the majority (&gt;50%) of participating equity interests and voting shares of the corporation immediately, and the remainder within 36 months.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-547f7fb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"547f7fb\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-441daa7\" data-id=\"441daa7\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-8fd1531 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8fd1531\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n<div class=\"elementor-widget-container\">\n<div class=\"elementor-divider\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-916 aligncenter\" src=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/wp-content\/uploads\/sites\/132\/2023\/07\/interegen-business-transfer-224x300.png\" alt=\"\" width=\"457\" height=\"612\" srcset=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/wp-content\/uploads\/sites\/132\/2023\/07\/interegen-business-transfer-224x300.png 224w, https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/wp-content\/uploads\/sites\/132\/2023\/07\/interegen-business-transfer.png 612w\" sizes=\"(max-width: 457px) 100vw, 457px\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-edf797f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"edf797f\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21005b3\" data-id=\"21005b3\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-e72e970 elementor-widget elementor-widget-text-editor\" data-id=\"e72e970\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>&nbsp;<\/p>\n<p><strong>What are the planning benefits?<\/strong><\/p>\n<p>If all the conditions are met, the Vendor:<\/p>\n<p>\u2713 Receives capital gains treatment on the sale, instead of paying higher dividend tax rates.<\/p>\n<p>\u2713 Can claim their LCGE on the sale to the extent available.<\/p>\n<p>\u2713 Can use the capital gains reserve over 10 years, rather than the usual five years.<\/p>\n<p><strong>Know before you buy!<\/strong><\/p>\n<p>At least one purchasing Child must remain active in the business throughout the first 36 or 60 months following the sale. Should the Child decide that running a business is not for them, or if the business fails within that period, the Vendor will lose the favourable tax treatment of a genuine intergenerational business transfer. The Child is then jointly and severally liable with the Vendor for any additional tax liability that results.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19a5252 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19a5252\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b0472c1\" data-id=\"b0472c1\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-c458c6d elementor-widget elementor-widget-text-editor\" data-id=\"c458c6d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p class=\"p2\">There are several tax and estate planning elements to consider when transitioning your business. Whether you are planning to retire in the near term or several years from now, your Wellington-Altus advisor has the resources to help you ask the right questions and identify the next steps for a seamless transfer to the next generation.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d8f11c9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d8f11c9\" data-element_type=\"section\">\n<div class=\"elementor-container elementor-column-gap-default\">\n<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0063af4\" data-id=\"0063af4\" data-element_type=\"column\">\n<div class=\"elementor-widget-wrap elementor-element-populated\">\n<div class=\"elementor-element elementor-element-50b2d59 elementor-widget elementor-widget-text-editor\" data-id=\"50b2d59\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n<div class=\"elementor-widget-container\">\n<p>[1] Family Enterprise Foundation, \u201cReady, Willing And Interested \u2013 or Not? Canadian Family Business Transition Intentions\u201d 2021.<br \/>\n[2] There are exceptions in the event of an arm\u2019s length sale or the death or disability of the Child.<br \/>\n[3] Though not required of all Children, at least one of the purchasing Children must be active in the business.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>July 26, 2023 Download this article as a PDF. The transfer of family businesses to the next generation has long been a contentious tax issue. Owners rightfully expect the same tax benefits when selling their businesses to their children or other relatives as if they had sold to a third-party purchaser. Fiscal policy, meanwhile, aims [&hellip;]<\/p>\n","protected":false},"author":144,"featured_media":405,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Intergenerational Business Transfers: Where are we now? - Kluge Wealth Advisory Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/klugeadvisorygroup\/2023\/07\/26\/intergenerational-business-transfers-where-are-we-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intergenerational Business Transfers: Where are we now? - Kluge Wealth Advisory Group\" \/>\n<meta property=\"og:description\" content=\"July 26, 2023 Download this article as a PDF. The transfer of family businesses to the next generation has long been a contentious tax issue. Owners rightfully expect the same tax benefits when selling their businesses to their children or other relatives as if they had sold to a third-party purchaser. 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