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On May 22, 2025, the U.S. House of Representatives passed a budget reconciliation bill, known as “The One Big Beautiful Bill.” There may be some significant, potential impacts to Canadian businesses and investors based on the proposed legislation currently being debated in the U.S. Senate. The One Big Beautiful Bill (the “Bill”) may become an Act if voted in by the U.S. Senate and then signed into law by President Donald Trump.

Entrepreneurs who have built successful companies often want to see their business passed effectively to the next generation. However, a sale or transfer of ownership of the business will generally trigger capital gains tax. If the value of the shares of your business has increased, you or your estate may be burdened with a substantial tax bill. The business may even have to be sold to cover the liability.