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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.
The 2024 Federal Budget Review was prepared by our in-house BMO Private Wealth tax professionals: John Waters, Vice-President, Director of Tax Consulting Services and Dante Rossi, Director, Tax Planning.