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View Pierre Poilievre Profile
CPC (ON)
I move:
That, notwithstanding the committee's routine motion on the distribution of documents adopted on Wednesday, January 29, 2020, and the usual practice of committees concerning access to electronic documents, Pat Kelly, M.P., be added to the committee's distribution list and be granted access to the committee's digital binder site for the remainder of the parliamentary session.
View Pierre Poilievre Profile
CPC (ON)
For the witnesses from MNP, I'm looking at page 4 of the package you presented, “Fairness and Certainty in Budget 2020”. There, you lay out a scenario whereby a family selling its business to its children is taxed at a significantly higher rate than if the same family sold its business to a third party.
I just want to make sure I properly understand the table. In it, you indicate that if the family sells the business to a child personally, then the family could take advantage of the lifetime capital gains exemption. Is that so?
View Pierre Poilievre Profile
CPC (ON)
What would be the tax applied on the portion not exempted by the lifetime exemption?
View Pierre Poilievre Profile
CPC (ON)
Right.
View Pierre Poilievre Profile
CPC (ON)
The tax they pay would be at the capital gains rate.
View Pierre Poilievre Profile
CPC (ON)
The children would then pay tax on the money that they're taking out of the company in order to pay their parents.
View Pierre Poilievre Profile
CPC (ON)
That would be at the dividend rate.
View Pierre Poilievre Profile
CPC (ON)
Or 67.49%—
View Pierre Poilievre Profile
CPC (ON)
Now, in the case where the family sells to the child's corporation, I guess the family would not be entitled to the lifetime capital gains exemption.
View Pierre Poilievre Profile
CPC (ON)
Why does section 84.1 of the Income Tax Act take away the exemption in the case of a child's corporation buying it versus the child buying it directly?
View Pierre Poilievre Profile
CPC (ON)
Okay. That's taxed as a dividend, then, in that case.
View Pierre Poilievre Profile
CPC (ON)
Okay. In the first case, it would be taxed as a capital gain. In the second case, it's taxed as a dividend.
View Pierre Poilievre Profile
CPC (ON)
Right, but in the second case, then, the child could pay out of his or her corporation tax-free.
View Pierre Poilievre Profile
CPC (ON)
Okay. In the third case, then, where you sell to a third party, the family gets the capital gains exemption, and the company, the third party, pays no tax on the amounts coming out of that.
View Pierre Poilievre Profile
CPC (ON)
Yes, that was the proposal. They seem to have backed off on that. Hopefully, that's gone forever.
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