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| September 2017 |
| Multiplication of the lifetime capital gains exemption: proposed rules |
| Riccardo Zerbino, CPA, CA, is a tax supervisor in the Montreal office of Collins Barrow. |
| Abe Zylberlicht, CPA, CA, CBV, is a tax partner in the Montreal office of Collins Barrow. |
| In its Consultation Paper and draft legislation released July 18, 2017, the Department of Finance proposes to restrict the lifetime capital gains exemption (LCGE). The Department of Finance indicates that the current tax rules do not properly prevent the multiplication of the LCGE. In many cases, the exemption of each individual family member is used to shelter gains on a family business. |
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| Collins Barrow periodically publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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