Private member’s Bill C-208 received Royal Assent on June 30. It aligned the tax treatment of intergenerational transfers of family businesses, farms and fisheries with sales to unrelated parties. However, the federal government attempted to circumvent Royal Assent and postpone implementation of the bill. On July 19, a Finance Canada news release clarified it will respect the spirit of the law passed on June 30, but will introduce draft legislation for amendments to it. The government is also intending to bring forward draft legislative amendments to the Income Tax Act with an opportunity for consultation, which will then be introduced in a bill and apply a of either November 1, 2021 or the date of publication of the final draft legislation – whichever comes later.