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Bill 53 proclaimed!

Further to our blog postings of November 26, 2009 and October 27, 2009, this legislation was finally proclaimed on February 4, 2010 and comes into force on March 1, 2010.

These changes allow for the common-law partners/spouses of certain Alberta incorporated professionals (including physicians, dentists, chiropractors, optometrists, lawyers, CA’s, CMA’s and CGA’s) and/or their children and/or a special purpose trust (of which minor children of the professional can be the only beneficiaries) to own non-voting shares of a professional corporation.

As previously mentioned, we believe these changes, while positive, are only one step forward in allowing professionals the same planning opportunities already afforded to other Alberta entrepreneurs and to incorporated professionals in other jurisdictions within Canada.