Bill 197, “An Act to Implement Budget Measures”, received Royal Assent last Monday. As a result, after 2005 the Lieutenant Governor in Council can make regulations that will permit the family members of doctors and dentists to hold shares of their professional corporations.
It appears that the government still has not released any details about the rules that will govern family-member shareholders. In particular, regulations have not been released yet, and so it remains unclear whether, for example, family members will be able to hold shares through a trust. Rumour has it that the government has promised to have the regulations in place by January 1, 2006.
