An Act to amend the Income Tax Act (capital gains exemption on disposition of fishing property)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Lawrence MacAulay  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of April 7, 2006
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

The Income Tax Act allows an individual to claim a $500,000 cumulative lifetime exemption for capital gains that arise from the disposition of “qualified farm property”. This enactment amends the Act so that an individual may also claim this exemption in respect of “qualified fishing property”.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Income Tax Act
Routine Proceedings

April 7th, 2006 / 12:05 p.m.
See context

Liberal

Lawrence MacAulay Cardigan, PE

moved for leave to introduce Bill C-216, An Act to amend the Income Tax Act (capital gains exemption on disposition of fishing property).

Mr. Speaker, the Income Tax Act allows an individual to claim a $500,000 cumulative lifetime exemption for capital gains that arise from the disposition of qualified farm properties. This enactment would amend the act so that an individual may claim this exemption in respect of qualified fishing property.

(Motions deemed adopted, bill read the first time and printed)