Madam Speaker, my colleagues have outlined all the details at second reading, third reading and previous iterations of this bill, so I will not go into those right now.
Tonight, I want to begin by thanking all those who have helped get Bill C-208 to this point. Without my Conservative colleagues trading the speaking spots for their private members' bills, we would never have gotten to third reading before the summer recess. I am immensely thankful to them for that.
For my colleagues from Prince Albert, Saskatoon—Grasswood and Regina—Qu'Appelle, I am eternally grateful for their support and assistance. For that support, I want them to know we are on the cusp of passing the legislation and sending it to the Senate.
I have spoken to numerous MPs over the past year about the importance of correcting this massive injustice within the Income Tax Act. The purpose of this bill is straightforward. It will level the playing field by giving families the exact same tax treatment whether they transfer their businesses or operations to their children or to a stranger. It will result in more locally owned and operated businesses, as has been outlined by many of my colleagues who have spoken to the bill, the types of businesses that are involved in their communities and provide steady employment for countless individuals. It will help keep farms and fishing operations in the family as well as any other qualifying small business.
Bill C-208 would send a message of hope to young farmers who want to carry on what their families started. Most of all, it would bring tax fairness to the Income Tax Act. No longer will parents have given a false choice of having to choose between a larger retirement package by selling to a stranger or a massive tax bill because they have sold to a family member, their own son, daughter or grandchildren. Every single community in Canada will be positively impacted by the passage of the bill.
As I said in my speech two weeks ago, there is bipartisan support for the legislation. I want to recognize and thank not only my colleagues from Provencher and Dauphin—Swan River—Neepawa for their kind words and informational speeches, but also the members of other parties for their speeches and support at second reading, third reading and at committee as well as all the witnesses who gave testimony.
In particular, I want to thank my colleague from Malpeque, who also happens to be the chair of the finance committee, who announced he would be voting in favour of Bill C-208. I thank him for his kind presentation in the House today as well.
While I know my Liberal colleague from Winnipeg North, and I know him very well, is well-intentioned, I found that during his speech a on the legislation a couple of week, his comments were quite off base. I know, had he taken the time to read the evidence and testimony provided at the finance committee, he would have known his speaking points and the concerns given to him by the finance department were all truly addressed.
For my Liberal colleagues, who, for the most part, all voted against the bill at second reading, I know the process. I know the party whips and the powers that be have likely told them to vote against the bill. However, I implore them to listen to their constituents who want this legislation passed, review what the tax experts have said and reach out to their businesses, farms or organizations in their ridings and ask them if they support the bill. I can assure all my colleagues that if they do reach out, they will find almost universal support for Bill C-208.
Once and for all, we can finally resolve this long-standing problem that countless families have had to endure when selling their businesses or operations to their immediate children or grandchildren.
I look forward to the final vote next week and kindly ask all my colleagues to support the bill, thus allowing for the debate in the other place and passage of it into law.