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

This bill was last introduced in the 38th Parliament, 1st Session, which ended in November 2005.

Sponsor

Lawrence MacAulay  Liberal

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

Status

Not active, as of Feb. 25, 2005
(This bill did not become law.)

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 ActRoutine Proceedings

February 25th, 2005 / 12:15 p.m.
See context

Liberal

Lawrence MacAulay Liberal Cardigan, PE

moved for leave to introduce Bill C-343, 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 total lifetime exemption for capital gains that arise from the disposal of qualified farm property.

I am pleased to table this bill today which amends the act so that an individual may also claim this exemption in respect of qualified fishing property.

This bill is very important to the fishing industry. I urge the House to support it.

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