moved for leave to introduce Bill C-354, an act to amend the Income Tax Act (transfer of fishing property).
Mr. Speaker, this bill would amend the Income Tax Act involving the intergenerational transfer of fishing property. One of the great problems with the Income Tax Act as it exists regarding fishing property is the fact that people cannot pass their property and assets on to their family members, children and grandchildren.
The Income Tax Act was changed in relation to farm property in 1972 to facilitate the intergenerational transfer of farm properties within a family. This prevented the depopulation of rural Canada and allowed us to continue on with family farming businesses in this country.
This bill would do the same thing for fishing properties and prevent the depopulation of coastal Canada, and allow fishing families to keep their assets within their families and continue fishing.
(Motions deemed adopted, bill read the first time and printed)