Bill C-661 (Historical)

Facilitating the Transfer of Family Farm or Fishing Corporations Act

An Act to amend the Income Tax Act (transfer of family farm or fishing corporation)

This enactment amends the Income Tax Act in order to provide that, in the case of the shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be operating at arm’s length and to be related.

[Dara Lithwick]

Bill C-661, An Act to amend the Income Tax Act (transfer of family farm or fishing corporation) is from Madame Raynault. As noted in the bill's summary:

This enactment amends the Income Tax Act in order to provide that, in the case of the shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be operating at arm's length and to be related.

It has to do with capital gains and things like that.

This bill does not concern questions that are outside of federal jurisdiction. We're dealing with the Income Tax Act. It does not clearly violate the Constitution acts, including the Canadian charter. This bill does not concern questions that are substantially the same as ones already voted on by the House in the current session of Parliament or preceding it in the order of precedence. This bill does not concern questions that are currently on the order paper and notice paper as items of government business.

[The Chair, Conservative, Dave MacKenzie]

On Bill C-661.

Facilitating the Transfer of Family Farm or Fishing Corporations Act

[Francine Raynault, NDP, Joliette, QC]

moved for leave to introduce Bill C-661, An Act to amend the Income Tax Act (transfer of family farm or fishing corporation).

Mr. Speaker, I am pleased to submit to the House the study of the facilitating the transfer of family farm or fishing corporations act.

Many of the farm and fishing corporations in Canada exist because of families that have sacrificed everything for their passion. I know farmers in my region who live on land that has been passed down through nine generations. This bill will help these families keep their traditions alive by recognizing the interdependence that unites the brothers and sisters who take up the torch.

This minor but essential correction to the Income Tax Act will facilitate the intergenerational transfer of agricultural corporations. Many people in the agricultural sector have been asking for this change, and it is critical to the economy of our regions.

I hope that my colleagues will join me in supporting our farmers and implementing a simple solution to a serious problem. Having been a farmer myself, I am very happy to be introducing this bill.

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