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 bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.

Sponsor

Francine Raynault NDP

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

Status

Second reading (House), as of June 18, 2015
(This bill did not become law.)

Summary

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

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.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

April 21st, 2015 / 1:25 p.m.
See context

Committee Researcher

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.

April 21st, 2015 / 1:25 p.m.
See context

Conservative

The Chair Conservative Dave MacKenzie

On Bill C-661.

Facilitating the Transfer of Family Farm or Fishing Corporations ActRoutine Proceedings

March 26th, 2015 / 10:05 a.m.
See context

NDP

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)