moved for leave to introduce Bill C-691, An Act to amend the Income Tax Act (business transfer).
Mr. Speaker, I am honoured to introduce this bill in the House of Commons. It amends the Income Tax Act in order to correct an injustice in the Canadian tax system that affects owners of family businesses.
In these times of economic contraction and high youth unemployment, I am proud of this initiative that will foster the continuity of family businesses, help them create good jobs and enable thousands of families to transfer the fruits of their labour to the next generation.
I thank my hon. colleague John McCallum for his always precious advice, and the vast number of organizations pledging official support, including the Canadian Federation of Independent Business and the Canadian Association of Family Enterprise, who will voice their support at my announcement later today.
I urge my colleagues to support this important bill.
(Motions deemed adopted, bill read the first time and printed)