An Act to amend the Income Tax Act (business transfer)

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

Sponsor

Emmanuel Dubourg  Liberal

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

Status

Introduced, as of June 11, 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 exclude, under certain conditions, the transfer of qualified small business corporation shares by a taxpayer to the taxpayer's child or grandchild who is 18 years of age or older from the anti-avoidance rule of section 84.1.

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

June 11th, 2015 / 10:05 a.m.
See context

Liberal

Emmanuel Dubourg Liberal Bourassa, QC

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)