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

Sponsor

Xavier Barsalou-Duval  Bloc

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

Status

Introduced, as of May 19, 2016

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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

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Income Tax ActRoutine Proceedings

May 19th, 2016 / 10:05 a.m.
See context

Bloc

Xavier Barsalou-Duval Bloc Pierre-Boucher—Les Patriotes—Verchères, QC

moved for leave to introduce Bill C-275, An Act to amend the Income Tax Act (business transfer).

Mr. Speaker, I rise in the House to introduce a bill seconded by my colleague from Manicouagan. The purpose of the bill is to amend the Income Tax Act with respect to business transfers. As we all know, the population in Canada and Quebec is aging. As a result, there are certain needs regarding the transfer of businesses that are becoming increasingly urgent and important. Unfortunately, under the existing rules, there is a certain tax unfairness that makes it disadvantageous in some cases for people to transfer a business to their children or other family members. The purpose of this bill is to amend the act, specifically section 84(1), to include the children and grandchildren of shareholders, so that they are not put at a disadvantage when family businesses are transferred.

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