Bill C-275 (Historical)

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

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.

Income Tax Act

[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)

[Karina Gould, Liberal, Burlington, ON]

Mr. Speaker, I hope you will find unanimous consent for the following motion. I move that, notwithstanding any standing order or usual practice of the House, the Journals and the Debates for Wednesday, May 18, 2016, be revised to add the name of the member for Berthier—Maskinongé to the list of nays in division No. 63.

[The Speaker, Geoff Regan]

Does the hon. parliamentary secretary have the unanimous consent of the House to propose the motion?

[Some hon. members]

Agreed.

No.