This bill was last introduced in the 43rd Parliament, 2nd Session, which ended in August 2021.
This bill was previously introduced in the 43rd Parliament, 1st Session.
Larry Maguire Conservative
Introduced as a private member’s bill.
This bill has received Royal Assent and is now law.
This is from the published bill.
This enactment amends the Income Tax Act in order to provide that, in the case of qualified small business corporation shares and shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be dealing at arm’s length and to be related, and that, under certain conditions, the transfer of those shares by a taxpayer to the taxpayer’s child or grandchild who is 18 years of age or older is to be excluded from the anti-avoidance rule of section 84.1.
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.
(The House divided on the motion, which was agreed to on the following division:)
The Assistant Deputy Speaker Carol Hughes
I declare the motion carried. Accordingly, the bill stands referred to the Standing Committee on Finance.
(Bill read the second time and referred to a committee)