Bill C-208 (Historical)

An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)

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.

Sponsor

Larry Maguire  Conservative

Introduced as a private member’s bill.

Status

This bill has received Royal Assent and is now law.

Summary

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.

Elsewhere

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.

Votes

May 12, 2021 Passed 3rd reading and adoption of Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)
Feb. 3, 2021 Passed 2nd reading of Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)

Finance Committee, on March 2, 2021

Finance Committee, on March 9, 2021

  • Scott Ross, Assistant Executive Director, Canadian Federation of Agriculture
  • Julie Bissonnette, President, Fédération de la relève agricole du Québec
  • Andre Harpe, Chair, Grain Growers of Canada
  • Marcel Groleau, General President, Union des producteurs agricoles
  • Clerk of the Committee, Mr. Alexandre Roger
  • Branden Leslie, Manager, Policy and Government Relations, Grain Growers of Canada
  • Marc St-Roch, Accounting and Taxation Coordinator, Research and Agricultural Policy Directorate, Union des producteurs agricoles
  • Philippe Pagé, General Director, Fédération de la relève agricole du Québec
  • Dustin Mansfield, Chartered Professional Accountant, BDO Canada
  • Daniel Kelly, President and Chief Executive Officer, Canadian Federation of Independent Business
  • Cindy David, Chair of the Board, Conference for Advanced Life Underwriting
  • Brian Janzen, Senior Tax Manager, Deloitte
  • Peter Braid, Chief Executive Officer, Insurance Brokers Association of Canada
  • Robyn Young, President-Elect, Insurance Brokers Association of Canada
  • Kevin Wark, Tax Advisor, Conference for Advanced Life Underwriting

Finance Committee, on March 11, 2021

  • Nicolas Moreau, Director General, Funds Management Division, Financial Sector Policy Branch, Department of Finance
  • Lesley Taylor, Senior Director, Social Tax Policy, Tax Policy Branch, Department of Finance
  • Steven Coté, Executive Director, Skills and Employment Branch, Department of Employment and Social Development
  • Barbara Motzney, Assistant Deputy Minister, Policy and Strategic Direction, Department of Western Economic Diversification
  • Maude Lavoie, Director General, Business Income Tax Division, Tax Policy Branch, Department of Finance
  • Trevor McGowan, Senior Director, Tax Legislation Division, Tax Policy Branch, Department of Finance
  • Jocelyne Voisin, Associate Assistant Deputy Minister, Strategic Policy Branch, Department of Health
  • Shawn Porter, Associate Assistant Deputy Minister, Tax Policy Branch, Department of Finance