Thanks, Mr. Chair.
I want to clarify that Canadian small businesses are not tax cheats. The large majority of our small businesses are law-abiding businesses that try to do their very best to generate prosperity not only for their families but also to generate a public good.
I seldom find myself agreeing with Mr. Julian, but I am totally on board with his suggestion that for too many years Canadian family-owned businesses have been penalized for being family owned. They are trying to transfer the accumulated value of those businesses to the next generation, and they can't do that on a level playing field.
Mr. Maguire, thanks for bringing this bill forward. This bill has been analyzed up, down and sideways. There's very little left to be investigated here. You suggested that you would like to see this bill expedited. I can give you one reason why I think you're right on that.
The CFIB estimates that somewhere in the order of 240,000 small businesses are going to go under by the time COVID is done. These are businesses that will not be severely diminished but gone forever. We're talking about 1.2 million small businesses in Canada. That means 20% of them won't be around anymore. For the remaining ones, the very least we as a country and as legislators can do is to remove an unfair tax burden they carry vis-à-vis transferring these businesses to non-family members.
Mr. Maguire, could you comment on the urgency of understanding what COVID-19 has done to small businesses in Canada, and the opportunity we have to do something that will allow these small businesses not only to survive but also to be able to be transferred to the next generation that can bring new energy and vigour to making these businesses a success?