Thank you.
This bill appears to be very timely from the perspective of a COVID recovery plan, since we know that our small businesses will be paramount in helping us get our economy back on track when we finally reopen. We all know that family businesses are the lifeblood of our economy and our communities, so honestly, I can't wrap my mind around why the government continues to punish parents and children for being willing to put their blood, sweat and tears into a small business, only to be considered tax cheats by the Liberals simply for wanting to pass it on to the next generation.
You mentioned the hypothetical story of a couple who own a business in a small town. They want to retire and they are relying on the funds from the sale for their retirement fund. This sort of thing happens all the time.
In your example, the couple is hoping to retire and sell the business to one of their daughters. She has been working with them for years. She is all excited to take over from her parents and to continue building on their legacy. In the meantime they are approached by a larger, non-related company that has no local ties.
This larger corporation will want to produce the goods in a bigger urban centre where it is based, possibly even overseas. Ultimately this means completely shifting jobs out of the local community.
As you mentioned, when you do the math with your accountant, it will cost up to 67% more in taxes for your child to buy it than it would for a stranger to buy it, simply because they're your son or daughter. It makes no sense that we don't have a level playing field here, especially considering how much communities gain from family farms and businesses that are run by successive generations.
Since it's clear that a robust COVID-19 recovery will need healthy small businesses that are owned and operated by passionate local entrepreneurs, it's clear that your bill will make a huge difference for local family-run businesses that want to keep that work in their family.
I am wondering, since this bill is so critical for small family-owned businesses, how many people have actually opposed the bill.