Evidence of meeting #25 for Finance in the 43rd Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was businesses.
A video is available from Parliament.
6:20 p.m.
Liberal
Michael McLeod Liberal Northwest Territories, NT
Mr. Chair, I have one more quick question.
I wanted to hear from everybody that they all agree that this is going to reverse the trend that's been happening for some time, where farms are being sold to large corporations. We're now going to see farms sold to families and businesses sold to families. Businesses will stay on that parents and grandparents worked so hard to build up.
6:20 p.m.
Chair of the Board, Conference for Advanced Life Underwriting
As an adviser on the front lines who has these conversations with business owners who are looking to retire, I'd say you hit the nail on the head. Tax dictates behaviour. If it causes me tax pain to sell my business to my child, I'm going to look to avoid that pain. If we fix that, it will result in the correct behaviour.
6:20 p.m.
Liberal
The Chair Liberal Wayne Easter
It will not solve all the problems, but it will help.
Does anybody else want to add a final comment before we release the witnesses?
I want to sincerely thank all the witnesses. We had a very informative discussion. Your personal experience in terms of dealing with individuals on intergenerational transfers, whether it's farms or small business or fishers, certainly showed through in your knowledge during this discussion. I want to thank each and every one of you for that on behalf of the committee.
To the committee, I suggested earlier that we probably have an option on Thursday if we want to continue on with this bill. We could move the in camera meeting on COVID expenses to March 30, so we have the full slate of witnesses. I'm not sure which department we're short, but we're short one.
If you prefer, we can have Minister Freeland on for the first hour, and then we'll have officials. That's on Bill C-14. We could take the third hour and deal with Bill C-208—have officials there and the legislative clerk, and see if we could finish up with Bill C-208. Then we could move the other in camera session to the 30th.
Are we okay with doing that? I see people's heads moving.
Okay then. We'll move the in camera meeting to the 30th, and we'll go with Bill C-208 on Thursday during the third hour.
The meeting is adjourned.