Mr. Speaker, my question is for the Minister of Finance.
Farmers who lose their land due to debt settlement are being treated unfairly due to the taxation of capital gains. When land is taken back in debt settlement it is deemed to have been sold for the amount of the debt with interest. The deemed proceeds usually exceed the value of the land. This results in a taxable capital gain. The taxpayers lose land, livelihood, child tax credits or benefits and they have to pay provincial tax as a result of the fictitious calculation.
Will the minister confirm that the Income Tax Act will be amended to retroactively rectify this situation?