moved for leave to introduce Bill C-463, an act to amend the Income Tax Act.
Mr. Speaker, it gives me great pleasure today to introduce my fishers' capital gains deferral act to the House of Commons, seconded by the member for St. John's West.
The bill would amend the Income Tax Act by extending the rollover relief allowable in the transfer of farm property to cases where a taxpayer transfers fishing property or assets in order to facilitate keeping those assets within a family. In other words, it is my intent that the bill would help preserve the financial integrity of small to moderate family fishing operations and make it easier to keep a successful business in the family.
I urge the House to support Bill C-463 once it receives first reading.
(Motions deemed adopted, bill read the first time and printed)