moved for leave to introduce Bill C-343, An Act to amend the Income Tax Act (capital gains exemption on disposition of fishing property).
Mr. Speaker, the Income Tax Act allows an individual to claim a $500,000 total lifetime exemption for capital gains that arise from the disposal of qualified farm property.
I am pleased to table this bill today which amends the act so that an individual may also claim this exemption in respect of qualified fishing property.
This bill is very important to the fishing industry. I urge the House to support it.
(Motions deemed adopted, bill read the first time and printed)