moved for leave to introduce Bill C-216, 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 cumulative lifetime exemption for capital gains that arise from the disposition of qualified farm properties. This enactment would amend the act so that an individual may claim this exemption in respect of qualified fishing property.
(Motions deemed adopted, bill read the first time and printed)