Mr. Speaker, a parent who wants to sell the family business to his or her child is penalized by the Income Tax Act. Currently, if that person sold the business to a stranger, he could be entitled to a capital gains exemption of up to $813,600. However, if he sold the business to his child, there would be no exemption.
At at time when the population is aging and we want to create jobs and promote economic growth, will the Conservative government support my Bill C-691 to correct this injustice?