Mr. Speaker, I support my colleague’s bill.
As I am myself a small business owner who has also gone through a family transfer, I know that it is a very complex matter. It makes no sense to favour a stranger ahead of one’s own family.
As a small business owner, I would like to know what will happen at the time of my death. I have had to take out insurance to pay the taxes that will be applied to my estate. Since my children will have to pay a huge amount of income tax when they inherit the business, I am obliged to take out insurance.
Will this bill cover this aspect as well?