moved for leave to introduce Bill C-274, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation).
Mr. Speaker, my bill would end a blatantly unfair situation that puts business people, farmers, and fishing vessel operators at a disadvantage when they want to pass their business on to a child rather than a stranger. The difference is a big one. For a million-dollar business, the difference can be around $200,000 from a taxation perspective. For a $10-million farm, we are talking $2.2 million less if the owner sells it to a stranger rather than a family member. We have to do something about this. This bill is well thought out to avert any possibility of tax avoidance arising from these amendments. I hope that the members of the House will support my bill at second reading. I am pleased to introduce this bill.
(Motions deemed adopted, bill read the first time and printed)