Mr. Speaker, the next petition I have to present is from Canadians from across the country who are concerned about the tax regime that favours selling a small business or farm to a family member over a stranger. They are concerned that family ownership and long-term business stability is weakened by the current tax rules. The folks who have signed this petition note that small businesses are the backbone of our economy and communities.
The average age of the Canadian farmer in 2016 was 55 years old, and the Canadian Federation of Agriculture estimates that $500 billion in farm assets are set to change hands in the next 10 years. Therefore, the folks who have signed this petition call on the Government of Canada and the House of Commons to support and quickly pass Bill C-208, an act to amend the Income Tax Act, transfer of small business or family farm or fishing corporation, which would ensure that farms and businesses can be transferred to the next generation without having to worry about unfair tax treatment, and to ensure that family-owned small businesses and farms are encouraged, supported and that the red tape would be eliminated.