On May 12th, almost all Liberal MPs voted against our Conservative bill to give families the exact same tax treatment if they transferred their business or operation to their children as if they transferred it to a stranger. It will result in more locally owned and operated businesses. It will also help keep farms in the family.

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SUMMARY

This enactment amends the Income Tax Act in order to provide that, in the case of qualified small business corporation shares and shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be dealing at arm’s length and to be related, and that, under certain conditions, the transfer of those shares by a taxpayer to the taxpayer’s child or grandchild who is 18 years of age or older is to be excluded from the anti-avoidance rule of section 84.‍1.