An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)
This bill is from the 43rd Parliament, 2nd session, which ended in August 2021.
This bill is from the 43rd Parliament, 2nd session, which ended in August 2021.
Larry Maguire Conservative
Introduced as a private member’s bill.
This bill has received Royal Assent and is now law.
This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.
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.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from Parliament. You can also read the full text of the bill.
Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-208s:
Finance Committee, on March 2, 2021
Finance Committee, on March 9, 2021
Finance Committee, on March 11, 2021