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View Larry Maguire Profile
CPC (MB)
View Larry Maguire Profile
2021-05-12 14:09 [p.7102]
Mr. Speaker, later this afternoon we will have the final vote on my private member's bill, Bill C-208. The purpose of this bill is straightforward. It will level the playing field by giving families the exact same tax treatment when they transfer their businesses or operations to their children as when they transfer it to a stranger. It would result in more locally owned and operated businesses, the type of businesses that are deeply involved in their communities and provide steady employment for countless individuals.
Bill C-208 sends a message of hope to young farmers who want to carry on what their families started. No longer will parents be given the false choice of having to choose between a larger retirement package after selling to a stranger, or a massive tax bill after selling to a family member, their own child or grandchild.
I urge all members to vote in favour of Bill C-208 and bring tax fairness to the Income Tax Act for all qualifying small businesses.
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