FEDERAL BILL
Bill C-274, An Act To Amend The Income Tax Act (transfer Of Small Business Or Family Farm Or Fishing Corporation)
FEDERAL BILL - AMENDS ONE STATUTE
1st Reading
May 20, 2016
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 w... (Click for more)
House
| 1st Reading | 2nd Reading | 3rd Reading | |
|---|---|---|---|
| May 19, 2016 |
Senate
| 1st Reading | 2nd Reading | 3rd Reading | |
|---|---|---|---|
Published on May 20, 2016
Bill Summary
Bill C-274, An Act To Amend The Income Tax Act (transfer Of Small Business Or Family Farm Or Fishing Corporation)
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.
This Bill Amends The Following Statutes
Income Tax Act R.S.C., 1985, c. 1 (5th Supp.)
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