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)


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

  1. Income Tax Act R.S.C., 1985, c. 1 (5th Supp.)

Sign up for alerts on this Bill

Receive emails tracking this Bill's progress.

See all your alerts in a dashboard.

Set an alert with one click and you're done!