NDP MP Guy Caron who is the deputy critic for Fisheries, Oceans and Canadian Coast Guard has a plan to make it easier for parents to give their assets to their family members.Caron will introduce Bill C-274 this Fall. The Bill is "An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)."
This Bill would amend 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.