Bill C-661: An Act to amend the Income Tax Act (transfer of family farm or fishing corporation)

C-661 Second Session, Forty-first Parliament, 62-63-64 Elizabeth II, 2013-2014-2015 HOUSE OF COMMONS OF CANADA BILL C-661 An Act to amend the Income Tax Act (transfer of family farm or fishing corporation) first reading, March 26, 2015 Ms. Raynault 412290 SUMMARY This enactment amends the Income Tax Act in order to provide that, in the case of the shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be operating at arm’s length and to be related. Available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca 2nd Session, 41st Parliament, 62-63-64 Elizabeth II, 2013-2014-2015 house of commons of canada BILL C-661 An Act to amend the Income Tax Act (transfer of family farm or fishing corporation) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: SHORT TITLE Short title 1. This Act may be cited as the Facilitating the Transfer of Family Farm or Fishing Corporations Act. R.S., c. 1 (5th Suppl.) INCOME TAX ACT 2. Subparagraph 55(5)(e)(i) of the Income Tax Act is replaced by the following: (i) a person shall be deemed to be dealing with another person at arm’s length and not to be related to the other person if the person is the brother or sister of the other person, except in the case of a corporation, a share of the capital stock of which is a share of the capital stock of a family farm or fishing corporation within the meaning of subsection 110.6(1), Published under authority of the Speaker of the House of Commons