By Dori Modney (@Dori_Modney on Twitter)

CFIB wants MPs to support family succession bill

Feb 7, 2017 | 3:52 PM

TORONTO –  A Quebec NDP member of Parliament is looking for support of a family succession bill and he’s found that support in the Canadian Federation of Independent Business (CFIB).

The CFIB is encouraging MP’s to support Bill C-274, a Private Member’s Bill put forward by the Honourable Guy Caron to amend the Income Tax Act as it pertains to the transfer of small businesses, family farms or fishing corporations. 
 
The bill comes up for a vote soon.
 
Dan Kelly, the CFIB’s Presdent, wants to see MP’s vote to pass the bill to the committee stage.  He says it would address a significant and costly flaw in Canada’s succession planning rules that makes it easier to sell a family business to a third party than to a member of the family. It is seen as a flaw in the income tax act.
 
Caron’s bill proposes amendments to the Income Tax Act that would ease the tax burden on a large number business owners who just want to pass their business on to their children or grandchildren.  
 
More information on the Private Member’s Bill can be found on Caron’s government website.