- Ontario NationTalk
- North of 60 NationTalk
- British Columbia NationTalk
- Alberta NationTalk
- Manitoba NationTalk
- Atlantic NationTalk
- Saskatchewan NationTalk
- Quebec NationTalk
- Sand Box Site
PBO: Cost Estimate for Bill C-274: An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation)
Get the report
Bill C-274 was a private member’s bill that sought to facilitate the transfer of small businesses or family farms, or fishing operations, between members of the same family, by amending the Income Tax Act (ITA). It would have allowed owners and buyers in the same family to enjoy the same rights and privileges as those for a transaction between non-related individuals.
Bill C-274 would have amended two sections of the ITA: section 55 and section 84.1. Both apply to transactions between related corporations that involve the transfer or sale of shares and/or the issuance of dividends for the purposes of transferring a business from a parent to a child on a tax-free basis.
Table 1-1 provides the estimated and projected foregone tax revenue of the section 55 and section 84.1 amendments to the Income Tax Act contained in the bill.
As shown in Table 1-1, the foregone tax revenue of the bill would have ranged from $126 million to $249 million for 2014 if the measure had been implemented for that taxation year.
This article comes from NationTalk:
The permalink for this story is:
Comments are closed.