Bill C-661
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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