OTTAWA – Bill C-274 tabled by New Democrat MP Guy Caron (Rimouski-Neigette—Témiscouata—Les Basques) was voted on and defeated in the House of Commons this evening. The bill aimed to put an end to the unfair tax in the transfer of family businesses to another member of the same family.
“Of course I’m disappointed with this result. I tabled this bill because it’s an issue that comes up constantly when I’m speaking with entrepreneurs in my region. They tell me they want to transfer their family businesses to their children to keep it in the family, but that the current measures often discourage them,” said Caron.
The bill received support from more than 140 associations, chambers of commerce, accounting firms and municipalities across Canada. It was also supported by the Conservative Party, the Bloc and the NDP caucus.
“The Liberal government rhetoric doesn’t hold up. In the span of less than a week, the Liberals said that the costs associated with my bill would be 300 million, then it was 800 million, then only yesterday Finance Minister Morneau said in the House that it would cost the government 1.2 billion dollars,” said Caron. “It was crucial that my bill be adopted at second reading so that the costs could be studied more thoroughly in committee. The Liberals refused any compromise. What I find most discouraging is that our entrepreneurs will once again have to pay the price,” said Caron.