March 29, 1945 (19th Parliament, 6th Session)

LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

That is clearly wrong. By the amendments made to the income tax act last summer losses are permitted to be carried ahead three years and carried back one year. There is no tax on capital gains in this country. It is entirely improper to say that we want to take the gain when the farmer makes one, and that we give him no advantage when he makes a loss. When he makes a loss he does get an advantage, and when he makes a capital gain it is not taxed.

Topic:   EDITION
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