OTTAWA: South Shore - St. Margaret's MP Gerald Keddy called upon the Minister of Fisheries in the House of Commons to clarify any misinformation about the transfer of fishing licences under the proposed new Fisheries Act C-45.

Keddy asked the minister to address what he called the "fearmongering by Liberal and NDP opponents" of the new fisheries act. Keddy says they have been falsely claiming that the new act will prevent fishers from transferring their licences.

"First of all, let me assure anybody involved in the fishery that in relation to disposing their assets, nothing has changed at all," said Minister Hearn. "Whatever they could do in the old act, they will be able to do in the new act, if we ever get it through the House."

Minister Hearn then went on to applaud Keddy for his dedication to the capital gains tax break for fishing families.

"However, we have made it easier for them, with the help of the member who just asked the question. We brought in the capital gains break for them, up to $750,000 or no limit, within the family," said Hearn.

"We have also, in fisheries renewal, made it possible for them to buy each other out. We are encouraging that rather than trying to stop it," he added.

Keddy first introduced the capital gains tax break for fishing families as a private member's bill when he was in opposition. When the Conservatives formed government it was passed and expanded to $750,000 and no limit within a family.

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For more information:

Gerald Keddy, MP
South Shore - St. Margaret's
Ottawa Office: 613-996-0877