Senator Loffreda: Thank you, Senator Gold, for that answer.

Fiscal responsibility is key, but I continue to believe that the government needs to give serious consideration to including tax incentives for business owners to embrace employee ownership trusts. Senator Gold, can you commit to sharing my views with the government and encourage them to make tax incentives part of their upcoming legislative proposal? Otherwise, I’m afraid the take-up rate will be minimal and the policy won’t achieve its intended objective.

Hon. Tony Loffreda: My question is for the Government Representative in the Senate.

Senator Gold, in Budget 2023, the government committed to introducing tax changes that would take effect in 2024 to facilitate the creation of employee ownership trusts. I am a strong supporter of employee ownership trusts as they would provide business owners an alternative succession option that would allow employees to share in the success of their work.

We know that 76% of Canada’s business owners plan to exit their business within the next decade, and only 1 in 10 has a formal succession plan in place. The timing for employee ownership trusts is now. Senator Gold, can you assure us that this remains a top priority, and when might we expect the government’s legislative proposal?