Economic Action Plan 2015, announced Tuesday, is proposing to increase the Lifetime Capital Gains Exemption (LCGE) for qualified farm property to $1 million.
The exemption for farm property provides an incentive to invest in the development of productive farm businesses, and helps business owners to accumulate capital for retirement.
This measure will apply to dispositions of qualified farm property that occur on or after Budget Day, 2015.
The 2015 federal budget also proposed to provide $12 million over two years, starting in 2016-17, to the AgriMarketing program to promote Canadian agricultural and agri-food products around the world.
This builds on the $341 million in funding over five years currently available through the AgriMarketing program under Growing Forward 2.