Feds respond positively to OFA feedback with changes

Aug 16, 2024

OFA advocacy works as the Canadian government has implemented changes to provide Ontario farmers access to the Canadian Entrepreneurs’ Incentive, but there’s still work to go on lowering the capital gains rate.

By Andrew Joseph, Farms.com; Photo by Scharfsinn86/iStock/Getty Images Plus photo

Over the past three months, the Ontario Federation of Agriculture (OFA) has advocated for changes to the Canadian Entrepreneurs’ Incentive that reflect the unique realities of Ontario farmers and their families.

While the OFA continues to have serious concerns about the increase in the capital gains inclusion rate, it said it is pleased the federal government has responded to the feedback it provided and made changes that will allow Ontario farmers to access the Canadian Entrepreneurs’ Incentive.

The increase in the lifetime capital gains exemption is appreciated at a time when many farm operators are looking at transition plans or exit strategies for their farm businesses. The federal government must recognize the challenges and complexities associated with farm succession, and the challenges in place for new entrants.

The OFA will continue to advocate for policy solutions that support the agri-food sector and ensure the stability and sustainability of Ontario’s family farms, now and in the future.

A more comprehensive response to these tax changes will be forthcoming from the OFA in response to the government consultation ahead of the September 3, 2024, deadline.

For more information regarding the government consultation on the budget 2024 measures, click HERE.

Video: A Farm Song (Busy) | Parody of A Bar Song (Tipsy) by Shaboozey

Lyrics:

My days begin with workin’, Alarm’s at 5 o’clock,
I Fill 5 gallon buckets, The feeders and the troughs,
This five to nine ain’t workin’, why the heck do I work so hard?,
I can’t worry ‘bout health problems, I can sleep in when I’m gone,

One, here comes the two to the three to the four,
Tell em’ ‘buy another cow, we need plenty more’,
Blue jeans are gettin’ dirty, what else could I ask for,
Oh my, more chores

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
There’s another flock of sheep that still needs feed,
Everybody on the farm gettin’ busy,

Everybody on the farm gettin’ busy,
Everybody on the farm gettin’ busy,

I’ve been working pretty stressed but,
I ain’t changing for some cash,
Lord knows that I’m very blessed (More chores),
But I gotta say it’s hard,
Workin’ outside gettin’ charred,
Living out here on the farm, (more chores)

One, here comes the two to the three to the four,
Tell em’ ‘buy another cow, we need plenty more’,
Blue jeans are gettin’ dirty, what else could I ask for,
Oh my, more chores

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history
There’s another 20 chickens that still need feed,
Everybody on the farm gettin’ busy,

Everybody on the farm getting’ busy,
Everybody on the farm gettin’ busy,

Fun, here on ranch that’s what you can’t ignore,
Might be pretty hard but I love it to its core,
Flannel’s gettin’ dirty, what else could I ask for,
Oh my, more chores (Tell ‘em sing with me)

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
There’s another flock of sheep that still needs feed,
Everybody on the farm gettin’ busy,
Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
Watching cattle in the dark, don’t miss me,
Everybody on the farm gettin’ busy,
(Yeeeeeehaw)
Everybody on the farm gettin’ busy,
Everybody on the farm gettin’ busy,
It’s the best bro, go get yourself a farm