Canada farmers slam tax change rollout

Jun 12, 2024

The Canadian Federation of Agriculture (CFA), representing over 190,000 farm families, expresses disappointment with the government's handling of capital gains tax changes.

The concern lies in the short timeframe between the April 16th budget announcement and the June 25th implementation date.

"By announcing these very significant tax changes while farmers are in the field planting, we aren't giving producers enough time to fully assess the implications for their families and their businesses," said Keith Currie, CFA President.

The changes include an increase in the Lifetime Capital Gains Exemption (LCGE) to $1.25 million, but also an increase in the capital gains inclusion rate to 66.33%. The CFA worries that these changes might cancel each other out, hindering successful farm succession.

With 40% of Canadian farm operators nearing retirement in the next ten years, a smooth transition of assets is crucial.

The CFA emphasizes that tax measures shouldn't jeopardize this process but rather encourage the next generation to take the reins. A successful intergenerational handover is vital for rural economic activity and the agriculture sector's growth potential.

The tight timeframe for implementing these significant changes leaves many farmers scrambling to understand the impact on their succession plans.

The CFA urges the government to consider the challenges this creates and ensure a smoother transition for Canadian agriculture.

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