If you’re a Canadian farmer ready to sell to your kids, you may want to wait for Bill C-208 to pass first.
Canadian Member of Parliament Larry Maguire sat down to talk to Chrissy Wozniak about his Private Member’s Bill C-208, which has passed all three readings in the house. Bill C-208 is an Act to amend the Income Tax Act which addresses the transfer of a family farm, small business or fishing corporation. In the final reading of this bill, it received bipartisan support from 19 members of the liberal opposition. Of those who did not support the bill were Prime Minister Justin Trudeau, and the Minister of Agriculture.
With the passage of C-208, parents will no longer have to be given a false choice of having to choose between a larger retirement package by selling to a stranger, or a massive tax bill because they sold to a family member – their own child or grandchild.
If you ate today, thank a farmer!