Grain Growers of Canada says proposed changes to the Canadian Entrepreneurs’ Incentive will help some grain farmers but won’t offset losses due to changes to the capital gains inclusion rate.
Tag Archives capital gains
Changes to Canadian Entrepreneurs’ Incentive won’t offset capital gains losses says Grain Growers of Canada
Capital gains changes continue to draw farm concerns
Organizations say increasing the inclusion rate will affect intergenerational transfer
The Canadian Federation of Agriculture said it was frustrated changes to the capital gains tax could undermine intergenerational farm transfers and that Ottawa ignored the calls for further work on the planned changes.
A tax plan can mean multiple capital gains exemptions
Capital gains exemptions can save hundreds of thousands of dollars
The lifetime capital gains exemption for qualified farm property allows for significant tax savings when selling assets and can be important for retirement planning and preparing for farm transition. Although the capital gains exemption rules are quite technical, they’re also very generous, particularly with farm real estate. With some smart planning, the capital gains exemption
Greig: Federal tax backtracks aside, much of impact still unknown
The Canadian Association of Farm Advisors’ annual tax update showcased confusion and frustration at the federal government’s shifting plan to change how small business is taxed. “I was very, very offended by all of this,” said Kurt Oelschlagel, of BDO Canada, who was part of a panel on the government changes at the CAFA event,
Ottawa scraps plans for new limits on capital gains
The federal finance ministry has backed away from proposed plans for new limits on capital gains exemptions, over concerns of “unintended consequences” for businesses such as farms. Finance Minister Bill Morneau on Thursday announced the federal government “will not be moving forward with measures that would limit access to the LCGE (lifetime capital gains exemption),”
Farm groups line up against feds’ tax proposal
National, regional and sector farm groups are forming up with several major business associations on the offensive against a proposal to reform how incorporated businesses are taxed in Canada. The federal finance department tabled a series of proposals July 18, opening them for public comment until Oct. 2 for a proposed effective date of Jan.
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