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News, Other

Morneau pulls back on tax changes

The government says it will consult with farmers and other small businesses on intergenerational transfers

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The federal government is withdrawing several controversial tax changes and will consult with farmers and other small businesses on rules that could make intergenerational transfers of family enterprises simpler, Finance Minister Bill Morneau announced Oct. 19. He capped a week of backing down on tax changes affecting farmers, fishers and other small businesses by announcing
Comment, Opinion, Other

Comment: A failure to communicate

The federal government is long on rhetoric and short on meaningful detail in its tax proposals

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Too often the discussion of tax reform is boiling down to partisan debate. But this question is so much larger, and is fundamentally a right or wrong issue. The last time a tax reform of this magnitude was implemented it was the early ’70s. It took about six years of consultation and about two years
Comment, Opinion, Other

Comment: The loudest voices against tax reform are not neutral

Almost absent in the debate about proposed Canadian changes are any voices defending 
the idea of tax fairness

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Federal Finance Minister Bill Morneau’s proposals for tightening tax breaks associated with private companies is generating several kinds of response on social media and in mainstream media. The most evident is an impressive deluge of evidence-free rhetoric claiming that the proposals are an attack on everything from the middle class to maternity leave for female
Bill Morneau's proposal on federal tax reform has been a "communications disaster."
Comment/Feedback, Other

Comment: Death, taxes, and food

Getting taxation right for the agriculture and food sectors will require something other than one-size-fits-all thinking

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Up until recently there were two things certain in life: death and taxes. We can now add a third one: Botching the promotion of a tax reform for political gains. Finance Minister Bill Morneau’s tax reform has been a communication disaster. Various claims made about Ottawa’s intentions to revamp our tax system for small corporations
Finance Minister Bill Morneau, seen here at an Ottawa press conference July 18 announcing tax changes, 
has been getting a rough ride over the proposed policy.
News, Other

Did Bill Morneau just blink?

The finance minister says proposed tax changes will be altered so they don’t discourage incorporated farmers from selling to family members

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Farmers’ concerns about the federal government’s proposed controversial tax reforms for private corporations haven’t fallen on deaf ears. Finance Minister Bill Morneau says the reforms will be changed so as not to discourage farmers from saving for retirement, employing family members, or selling their operations to the next generation. Read more: Q & A: Brian Pallister
Brian Pallister.
Local news, Other

Q & A: Brian Pallister on the feds’ proposed tax changes

Manitoba Premier Brian Pallister took his concerns over the proposed federal tax changes to Ottawa on Oct. 3

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Manitoba Premier Brian Pallister, who ran a financial planning company specializing in farm succession planning, shared his views with Manitoba Co-operator reporter Allan Dawson on Sept. 28. The following Q & A was edited for length and clarity. Q: What’s your reaction to the federal government’s proposed changes to taxing private corporations? Brian Pallister: This
Farmer in wheat field
Opinion, Other

Opinion: Proposed tax changes for corporations poorly structured

The current proposals will stifle business and create unfairness

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In July the prime minister of Canada and the federal finance minister introduced proposals that, if enacted, will fundamentally change how small business in Canada operates. Since that unveiling of proposals, debate on the merits of each point has been impassioned. Debate has since polarized along ideological dogma. Canadian society must decide where they wish
Farmers busy with harvest are now simultaneously having to contemplate 
major changes to how they can use incorporation to manage their businesses.
News, Other

Succession planning at risk

Frustration over Ottawa’s proposed changes to small-business taxation continues to mount

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Farmers are being urged to join the chorus of opposition facing the federal government’s proposed tax changes. Manitoba’s minister of agriculture has already added his voice to the growing calls for Ottawa to reconsider the massive overhaul and Keystone Agricultural Producers is asking its members to participate in government consultations before the October 2 deadline.
Tax changes set for this fall are likely to considerably impact many Canadian farmers.
Editorial, Opinion

Editorial: The taxman cometh

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Canadian farmers could soon be swept up in a looming taxation crackdown. The Trudeau government has promised to lower the boom on what it characterizes as the abuse of private corporations by high-income individuals to avoid taxation. Doctors have been especially vocal in their condemnation of the move, saying they have forgone fee increases in
Seven ways incorporating your farm can improve your operation

Seven ways incorporating your farm can improve your operation

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Successful farms depend on having smart, strategic people, no matter what structure. However, being incorporated has forced farms to create accrual financial statements and operate under certain rules of engagement, which has jumpstarted more professional behaviour, such as having farm meetings.

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