The federal government is proposing tax changes that will impact small business corporations, including farms. Three major changes being proposed could significantly impact farmers, including adjustments to:
- income sprinkling (commonly known as income splitting),
- passive investment income, and
- use of the capital gains exemption.
Of particular concern for farms are the impacts that the proposals could have on succession planning, exiting the farming business, and farmer 'retirement'.
CCGA is working with agricultural stakeholders and financial management experts to better understand the impact of these changes. While the official consultation closed on October 2, 2017,... (read more)