The federal government is proposing tax changes that will impact small business corporations, including farms. While farmers don't have a lot of time to think about tax changes during harvest, it is important that they are aware of what is being proposed and how it may impact their family's future.
What we know
The Department of Finance has proposed a series of modifications to the Income Tax Act with the stated goal of changing current tax provisions that can result in "high-income individuals gaining tax advantages" not otherwise available to Canadians. Three major changes being proposed could significantly impact farmers. These include adjustments to: