New Tax Rules in Canada Impact Farmers

The National Post reports that the federal government's proposed tax reforms could affect Canadian farmers that are family farm corporations (shares are held by family members). The legislation is meant to remove the benefits of income splitting to lower the effective tax rate.

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Proposed new tax rules — such as disqualifying capital gains earned by minors and restricting the use of family trusts for the exemption — could mean farmers take a big hit on their retirement plans.