HOW THE PROPOSED TAX CHANGES WILL IMPACT CANADIAN FARMERS

We’re sure many of you are aware of the federal government’s proposed tax changes released July 18, 2017, commonly referred to as the proposals.

Regardless of how these changes have been communicated, the proposals will have a significant impact on tax planning for all business owners, including farmers and other agribusinesses.  This includes higher tax costs for family businesses, as well as more complexity and higher costs for tax compliance, retirement, succession, and estate planning.

It’s important to understand how these changes will affect your business, since the Department of Finance has only given Canadians until October 2, 2017, to provide feedback on the proposals.

Background

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