Saskatchewan farm group has 'grave concerns' about proposed fed tax reform

Group says proposed changes could hurt ability to keep farms in the family.
The Canadian Press
October 03, 2017
By The Canadian Press
October 2, 2017, Regina, Sask. – A group representing Saskatchewan farmers has told the federal government that it's against proposed corporate tax changes, saying there are grave concerns.

The Agricultural Producers Association of Saskatchewan says the proposed federal tax changes could hurt the ability to keep Saskatchewan farms in the family.

The association wants agriculture to be exempt from the proposed tax changes.

APAS president Todd Lewis says 27 per cent of Saskatchewan family farms have incorporated, mainly as a vehicle for the transfer of their operating assets between generations.

Lewis says succession plans are designed to ensure that younger generations can take over the operation without having to totally recapitalize the farm, and to provide a secure retirement income for older generations.

He says the future of the industry depends on it.

``We have seldom seen such concern from all members of the farm and ranch community about a government initiative,'' Lewis said in a news release Monday.

``Saskatchewan producers were completely taken by surprise by the proposals contained in the Tax Planning Using Private Corporations consultation document. Both by the recommendations, and by an extremely compressed consultation period conducted during our busy harvest season.''

Add comment


Security code
Refresh

Subscription Centre

 
New Subscription
 
Already a Subscriber
 
Customer Service
 
View Digital Magazine Renew

Most Popular