Editor’s note: This letter to Finance Minister Bill Morneau was submitted to RealAgriculture by Stewart Skinner, a young pig farmer from Listowel, Ontario, who voted Liberal in the 2015 federal election. He was also the Liberal candidate for Perth-Wellington in the 2014 Ontario election. Skinner posts periodically on his Modern Farmer blog. October 2nd is the last day to… Read More
Category: Small Business Tax Reform
Agriculture Minister Lawrence MacAulay continues to downplay the potential impact of the Liberals’ proposed tax changes, despite widespread concerns voiced by many farmers, small business owners and their accountants. The minister took 10 minutes to sit down with RealAgriculture in his office in the Confederation Building on Parliament Hill this week to discuss the tax… Read More
The federal government wants to clamp down on incorporated business owners who it says are claiming capital gains when they should be reporting taxable income or dividends. A capital gain is essentially the increase in the value of a capital asset, such as farmland, above its purchase price. Under Canada’s tax system, only 50 percent… Read More
The federal government thinks too many Canadians are using private corporations as tax-advantaged personal savings accounts, and so it’s proposing having much higher tax rates apply to income that comes from investments made within a company. For an incorporated farm business, this “passive” investment income might include returns from GICs, mutual funds, stocks, bonds, or… Read More
Members of Parliament are back at their seats for the fall sitting of Parliament, and tensions are high, with the Conservatives and NDP questioning the Liberals’ proposed tax changes announced in July. Farm groups and farmers have also been vocal in criticizing the government’s plan. “I don’t think the government realized the opposition that would… Read More
Finance Minister Bill Morneau asked several Opposition MPs to send him contact information for Canadians concerned about the Liberals’ proposed tax reforms during Question Period on Monday, saying he would call these individuals personally. After hearing Morneau say this, some farmers and small business owners picked up the phone to call the minister, only to… Read More
With farmers, farm organizations, and accounting firms that work in agriculture voicing serious concerns about the federal government’s proposed tax changes, Agriculture Minister Lawrence MacAulay broke his media silence on the subject on Friday afternoon. For all of 50 seconds. The Full Story: Facing the politically dangerous choice of siding with the farm community or… Read More
With finance committee chair and fellow Maritime Liberal MP Wayne Easter speaking out against the rollout of the proposed tax changes to small business, the door has opened for Agriculture Minister Lawrence MacAulay to voice his concern on the possible impacts that the changes could have on incorporated farmers and ranchers. If the crack wasn’t… Read More