Translate Politics Parliament in plain language.

Taxation

During Question Period, the Conservative Party raised the taxation of family farms when they are passed down, saying current rules defer tax only when a farm goes to a child, while transfers to other relatives trigger full taxation, and asking the government to change the rules to keep family farms in the family. A Liberal minister replied that generational farming is important, that the issue has come up through the national policy framework with stakeholders, and that the matter will be discussed further with the Minister of Finance.Written by AI from the debate. Updated .

Official text

2 statements

Jacob Mantle

Conservative
“I want the government to change tax rules so family farms can be passed down without huge taxes. Right now, farmers pay full tax if they pass a farm to relatives who are not their children. This is causing Canada to lose family farms.”
Official Hansard

Mr. Speaker, for generations, family farms have fed Canadians and the world. For generations, those farms have been passed from one family member to the next. The Liberals should not be making that harder, but that is where we are. If a farm is passed to a child, it is tax-deferred. If a farm is passed to another family member, it is fully taxed. The result is that over 57,000 farms have been lost in the last 20 years. That hurts farming families in my community, like Steve Cooper in Uxbridge, who wants to pass his farm to his nephew, but he cannot. Will the Minister of Finance fix the Income Tax Act and make it easier for families to pass on farms to the next generation?

View on ourcommons.ca Grade A+ View analysis

Heath MacDonald

Liberal
“Passing farms down to the next generation is important. We know this, and farmers have brought it up. I will talk about this more with the Minister of Finance.”
Official Hansard

Mr. Speaker, it is important for generational farming, and we are fully well aware of it. It is something that, through the national policy framework with stakeholders across the country, has been brought up a couple of times. I will have further discussions with the Minister of Finance.

View on ourcommons.ca Grade B View analysis

Discussion

No comments yet

See the full discussion

Comment rules

More from sitting 111

All 35 items ·
  1. Private Members' Business An Act to Amend the Criminal Code 6 statements
  2. Government Orders Government Business No. 9—Changes to the Standing Orders 35 statements
  3. Government Orders Government Orders 29 statements
  4. Oral Questions Finance 13 statements
  5. Oral Questions The Economy 6 statements
  6. Oral Questions Finance 14 statements
  7. Oral Questions Finance 4 statements
  8. Oral Questions Seniors 6 statements
  9. Oral Questions Natural Resources 2 statements
  10. Oral Questions Finance 18 statements
  11. Oral Questions Sport 2 statements
  12. Oral Questions Health 6 statements
  13. Oral Questions Seniors 2 statements
  14. Oral Questions Fisheries and Oceans 3 statements
  15. Oral Questions Taxation 2 statements
  16. Government Orders Government Business No. 9—Changes to the Standing Orders 17 statements
  17. Oral Questions Oil and Gas Industry 4 statements
  18. Government Orders Business of Supply 2 statements
  19. Government Orders Government Business No. 9—Changes to the Standing Orders 130 statements