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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?

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Heath MacDonald

Liberal

Linked statement

“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.

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