APAS is applauding the passage of a tax reform bill in Ottawa.
President Todd Lewis says the passing of bill C-208 amends the income tax act, making it more affordable for farmers to sell their farms to a family member instead of a non-family member.
Previously, he says it was cheaper to sell your farm to a stranger rather than a son or daughter.
“There’s different tax implications, and at the end of the day, more tax would have to be paid if it was sold directly to children,” said Lewis. “It was a wrinkle that didn’t make any sense. A stranger could come and have less tax implications through the seller, than if they sold it to their own family.
Lewis expects the senate to approve the legislation to become law.
