ONTARIO – Over the last three months, the Ontario Federation of Agriculture (OFA) has advocated for changes to the Canadian Entrepreneurs’ Incentive that reflect the unique realities of Ontario farmers and their families.
While the OFA continues to have serious concerns about the increase to the capital gains inclusion rate, we are pleased that the federal government has responded to our feedback and made changes that will allow Ontario farmers to access the Canadian Entrepreneurs’ Incentive.
Additionally, the increase of the lifetime capital gains exemption is appreciated at a time when many farm operators are looking at transition plans or exit strategies for their farm businesses.
There continues to be a heightened importance for the federal government to recognize the challenges and complexities associated with farm succession and challenges for new entrants.
The OFA will continue to advocate for policy solutions that support the agri-food sector and ensure the stability and sustainability of Ontario’s family farms, now and in the future.
The OFA is preparing a detailed response to the recent tax changes for the government consultation before the September 3, 2024 deadline.
