October 20, 2017
GGC Statement on government’s announcement of changes to proposed corporate tax reform
October 20, 2017 – Grain Growers of Canada welcomes this week’s announcements of amendments to the proposed tax changes to private corporations. By listening to farm groups and individual farmers the government was able to get a clear picture of the potentially drastic impacts these changes would have had, particularly with regards to succession and investment planning for family farms in Canada. Backing away from the proposals on lifetime capital gains exemptions and conversion of income to capital gains was the right decision and we look forward to seeing new legislation regarding passive income and income sprinkling for further analysis.
GGC appreciates the opportunities we had to meet with government and discuss our concerns directly and openly during the consultation process. A transparent, collaborative atmosphere is key to good policy and we are prepared to assist the government in any way we can as the new legislation is drafted.
GGC members remain extremely cautious on these proposed changes until formal documentation is provided, and can be vetted by farm tax specialists.
– Jeff Nielsen, President, Grain Growers of Canada