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By Curtis Galbraith

Agriculture

Alberta Grains joins call for exemptions to new capital gains tax inclusion rules

Jun 24, 2024 | 6:11 PM

Alberta Grains has joined those opposing federal changes to rules around the capital gains tax.

It is asking that intergenerational farm transfers be taxed at the original 50 per cent rate. The organization says in a release that the changes mean that, in some instances, the capital gains inclusion rate could jump to as much as 67 per cent.

“If Canada wants to maintain a thriving agricultural sector, it must exempt intergenerational farm transfers from this tax increase,” says Alberta Grains chair Tara Sawyer in a release, adding, “These changes are a barrier for young farmers carrying on the family business and for new farmers entering the industry. Alberta Grains remains committed to supporting family farms and advocating for policies that promote a sustainable and prosperous future for Albertan farmers.”

Grain Growers of Canada has asked for a similar change.

Alberta Grains says in that same release that the tax rate for individuals will stay the same, but rates for corporations and trusts, which includes many family farms, will fall under the new, higher rate.

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The release goes on to say that 95 per cent of farms are operated by families and the tax changes threaten the financial stability of such operations.

Alberta Grains is also asking people to join a campaign started by the Grain Growers of Canada called Protect Family Farms, where people can send letters to their Member of Parliament.