Photo credit: Howard Sandler/Dreamstime.

By Curtis Galbraith

Agriculture

Farm groups calling for a reversal of federal capital gains tax rate

Jan 22, 2025 | 5:12 PM

Three national farm groups are calling on the federal government to reverse its decision on the new capital gains tax inclusion rate.

The Canola Growers Association, Canadian Cattle Association and Grain Growers of Canada said in a news release that the change to a 67 per cent inclusion rate from 50 per cent was never approved by parliament, even though a motion was introduced. They want the government to go back to the 50 per cent rate.

That release also says that the average age of a Canadian farmer is now 55, meaning “tens of billions of dollars in farm assets are set to change hands over the next decade.”

They add the cost to buy land continues to go up and those who want to buy “face unprecedented capital costs.”

They are also still opposed to what they call “accelerated pace of implementation” and “the lack of consultation.”

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The groups also say that they represent more than 130,000 farmers and ranchers from across the country.