Jorge Maria
Pontiac June 30, 2021
A private member’s bill introduced by backbench Conservative MP Larry Maguire has received royal assent equalizing the sale. . .
and transfer of farms to family members vs strangers.
Addressing a long-held grievance in the farming community, Bill C-208 fixes an unintentional provision in the tax code, making it more costly for farmers to sell their farms to family members rather than selling to a stranger.
“The bill would therefore establish uniform tax treatment regarding the sale of such a business, where it’s sold to a family member or non-family member,” an official statement from the Senate’s Twitter account said.
After the bill came into law, Maguire went to Twitter to celebrate: “No longer will parents have to be given a false choice of having to choose between a larger retirement package by selling to a stranger or a massive tax bill because they sold to a family member,” he said.
The bill passed on the last day before parliament’s summer recess, on June 23, 2021.
Bill C-206, sponsored by Conservative Philip Lawrence seeks to exempt farmers from paying federal carbon taxes on fuel, including propane and natural gas. The bill has made its way through parliament but will not be read by the senate until parliament reopens in September.
