RE:RE:RE:RE:Packer""Well, Reddeer....he does get the first 1.25 MILLION dollars of capital gain completely tax free..."" Hey PACKER__INDEED Farmers, Fishermen, Small Business Were GIVEN the INCREASE
From 1 Million to 1.25 Million__
BUT a LOT of This WILL BE Neutralized by the
INCREASEDGains Tax Over 250K Also KEEP in MIND that a Typical VIABLE Farm is Around 1000 ACRES__Which is Currrently
Valued @ 5500 per Acre in Central Alberta__For Which Farmer JOE's 1971 VALUATION
DATE Value Would Have Been NO MORE Than 150 per Acre__Thus the GAIN Since 1971
TOTALLY OverShadows the 1.25 Million Exclusion
But HEY__TruDope BOASTED That ONLY 0.13% of Canadians WOULD BE Affected !!
And Farmer JOE WILL BE Just ONE of Them eh !!!!
June 11th, 2024, Ottawa – The Canadian Federation of Agriculture (CFA), who represent over 190,000 farm families across Canada, is disappointed with the Government of Canada’s decision to ignore calls to delay implementation of changes to the recently announced capital gains inclusion rate. By announcing the proposed tax changes in the Federal Budget on April 16th with an effective implementation date of June 25th, the Government of Canada is not providing Canadian farm businesses with enough runway to fully assess the potential implications of these changes for farm succession tax planning purposes and adjust accordingly.
While the Lifetime Capital Gains Exemption (LCGE) was increased to $1.25 million, the capital gains inclusion rate was also increased from one half to two thirds. CFA’s concern is that by increasing the capital gains inclusion rate we are neutralizing the increase to the LCGE threshold and jeopardizing the success of genuine intergenerational farm transfers and the financial health of the next generation of farms across Canada.
“By ramming these very significant tax changes through while farmers are in the field planting, we aren’t giving producers enough time to fully assess the implications for their families and their businesses,” said Keith Currie, CFA President.
With 40% of Canadian farm operators set to retire over the next decade, we need to ensure that the proposed personal income tax measures announced in Budget 2024 do not jeopardize the transfer of assets from one generation of farmer to another, but rather encourage the next generation of farmers to take up the calling, drive much needed rural economic activity and help the agriculture sector reach its growth potential.
packerdriver wrote: Red_Deer wrote: ""Newsflash, Banshee: "inheritance taxes" were abolished in Canada.....FIFTY FOUR YEARS ago.
Inheritance taxes were abolished in 1971.""
Hey PACKER__INDEED That WAS When The CAPITAL GAINS Tax CLOCK Started Ticking
So When FARMER JOE Finally Needs to RETIRE and SELL the FARM__He WILL BE
PAYING For ALL Those 54 YEARS of INFLATION__INSTEAD OF the ACTUAL Much
Smaller REAL GAIN Adjusted For Those 54 YEARS
Which You CONTINUE to BELIEVE is TOTALLY FAIR eh !!!!
packerdriver wrote: Banshee wrote: A couple of points , yes , l think taxes on top of already paid taxes , on people's payroll and everything it seems other than food essentials is tyranny , and just disgusting by all governments but especially the Liberals who you seem to favour.. That includes the inheritance taxes taken by the money grubbers who can't Ballance a budget , and all the extras they grabbed , in Trudeaus case went to the climate , green scam you seem to endorse .Billions for useless battery plants that will be as profitable as the scam car company Delorean was. It seems we have politicians that have no problem in wasting taxpayer money as long as their pensions and perks are intact and indexed for inflation.LOL Your take on double or triple dipping is unbelievable and BbTW do you have a reading or a comprehension problem , when it comes to Capital gains or other tyrannical practices by the CRA , l like you have no outside accounts , repeated no outside accounts so l have no axe to grind , just like you but you love to see those more successful or astute than us get jerked around. I. My case it's admiration of what they accomplished and invested , in yours , just pure petty jealousy , no slur but you get off on that don't you.
Newsflash, Banshee: "inheritance taxes" were abolished in Canada.....FIFTY FOUR YEARS ago. This is why talking with your ilk on this site is so damn hard:Your opinions are based on your fantasies.
Inheritance taxes were abolished in 1971. LOOK IT UP!.....GEEEEZ!
Well, Reddeer....he does get the first 1.25 MILLION dollars of capital gain completely tax free....that is if he just sells to the higherst bidder....if he passes the farm onto family I believe there are even more favorable conditions to that transfer....farmers, fishermen are a whole different category of taxpayer than the rest of us.