Insights and Stories on Income Tax

Jul. 13, 2021 at 7:44 pm CDT

Rule changes passed in a federal bill to standardize tax treatment for sales of family-owned farms and small businesses will be delayed to the start of 2022, to the dismay of several farm groups. Bill C-208, a private member’s bill spearheaded by western Manitoba Conservative MP Larry Maguire with amendments […]

By Dave Bedard

May. 15, 2021 at 3:03 am CDT

A Manitoba Conservative MP’s bill to standardize the tax treatment for sales of farms and other small businesses has cleared the House of Commons and is en route to the Senate. Brandon-Souris MP Larry Maguire’s Bill C-208, which was introduced for first reading in February last year, passed third reading […]

By Dave Bedard

May. 11, 2021 at 8:37 pm CDT

In a decision that may have come late for some, New Brunswick, Prince Edward Island and parts of southeastern Quebec and northwestern Nova Scotia have been declared drought zones for eligible livestock producers’ 2020 tax purposes. The federal government on Monday released its list and map of prescribed drought regions […]

By Dave Bedard

Feb. 18, 2020 at 5:27 pm CST

CORRECTED, Feb. 18 — More ranchers who were up against a dry 2019 may now be eligible to defer some income from their livestock sales for the income tax year. The federal government on Tuesday released the “final list” of designated regions where income tax deferral on sales of breeding […]

By GFM Staff

Dec. 18, 2019 at 12:35 pm CST

Ottawa — Minor changes are coming to AgriStability following Tuesday’s meeting between federal Agriculture Minister Marie-Claude Bibeau and her provincial counterparts. Major changes, however, will have to wait. A full review of federal business risk management (BRM) will be completed in April, with the findings discussed when the federal, provincial […]

By D.C. Fraser