While the OFA continues to have serious concerns about the increase in the capital gains inclusion rate, it said it is pleased the federal government has responded to the feedback it provided and made changes that will allow Ontario farmers to access the Canadian Entrepreneurs’ Incentive.
The increase in the lifetime capital gains exemption is appreciated at a time when many farm operators are looking at transition plans or exit strategies for their farm businesses.
The federal government must recognize the challenges and complexities associated with farm succession, and the challenges in place for new entrants.