Finance Committee Greenlights Bill C-208

Mar 17, 2021

After multiple witnesses and a thorough study of Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation), Brandon-Souris MP Larry Maguire’s legislation passed a key hurdle with the Standing Committee on Finance voting in favour of the legislation, which has now been sent back to Parliament for the final stages of debate.

The legislation is squarely focused on eliminating the tax rates that families must pay when they sell their small business or farm to their immediate family, rather than a stranger. As it stands, owners must choose between a larger retirement fund by selling to a stranger and a smaller one by selling to a family member.

“In the last Parliament, I spoke out about how the current tax rules are unfair, and I vowed to fix it,” said Maguire. “I introduced this legislation because it’s unacceptable that it’s more financially advantageous for a parent to sell their farm or small business to an absolute stranger than it is to their own son, daughter or grandchild.”

Scott Ross, from the Canadian Federation of Agriculture, appeared at the Finance Committee as an expert witness and said there are thousands of farms across Canada that will be impacted by this legislation.

"The transfer of each one of these businesses, were they to stay in the family, would be disadvantaged and face this undue tax burden,” commented Ross.

Maguire’s legislation has now been sent back to Parliament for Third Reading and if passed, C-208 will be sent to the Senate as the last stage before becoming law.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.