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OFA statement on capital gains and the Canadian Entrepreneurs’ Incentive

GUELPH, ON – Over the last three months, the Ontario Federation of Agriculture (OFA) has advocated for changes to the Canadian Entrepreneurs’ Incentive that reflect the unique realities of Ontario farmers and their families.

While the OFA continues to have serious concerns about the increase to the capital gains inclusion rate, we are pleased that the federal government has responded to our feedback and made changes that will allow Ontario farmers to access the Canadian Entrepreneurs’ Incentive.

Additionally, the increase of 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. There continues to be a heightened importance for the federal government to recognize the challenges and complexities associated with farm succession and challenges for new entrants.

The OFA will continue to advocate for policy solutions that support the agri-food sector and ensure the stability and sustainability of Ontario’s family farms, now and in the future.

The OFA will be providing a more comprehensive response to these tax changes in our response to the government consultation ahead of the September 3, 2024 deadline.

Source : OFA

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Border View Farms is a mid-sized family farm that sits on the Ohio-Michigan border. My name is Nathan. I make and edit all of the videos posted here. I farm with my dad, Mark and uncle, Phil. Our part-time employee, Brock, also helps with the filming. 1980 was our first year in Waldron where our main farm is now. Since then we have grown the operation from just a couple hundred acres to over 3,000. Watch my 500th video for a history of our farm I filmed with my dad.