On June 29th, Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) received royal assent and became law. The legislation creates a more level playing field on taxes for farmers and ranchers across Canada wishing to transfer their business within the family.
CCA was very active in voicing our support for the legislation with all Parliamentarians and encouraging Senators to pass C-208 before the summer recess. MP Larry Maguire brought forward the private members bill and received support from all opposition parties and was supported in the Senate in the final hours before Parliament rose for the summer recess.
