Home Crop Monitoring Federal government delays implementing Bill C-208, despite the bill becoming law

Federal government delays implementing Bill C-208, despite the bill becoming law

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The federal government’s Ministry of Finance says it’s delaying implementation of Bill C-208 till January 1, 2022, doubtlessly with amendments.

Nonetheless, Canadian law states {that a} bill goes into impact instantly after receiving Royal Assent, which the bill did on June 29, 2021, until another date is stipulated in the bill.

Bill C-208 is a personal member’s bill launched by Manitoba MP Larry Maguire which stipulated a change in how the sale of a company between members of the family was dealt with. Earlier than the bill, the sale between farm household companies confronted a special taxation construction than that of a sale between non-related individuals.

Given the delay, producer teams and political figures are talking up about the — maybe unconstitutional — delay in implementing the bill.

The Canadian Federation of Agriculture (CFA) is worried about the destructive impacts on household farms that may come from the unprecedented delay to enact Bill C-208 as laws.

CFA and plenty of different stakeholders have strongly supported Bill C-208, because it removes an unfair tax burden that farmers face when transferring their farm to a member of the family.

“In our talks with the accounting community, this delay, and the uncertainty around exactly what the amendments will be, will force many farmers who were looking to transfer their farm to a family member to delay their retirement plans until 2022. If they transfer to a family member under the current rules, it can potentially cost them hundreds of thousands of dollars more in taxes compared to if this Bill was fulfilled,” says Mary Robinson, CFA president, in a press launch.

Conservative chief Erin O’Toole launched a press release Friday saying, “Justin Trudeau is continuous his struggle on Canadian small enterprise, refusing to implement a tax discount for small enterprise that was handed in Parliament. In the previous, the Prime Minister referred to as these hardworking enterprise house owners tax cheats and used this outrageous assault to justify a large tax hike on the small enterprise group.

When the Prime Minister decides to boost your taxes, he’ll go to extraordinary and unprecedented lengths to disregard Parliament and the law, all in the pursuit of sending your tax {dollars} to Ottawa. The fixed corruption, delays, and cover-ups in Ottawa proceed even after Parliament ends. It’s shameful and Canadians deserve higher.”

CFA’s main concern is that the capital beneficial properties therapy afforded by way of Bill C-208 to inter-generational household farm transfers should be made clearly accessible as rapidly as potential, as Parliament made its intentions clear by way of the passage of the bill.

CFA has reached out to the Finance Division and can work to make sure that the intent of Bill C-208 stays intact and is law as quickly as potential.



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