The newly passed private member’s bill may adjust two specific provisions in the Tax Act that can create challenges in transitioning ownership of a family business to family members in a tax-efficient manner and promises to change farm family’s lives. | Getty Images

Bill C-208’s impact will be significant

Until recently, it was more tax efficient for Canadian farmers to sell their business to a stranger than a member of their own family. Ninety-eight per cent of Canadian farms are family owned, with assets increasing significantly in value over the years. The average Canadian farmer is 55 years old and may be looking to […] Read more