Protecting Canada's Family Farms by Axing the Liberal Tax Hike

Whereas a job killing tax on farms is the last thing Canadians need during a cost of food crisis. Their new capital gains tax increase of 30% will cost farm families millions of extra dollars, driving up the cost of production, pricing out family farms and making food more expensive for Canadian families;

Whereas the average Canadian farm will easily surpass the proposed $1.25 million lifetime capital gains exemption, even when the exemption is combined among family members;

Whereas the average age of Canadian farmers is 55 and their funds are not tied to pension or RRSP matching programs, the tax increase introduces uncertainty into their retirement planning;

Whereas preserving family farms and supporting the next generation of young farmers is crucial to maintaining family farms as the backbone of Canada’s agriculture sector and rural economy and ensuring fairness for future generations;

Whereas these tax changes risk weakening the provisions under C-208 and its amendments and hampers the possible success of intergenerational farm transfers to young producers;

Whereas the Liberal-NDP government did not consult agricultural stakeholders before announcing capital gains changes and is ramming these tax changes through while farmers are in the field planting;

We the undersigned call on the Trudeau Liberals to stop the capital gains tax hike on farmers and ranchers and end all attacks on our food producers to bring home lower grocery prices for Canadians.