Call to Action on Proposed Tax Changes
APAS is speaking out against the federal government’s proposed tax measures for private corporations. The proposal contains sweeping changes to the way assets, dividends and capital gains are taxed when transferred between family members. Given that the vast majority (93%) of incorporated farms are family businesses, the proposed changes could have serious and negative impacts on family farm succession plans that have been developed for the long term.
How will these tax changes affect you?
MNP has developed an excellent summary of the changes and their potential impact on farm businesses. Read that summary here.
What is APAS doing?
written to the Federal Minister of Finance, Saskatchewan MPs, and the Standing
Committee on Finance highlighting initial concerns and requesting the
withdrawal of the proposal until more time and consideration can go into
such transformative changes. The October 2 deadline does not allow
farmers adequate time to assess the impact these changes could have on their
financial management plans. Read that letter here.
- Global News: 'Proposed federal tax changes anticipated to hit Saskatchewan farmers hard'
- Grainews: 'Farm groups line up against feds’ tax proposal'
- The Western Producer: 'Tax Reform Protest Heats Up'
- Financial Post: 'Farmers furious over Ottawa's tax changes, but too busy harvesting crops to mount a fight'
continue to work with other provincial and national farm organization to
further analyze the detail of the proposal and coordinate lobbying efforts
against these changes.
What can you do?
APAS is supporting the CFA's Call to Action on this issue, and is urging producers to contact their Members of Parliament to ask them to reconsider these proposed tax changes. Information on how to contact your MP can be found by clicking below.
For more information contact email@example.com.