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Sask producers support Bill C-208, which could make it more affordable to sell farms to a family member

  REGINA Saskatchewan farmers are showing their support for Bill C-208, which recently passed its third reading in Canada’s House of Commons. The bill, which was introduced by Manitoba Conservative MP Larry Maguire, will make it more affordable for producers to sell their farms to a family member, instead of selling it to a non-family member. “I’m trying to level the playing field for families and small businesses,” said Maguire. “The tax system today is very detrimental to them selling it to their own families, as opposed to a complete stranger.” Maguire said currently, when a producer sells their operation to a family member, the difference between the sale price and the original purchase price is considered a dividend. If the producer sold to a non-family member, the sale is considered a capital gain, which is taxed at a lower rate than a dividend.

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