The Federal Government should hit the pause button on the capital gain changes

Jun 14, 2024

The Canadian Cattle Association and Canadian Cattle Youth Council are concerned with Ottawa's plans to push through capital gains changes.

The proposed changes would see the lifetime capital gains exemption increase from $1 million to $1.25 million, while the capital gains tax, which is paid after that, change from 50 per cent to 67 per cent.

Canadian Cattle Youth Council President Scott Gerbrandt says they are concerned about the proposed increase and what it could mean for family farms.

"This was announced in April, and it's proposed to be implemented June 25th. That period between April and June is typically busy for farmers, and we haven't had enough consultation with producers to know whether that's going to have a really large impact on their transition planning on family operations."

He notes that we need to ensure that the beef industry remains strong and competitive by providing all the means necessary for smooth family farm transition planning.

The CCA and its Youth Council urge the federal government to exempt beef cattle producers and other farmers from the increase to capital gains and ensure that these measures do not jeopardize the smooth intergenerational transfer of assets. 

Producers of all ages are being encouraged to reach out to the CCA to talk about how the proposed capital gain changes will impact their farm succession plans.

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