However, in the absence of such a process, CFA noted the need for Finance Canada to commit to a clear process to work with the farm sector on two key fronts:
- Exempting legitimate farm income from the new Income Sprinkling rules because they cannot be applied fairly in the context of a family farm;
- Exempting qualified farm property because the new rules are detrimental to farm transfers and are inconsistent with current farm transfer tax rules.
CFA is currently receiving member feedback on a draft technical submission to Finance Canada, which will be submitted on the October 2nd deadline.
For more information on this discussion, please contact Scott Ross.