FEDS TAKING 'STEP BACK' TO ADDRESS FARMERS, FISHERS TAX CONCERNS

Oct 19, 2017

By Bob Komsic

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The Trudeau government’s back pedaling on another controversial element of its tax reform proposals.
(Lars Hagberg/Canadian Press)
Standing alongside Agriculture Minister Lawrence MacAulay at a farm in Erinsville, Ontario, Finance Minister Bill Morneau announced the Liberals are abandoning the aspect that would have restricted the conversion of income into capital gains.
”We’re going to take a step back and reconsider that aspect of our tax proposal,” said Morneau.
It would have made it harder for farmers and other business owners to pass on their businesses to their children.
The finance minister has said he’s heard their concerns and that technical fixes were likely on the way to address that.
He also announced this week the government’s scaling back a proposal to crack down on passive investment income.
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