“Ottawa’s tax plan is like peeling a rotting onion,” says Mark Wales, Elgin County farmer and chair of the business risk management committee at the Canadian Horticultural Council.
That’s the analogy that Wales used during a BNN interview providing insights into the proposed federal tax changes.
As Wales notes, almost a third of Canadian farm families are incorporated or engage in formal or informal partnerships. He says that farmers could be “collateral damage” in the federal government’s proposed tax changes, adding that the effects appear to be worse and worse as he learns more about them.
Wales explains how the tax plan would hurt family farms that are looking to pass the farm to the next generation. He is speaking out to “ensure that the next generation (of farmers) doesn’t get hit with unfair tax issues when that succession planning takes place.”
There is a 72-day comment period on the draft legislation that is expected to take effect on January 1st.
You can listen to his full interview here.