Accountant explains proposed tax changes for farmers
Many farmers are getting nervous about the future of their family farms under the Liberal government’s proposed tax changes.
Mike Farrer is a chartered professional accountant with Great Plains Accounting in Regina. He has been on the phone with many farm clients.
He explained that there may be major unintended consequences on the transfer of farmland from one generation to another.
“The number being bandied about is around 72 per cent, I don’t think it would actually be that high when the rubber hits the road,” Farrer commented. “But that’s certainly enough to shock people into looking at the structures that they have and maybe calling people like me, or calling their MP and saying, ‘OK what is going on here?’”