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Income tax change affects farmers with quota

from Farm Credit Canada

A notable income tax change is taking place in 2017 that will affect some farmers in supply managed commodities. Farm tax advisers suggest producers take note and consider taking action now to mitigate their exposure. The change — an amendment under the section of the Income Tax Act the Canada Revenue Agency calls eligible capital property — involves the rate at which quota held in a corporation will be taxed when sold. more

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