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After the fall harvest, Canadian farmers could face huge tax hit from new rules

from National Post

The federal government's proposed tax reform on private corporations unveiled in mid-summer has drawn furious reaction from doctors and other high-income professionals, but there's another group in line for a nasty tax surprise once their busy summer season is over. About one-quarter of all farms in Canada are family farm corporations, meaning the shares are held by family members. Their number has been growing rapidly, even as the overall number of farms has fallen: there were 43,457 family farm corporations in 2016, up from 28,854 in 2001. more


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