33Seven

Seeking to discuss proposed amendments to Section 73(3) of the Income Tax Act to modernize intergenerational farm transfer rules. The current legislation allows tax-deferred transfer of farm property only to a farmer’s child. The proposal is to extend eligibility to additional close family members such as nieces, nephews, stepchildren, and common-law equivalents who are active in the farming operation. The purpose is to help preserve family-owned farms, reduce forced sales due to capital gains liabilities, and support the long-term sustainability of rural economies.