CPC Statement on Income Sprinkling and Tax Changes
Canadian pork producers will be pleased to know that the Federal Minister of Finance, Bill Morneau, released details on income sprinkling and how it applies to small businesses. Based on the CPC’s preliminary review of the documentation released today, we are pleased the government provided clarity on how the rules will apply and how they will be less onerous. Producers will have until the end of 2018 to adapt to the new rules.
“The CPC is grateful that Minister Morneau and the government listened to comments on the proposed changes to the way small businesses, like farms are taxed” said Rick Bergmann, Canadian Pork Council Chair. “ Not going forward with changes to limit access to the Lifetime Capital Gains Exemption and changes to the rules on conversion of income to capital gains will help ensure the Canadian pork sector remains a vital economic engine for the country. These changes would have had a very negative impact, not only on individual producers, but on the Canadian economy as a whole.
Return to News Releases