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Entreprise privée Services de conseils fiscaux

Sales and Transfers of Farm Land: Be Careful with the Details

When a farmer decides it is time either to sell farm land or to transfer it to a child, the Income Tax Act can be a powerful ally. Sheltering a sale of farm land by using the capital gains exemption or the inter-generational rollover of farm land to a child can help the taxpayer move the land on a tax-deferred or tax-free basis. It is important, however, to be aware of all the rules associated with these strategies, as small details within the Income Tax Act can cause undesired consequences.

15 oct. 2015