Outdated inheritance rules discriminate against nieces and nephews

An Ontario vegetable grower and a farm succession planner wants the federal government to implement a simple change to the Income Tax Act.

Derryn Shrosbree says Section 73(3) of the Income Tax Act needs to be amended to include nieces and nephews. Currently, a farmer can transfer qualified farm property to their child on a tax-deferred basis. This does not extend to a niece or nephew, who then have to deal with capital gains taxes that place additional financial pressure on younger producers.

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