The Western Wheat Growers' Association

[parsley]

As you well know, Budget 2015 put a lot of capital gains in farmers' pockets.

Both government and the WCWGA made
It happen.

"The Wheat Growers called for an increase in the Lifetime Capital Gains Exemption (LCGE) to $1 million as early as 2010 in a submission to the Finance Committee and have been pursuing this ever since. The government did increase the LCGE from $750,000 to $800,000 for the 2014 tax year, and had adjusted this to $813,600 at the start of this year. The new exemption of $1 million takes effect immediately."

Next time you see a WCWG member, thank him/her for lobbying on your behalf, will you? Pars

[SASKFARMER3]

I agree on this one! It was a positive in the Budget!
Good job!

[Oliver88]

Nice work, good positive change.

[bucket]

How about no taxes on land appreciation like a tfsa?

That would be more innovative?

[farmaholic]

Hmmm, If I never sell my land, and pass it on to the next generation...

[fjlip]

Then next gen can reap the windfall of $1Mil capital gains ...each, plus spouse.
That's what accountant said, if you don't sell the next gen will.
Millions tax free hard to resist.

[bgmb]

How about raising the small business tax exemption!!!!

[wakopa]

If u have lots of land and close to retirement sell 2 millon worth fill ur children and ur tfsa and then the children if they want to can sell a millon worth. Don't put it in ur children spouse name , gold mine for them when they leave

[teller]

bgmb, 15 million of deployed capital, which is the limit for the small business tax, is not a small business. it might not be a big farm, but to mom and pop wage earner voters, 15 million is not small.

[blackpowder]

Wakopa. Dont ever put anything in a spouses name or in joint. Be very careful putting anything in married childs name. Seek specialized legal counsel.
Non farmers looking at a farm see nothing but money and it brings the buzzards every single time.

[wakopa]

Every thing under control black powder, got info from lawyer and accountant , our inheritance stays in there name not joint, our youngest was married 6 months only, mother in law and daugher gonna take quarter millon dollars house , so they thought, house was in my name , I learned a lot after that.

[farmaholic]

Matrimonial property laws are ****ed. Depending on circumstances they definitely need some reconsideration.

Million and multimillion dollar businesses at stake. Generational wealth at stake. This topic is slippery and I will be like wakopa, lots of legal and accountant advice.

How much wealth can be generated from a solid farm. It's not so much what you came into the marriage with(should be protected) but appreciation and income earning ability of what you brought in. Stay at home moms need special consideration.

This topic will need attention in my our families future.

What have other's done? I think there needs to me a more equitable way of sorting out the problem. Equal isn't always fair and fair isn't always equal...

[farmaholic]

Upon re-reading my previous post, it should have read "stay at home PARENTS(moms or dads) need special consideration". Lets be fair.

[blackpowder]

Sorry for what appears to be a derail.
The wcwga and its directors deserve a thank you. A listened to voice in Ottawa.

On the matrimony legalities topic. People who have not been through a litigious divorce have no clue at all. When children are involved there is no end to the legal fees until they are through post secondary. There is a financial microscope with attached vacuum up your backside every day.

[gustgd]

Thanks Parsley!

I wouldn't be doing my job as membership chair if I didn't take the opportunity to remind you all that you can take out a membership in this organization, and help drive Farm policy debate

http://www.wheatgrowers.ca/join