Provincial tax exemption helps next generation Tuesday, October 21, 2008 by BETTER FARMING STAFFAn Aylmer accountant says people with incorporated farm operations who are making succession plans will benefit most from a new farm exemption under the provincial land transfer tax.“We’ve had some partnerships that became incorporated and in the past there was no way to get around the land transfer tax,” says Alan Enns of Graham Scott Enns, LLP. “It (the tax) was almost discriminatory towards partnerships as opposed to individuals so I think that (the new change) levels the playing field.”In 2004, the province exempted farms passed between family members or transferred to a family-owned corporation from the tax. On Oct. 10, it extended the exemption to farmland transferred to one or more family members from a family farm corporation.Enns says he has clients nearing retirement whose land is held by a company. They have downsized their farms and “the parents just want to retire and wind the company up.”The new exemption “should save them some money.”For a family transferring a farm valued at $500,000, those savings would amount to nearly $6,000, says the provincial news release announcing the exemption.“Ensuring the smooth succession of the family farm supports the continued participation of new generations of Ontario farmers and supports the prosperity of rural Ontario,” says provincial agriculture minister Leona Dombrowsky in the release.The exemption takes effect retroactively for qualifying farm transfers after Mar. 25, 2008. BF Pigeon King explains switch from sport birds to squab Holland Marsh growers protest energy plant proposal
New CEO for Livestock Research Innovation Corporation Friday, September 13, 2024 Livestock Research Innovation Corporation (LRIC) is promoting from within with the appointment of the organization’s newest Chief Executive Officer. Industry Services Manager Kelly Somerville has been tapped to assume the role as of September 3, replacing retiring CEO Mike McMorris.... Read this article online
Milwaukee Extended Anvil High Torque Impact Wrench Thursday, September 12, 2024 Measuring torque is a common on-farm task it can sometimes be a challenge to accomplish this for multiple and varied pieces of equipment, that where Milwaukee’s M18 FUEL™ 1" D-Handle Ext. Anvil High Torque Impact Wrench w/ ONE-KEY™ can provide value. Cordless tools create convenience,... Read this article online
Ontario and Feds look to strengthen the provincial agri-food sector Monday, September 9, 2024 The governments of Canada and Ontario have announced they will be investing an additional $3.5 million in the Ontario Agri-Food Research Initiative (OAFRI) to support the development and adoption of new technologies for farmers, food processors, and agribusinesses that will enhance... Read this article online
The Great Ontario Yield Tour predicts a record-breaking soybean crop Friday, September 6, 2024 The Great Ontario Yield Tour is predicting the 2024 Ontario soybean yield will be 54.12 bu/ac—a NEW RECORD high surpassing the previous record of 53 bu/ac set last year. If the prediction is correct, it will be the best soybean crop ever produced in Ontario!... Read this article online
IPM needs volunteers Thursday, September 5, 2024 The International Plowing Match & Rural Expo 2024 (IPM) could use a helping hand for volunteers. The IPM is being held this year in Lindsay, Kawartha Lakes, Ontario, between October 1 and 5, 2024. While we are aware that the majority of the popular event is being held during... Read this article online