On October 16, 2017, the Department of Finance (“Finance”) released changes (“announcement”) to the tax proposals previously announced in July 2017 (see CBT's summary here). Today’s updates focused on the lifetime capital gains exemption and income sprinkling.
Farmers and farm corporations in supply management sectors buy and sell quota regularly. While operational and financial considerations rightly drive these transactions, they are sometimes completed without considering the tax implications. Consequently, these transactions can lead to unexpected income tax results.