By Curtis Galbraith

Bill meant to help farm transitions now before the Senate

May 14, 2021 | 10:08 AM

GRANDE PRAIRIE, Alta. – A private member’s bill proponents say will make it easier for farmers to pass their operations on to their kids and grandkids is now before the Senate.

Bill C-208 cleared third reading in the House of Commons Wednesday by a vote of 199-128.

This bill was first brought forward by Manitoba Conservative MP Larry McGuire.

He told the House of Commons when he first introduced it that selling capital stock in farms and fishing operations to third parties is taxed as a capital gain, while transfers to family members are considered a dividend.

The tax rate is lower for a capital gain. This same rule applies to stock in some small businesses.

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This would bring in the same tax rate for both if the person taking over keeps it for five years or more.

McGuire also told the House this would give hope to young people who want to continue in the family business and believes it will result in more locally owned businesses.

All the Conservative, NDP, Bloc, and Green Party MPs who voted were in favour, as were 19 Liberals and four Independents. Grande Prairie-Mackenzie MP Chris Warkentin and Peace River-Westlock’s Arnold Viersen joined in the other Conservatives in voting in favour.

All the No votes but one came from the Liberal side with another coming from an Independent. Prime Minister Justin Trudeau and Agriculture and Agri-Food Minister Marie-Claude Bibeau were among those who voted against third reading and sending the bill to the Senate.

Ten other MPs, eight Liberals, one Conservative, and one New Democrat, did not cast votes.