GGC Remains Opposed to the Capital Gains Tax Increase Despite Deferment
STATEMENT
(OTTAWA, ON – Jan. 31, 2025) Grain Growers of Canada (GGC) continues to be opposed to the capital gains tax increase despite the announcement today by the Government of Canada that they would postpone collecting the increase until January 1st, 2026. The tax hike has already forced many family farms to sell early and will increase cost for most family-run grain farms who produce the majority of food that Canadians and the world rely on once implemented next year.
Delaying bad policy doesn’t fix bad policy – it just drags out uncertainty, derails succession planning, and challenges the future of family farms. When this tax hike takes effect, it will also target farmers’ retirement plans, move the goalposts for the next generation of producers, and further complicate the tax code, driving up accounting and legal expenses for all farmers.
To protect family farms, we are continuing to call on the government to completely reverse the capital gains tax increase to ensure that family-run grain farms continue to be the backbone of Canada’s agricultural sector.
- Kyle Larkin, Executive Director of Grain Growers of Canada
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