Wednesday, April 22, 2015

Capital gains exemption rising

The federal budget includes an increase to farmers’ capital gains exemption to $1 million.

It has been increasing since the 1980s when it was $500,000. It went to $700,000 in 2007 and now sits at $813,600.

The $1 million exemption takes effect immediately.

The budget also promises improved tax writeoff provisions for investments in food-processing equipment.