Lifetime Capital Gains Exemption (LCGE)
The farmland, qualifying shares or partnership may qualify for the LCGE
What You Should Know
The capital gains exemption provides an exemption from regular taxation on the sale of qualifying property. There are a myriad of technical rules that need to be followed in order for property to qualify and we can assist with deciphering the requirements and explaining in plain english what needs to be done to ensure that the sale or transfer of the farm is eligible for the LCGE. There are special rules and considerations for the intergenerational transfer of the farm as well as the transition of the family farm corporation to the next generation.
Additional Information
This is an ever changing landscape as governments have been tweaking the rules over the past number of years and there is pending legislation which both expands the amount and limits the access to the LCGE. Professional advice and guidance is essential to ensure that your farm operation has access (and continues to have access) to the LCGE. We would be happy to discuss the particulars of your situation to determine an appropriate course of action to ensure that you qualify.
More Agriculture Services
Year End Planning
We can minimize the current year tax bill through strategic use of the cash method of accounting
Agricultural Succession Planning
What do you want you legacy to be?
Taxation
We can prepare and file your tax return
Ready to streamline your accounting process?
Contact us now to schedule a consultation and explore how our expert services can benefit you.
