You talked, Mr. Melvin, about the impact and how hard it is to find a successor to take over that family farm, and the increased tax burden is one reason. The carbon tax is going to be increased again on April 1, and this capital gains inclusion rate change is another potential 30% tax hike on a farm family. Those two tax hikes alone, I would think, are making it that much more difficult to find that younger generation that sees agriculture as a viable career.
On November 5th, 2024. See this statement in context.