Yes, very briefly, thank you.
Thank you, witnesses, for being here.
My question is about restricted farm losses, which is in part 1. I'm not sure who will tackle that.
The new law purports to respond to last year's Supreme Court of Canada decision in the Craig matter. We have received a lot of concern from the Canadian Federation of Agriculture.
A headline from the The Western Producer on October 31 noted, “Tax law changes discourage farmers, Income Tax Act New limits on writing off farm losses 'troubling'”
Apparently the federation is concerned that the changes to the restricted farm losses are going to hurt small farmers and new farmers. As you know, many family farms and new small farmers rely on sources of income outside the farm to make ends meet. This bill apparently, and I'm asking for clarification, proposes to eliminate the deductibility of farm losses if people on the farm have another source of income, even if they're transitioning to running a farm full-time.
Did the department consult with the Canadian Federation of Agriculture about this change, or consult with young farmers about how it's going to have an impact on the viability of starting new farms?
As well, just how much money is the government going to save with these proposed changes?