Thank you.
I'm with the Agricultural Alliance. As well, I sit on the Canadian Federation of Agriculture as a representative.
I was asked to come here today to focus on taxation regarding intergenerational farm transfers. Sons and daughters are at a disadvantage when purchasing a family farm, in comparison with a neighbour or a stranger.
I'll use an example. If I were to purchase Paul Gaunce's dairy farm for approximately $2 million, I would be at a tax advantage of approximately $680,000 in comparison with Paul's son. The way the tax law is currently interpreted, if you're one of fewer than six individuals in an arm's-length transaction, then you are required to borrow the money personally.
I was asked to come here today to suggest that the committee take into consideration changing this tax law.
Thank you very much.