This was mentioned earlier this morning, further to questions from different members. I would really like to unequivocally confirm on behalf of the government that any amendments to safeguard our tax policy or to avoid artificial tax planning in connection with Bill C-208 would not be retroactive. As stated in the press release of yesterday, new proposals would apply as of the later of either November 1, 2021, or the date of publication of the final draft legislation. I hope that clarifies matters for my friends and colleagues.
I also want to add my voice to those of the previous speakers and stress the importance of parliamentary supremacy.
So my first question is for the representatives of two organizations that are here to represent our dear farmers.
Thank you very much for joining us today.
As Parliamentary Secretary to the Minister of Small Business, Export Promotion and International Trade, I am particularly interested in the issue of intergenerational transfers.
As we all know, most farms are SMEs. The 2016 census showed that more than half of all farms are sole proprietorships, and nearly a quarter of those report as family businesses.
I feel that our government has demonstrated that we are here to support our SMEs in all sectors, including the agricultural sector, which I believe has 200,000 businesses in this country. If we look at our government's record during the pandemic, we see that it has provided $1.4 billion to the agricultural sector through our wage subsidy and $50 million, in the agricultural sector alone, for rent assistance.
There is also $5 billion in additional funding for Farm Credit Canada, $125 million for AgriRecovery to help producers with the additional costs of COVID‑19, $50 million for redistribution of unsold products, and more.
My question is about the Act to amend the Income Tax Act (transfer of a small business or family farm or fishing corporation). Now that we have clarified that this act has actually been in effect since June 30, what are the biggest issues you are facing today, from a tax perspective?
Ms. Bissonnette, you have noted that the transfers are quite complex. Could you start?
Do you have any suggestions or concerns from a tax perspective that you want to mention to the government today?