Mr. Speaker, many farmers in the great constituency of Glengarry-Prescott-Russell are concerned about the future of the capital gains exemption for farmers.
Of particular concern to me and my constituents is that farmers are jumping the gun and incorporating their farm operations now before the budget is tabled. This is costing them between $5,000 and $10,000 for the incorporation plus additional accounting fees of as high as $2,000 per year. Worse yet, the decision to incorporate is virtually irreversible. This certainly cannot go on. Farmers need their capital gains exemption. It is the equivalent of a pension.
I call on the government to keep this exemption and to state so at the earliest opportunity.