Monday, November 28, 2005
CPC Tax break for Family Fishing Businesses
Harper Plans Tax Break for Family Fishing Businesses
06 September 2005
OTTAWA - Conservative leader and Leader of the Opposition, Stephen Harper said today a new Conservative government will provide help to family fishing businesses by providing a capital gains exemption for the first $500,000 of qualifying fishing property that is transferred within a family.
“There is just something wrong with charging capital gains tax when a fishing family wants to transfer assets from one generation to another,” said Harper. “Current taxation involves extremely prohibitive taxes that make it financially difficult to make this transition easily and without a large loss in assets.”
Under the Conservative plan, a family fishing business would qualify for the exemption when transferring items such as fishing licenses and property to a family member. The capital gains exemption would affect approximately 60,000 full and part-time fish harvesters in Canada.
“Small and moderate sized businesses remain the work-horse of the Canadian economy,” said Harper. “We think this will help preserve family fishing businesses.”
Currently, a family farm or managed woodlot can be transferred from one generation to another without attracting capital gains tax if the value of the transfers is less than $500,000
My comments
Now if our fishermen each had a woodlot or Moose Farm they could work their wood lot in the off season and wouldn't require EI!
06 September 2005
OTTAWA - Conservative leader and Leader of the Opposition, Stephen Harper said today a new Conservative government will provide help to family fishing businesses by providing a capital gains exemption for the first $500,000 of qualifying fishing property that is transferred within a family.
“There is just something wrong with charging capital gains tax when a fishing family wants to transfer assets from one generation to another,” said Harper. “Current taxation involves extremely prohibitive taxes that make it financially difficult to make this transition easily and without a large loss in assets.”
Under the Conservative plan, a family fishing business would qualify for the exemption when transferring items such as fishing licenses and property to a family member. The capital gains exemption would affect approximately 60,000 full and part-time fish harvesters in Canada.
“Small and moderate sized businesses remain the work-horse of the Canadian economy,” said Harper. “We think this will help preserve family fishing businesses.”
Currently, a family farm or managed woodlot can be transferred from one generation to another without attracting capital gains tax if the value of the transfers is less than $500,000
My comments
Now if our fishermen each had a woodlot or Moose Farm they could work their wood lot in the off season and wouldn't require EI!
Comments:
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This shows Harper is thinking in the right direction I guess. I am not a money person so I'd be interested in how this would translate to actual benefit for our own fishers. It doesn't sell me that he has an understanding of the issues - but maybe it's more relevant that I realize.
On the other note - I had some ice-cream the other day called "moose tracks" - Geeze I hope that wasn't what I think it is :)
On the other note - I had some ice-cream the other day called "moose tracks" - Geeze I hope that wasn't what I think it is :)
Personally I think this issue of taxes on transferring fishing licences and property could be resolved in the courts very easily if the fishermen were to start a class action law suit. So really it is a non issue IMHO if legal procedings were started.
The CPC have even shown the precedent with their mention of
"Currently, a family farm or managed woodlot can be transferred from one generation to another without attracting capital gains tax if the value of the transfers is less than $500,000"
This isn't a political issue but a legal issue that needs to be challenged.
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The CPC have even shown the precedent with their mention of
"Currently, a family farm or managed woodlot can be transferred from one generation to another without attracting capital gains tax if the value of the transfers is less than $500,000"
This isn't a political issue but a legal issue that needs to be challenged.
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