Manitoba farmers in the Brandon-Souris region are not the only farmers who could benefit from a proposed bill from their MP Larry Maguire. The bill C-208 would make the succession of farms better for farmers involved. The new process put in place by the bill would reduce the taxes paid on properties and therefore increase the benefits of selling to a family member instead of being more profitable to sell to third parties.
The MP who suggested the changes, Maguire, was surprised to find a dramatic price difference when farms sell to family members versus outsiders. He sought out a solution that allowed families to keep their dwellings through generations and reduced the barriers for transferring family estates.
Maguire argues that as farmers are aging, they need an income as they go into retirement and the higher taxation and costs when selling to family make it harder for farmers to save for retirement.
The aim of the new bill is to create avenues for farmers to keep large assets within a family over generations. The ability to do so will help keep farms within farming families and communities.