The Sprout: Finance Division clarifies place on new tax law

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The Sprout: Finance Department clarifies position on new tax law

Hello and welcome to Sprout, home to National Lolipop Day, National Ice Cream Soda Day and National Fortune Cookie Day. Here at Sprout we are so happy to have such wonderful readers!

Here is today’s agriculture news.

The leadership

We start with the tax update. The House of Commons Standing Finance Committee met again today to discuss the entry into force of Bill C-208, which amended the Income Tax Act.

The list of witnesses you can find here included officers from the Canadian Federation of Agriculture.

Kady O’Malley from iPolitics learned more about today’s meeting and how it originally came about.

Late Monday, the Treasury Department clarified the government’s intentions on the bill, which it confirmed is now Canadian law. The government confirmed that it continues to intend “to propose amendments to the Income Tax Act that honor the spirit of Bill C-208 while protecting against unintended tax avoidance loopholes that Bill C-208 may have created”.

Changes, the finance department said, would address the following issues:

  • The need to transfer legal and de facto control of the company running the business from the parent to their child or grandchild;
  • The ownership interest in the company managing the business that the parent company may retain for a reasonable period after the transfer;
  • The requirements and timeline for parents to pass on their stake in the business to the next generation; and
  • The degree of involvement of the child or grandchild in the business after the transfer.

You can find the full press release here.

Around the city

Today is the final day for comments on the federal government’s proposal to increase the amount of glyphosate herbicide residues on certain grains and legumes. CTV News offers more.

The Canadian government says it will reopen its borders to fully vaccinated travelers from the United States on Aug. 9. Here is the coverage from Jeff Labine.

Manitoba’s Agriculture Minister Ralph Eichler tweeted Monday that the province of Ottawa had formally asked for AgriRecovery help as arid conditions and high temperatures continue to affect crops.

The Canadian Forage and Grassland Association has received $ 2.6 million in federal funding to support three projects that assess and improve the growth of alfalfa with artificial intelligence and develop a grassland carbon offsetting system. Real agriculture has more.

In Canada

Hundreds of properties on the southern tip of British Columbia’s Okanagan Valley, famous for its many wineries, have been evacuated due to a rapidly growing forest fire. As reported by CBC News, the wildfire is between the cities of Oliver and Osoyoos, about 25 miles south of Penticton. The fire brigade assumes that further evacuation orders will be issued.

Nearly 200 dairy cows were killed in a barn fire north of Montreal. As reported by CBC News, the fire on Sunday was the third fire on the Mirabel farm since 1998. The damage was estimated at 4 million US dollars.

International

Latin American delegates are expected to defend the region’s beef production at a United Nations summit later this month amid concerns over the livestock sector’s ecological footprint. Reuters has more.

The UK food industry is seeking clarity on how a new system will work that will require companies to request staff exemptions from coronavirus self-isolation rules. The BBC News reports.

A new study by AgHealth Australia found that 15 percent of all farm deaths in Australia are children under the age of 14. ABC News has more.

Meanwhile, a study by the University of Aberdeen in Scotland found that stress and fatigue are the main causes of agricultural accidents. BBC News has that story.

Politico examines how bipartisan pressure builds in Washington, DC to discourage foreign nationals from buying American farmland as the United States works to curb its economic dependence on China.

German officials have confirmed a third case of African swine fever in farm pigs in the eastern German state of Brandenburg. Reuters reports.

Ice cream maker Ben and Jerry’s announced on Monday that it would no longer market its products in the occupied Palestinian territories. As reported by Reuters, the announcement comes amid Palestinian pressure campaigns.

And the New York Times examines how city food trucks and carts rely on people returning to their offices for meaningful profits.

Remarkable

The kicker

With the Tokyo Olympics only a few days away, organizers should be eagerly watching the Sea Forest Waterway in Tokyo Bay, where the canoeing and rowing events will take place. The problem? Oysters. BBC News has more.

Until tomorrow.

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