The Sprout: the Ministry of Finance clarifies its position on the new tax law
Good day and welcome to Sprout, where it’s National Lollipop Day, National Ice Cream Soda Day and National Fortune Cookie Day. We here at Sprout feel so fortune eater to have such wonderful readers!
Now, here’s today’s agricultural news.
We start with the tax update. The House of Commons Standing Committee on Finance met again today to discuss the coming into force of Bill C-208, which amends the Income Tax Act.
Representatives from the Canadian Federation of Agriculture were on the list of witnesses, which you can find here.
iPolitics’ Kady O’Malley talks more about today’s meeting and how it initially went.
Late Monday, the finance ministry clarified the government’s intentions regarding the bill, which it says is now part of Canadian law. The government has confirmed that it still intends to “introduce amendments to the Income Tax Act that respect the spirit of Bill C-208, while protecting against any unintended loopholes tax avoidance that could have been created by Bill C-208”.
The changes, the finance ministry said, would address the following issues:
- The requirement to transfer legal and factual control of the company operating the business from the parent to their child or grandchild;
- The level of ownership in the company operating the business that the parent company can retain for a reasonable period after the transfer;
- The requirements and timeline for the parent to pass on their involvement in the business to the next generation; and
- The level 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 last day for comments on the federal government’s proposal to increase the amount of glyphosate herbicide residue allowed on certain grains and legumes. CTV News has more.
The Canadian government announces that it will reopen its borders to fully vaccinated travelers from the United States on August 9. Here is the report by Jeff Labine.
Manitoba Agriculture Minister Ralph Eichler tweeted Monday that the province officially requested AgriRecovery Ottawa’s help as dry conditions and high temperatures continue to hurt crops.
The Canadian Forage and Grassland Association has received $2.6 million in federal funding to support three projects that will assess and improve alfalfa growth using artificial intelligence and develop a grassland carbon offset system . Real agriculture has more.
Hundreds of properties in the southern tip of British Columbia’s Okanagan Valley, famous for its many vineyards, have been ordered to evacuate due to a rapidly growing wildfire. As CBC News reports, the wildfire is between the towns of Oliver and Osoyoos, about 40 kilometers south of Penticton. Firefighters said they expected more evacuation orders to be issued.
Nearly 200 dairy cows were killed in a barn fire north of Montreal. As CBC News reports, Sunday’s fire was the third fire at the Mirabel farm since 1998. There was an estimated $4 million in damage.
Latin American delegates are expected to champion the region’s beef production later this month at a United Nations summit amid concerns about the livestock sector’s environmental footprint. Reuters has more.
Britain’s food industry is seeking to clarify how a new system works which requires businesses to apply for staff exemptions from coronavirus self-isolation rules. BBC News reports.
A new study from AgHealth Australia has found that 15% of all farm deaths in Australia are children under the age of 14. ABC News has more.
Meanwhile, a study from the University of Aberdeen in Scotland found that stress and fatigue were the main causes of farming accidents. BBC News has this story.
Politico examines how bipartisan pressure is building in Washington, DC to prevent foreign nationals from buying American farmland as the United States strives to reduce its economic dependence on China.
German authorities have confirmed a third case of African swine fever in farm pigs in the eastern German state of Brandenburg. reports Reuters.
Ice cream maker Ben and Jerry’s announced on Monday that it would stop selling its products in the occupied Palestinian territories. As Reuters reports, the announcement comes amid Palestinian pressure campaigns.
And The New York Times examines how the city’s food trucks and carts depend on getting people back to their desks in order to make meaningful profits.
With the Tokyo Olympics just days away, organizers are said to be eagerly watching the sea forest waterway in Tokyo Bay, which will host the canoeing and rowing events. The problem? Oysters. BBC News has more.