Archived - Harper Government Highlights Increase in Lifetime Capital Gains Exemption for Owners of Farm and Fishing Businesses

April 24, 2015 - Regina, Saskatchewan - Department of Finance

Minister of State (Finance) Kevin Sorenson and Minister of Agriculture and Agri-Food Gerry Ritz today highlighted the increase in the Lifetime Capital Gains Exemption (LCGE) for owners of farm and fishing businesses announced in Economic Action Plan 2015.

To allow farm and fishing business owners to maintain more of their capital for retirement, Economic Action Plan 2015 proposes to increase the LCGE applicable to capital gains realized on the disposition of qualified farm or fishing property to $1 million. The measure will apply to dispositions occurring on or after April 21, 2015.

In addition to this measure, Minister of State Sorenson highlighted Government support that will help the agriculture sector continue to expand and diversify into new markets. This includes capitalizing on opportunities created by new trade agreements to further enhance marketing capacity at home and abroad and to enhance Canada's international presence in priority markets.

Earl Maynard
Director of Communications
Office of the Minister of State (Finance)
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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