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FARMING
BUSINESS VALUATION CALCULATOR
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In a June 25, 2004 Technical Interpretation, CRA confirmed
that where Mr. A transferred farm property to his spouse on a rollover basis,
the subsequent capital gain on the sale of the property by the spouse would be
attributed back to Mr. A and would be eligible for a capital gain exemption if it met the criteria for qualified farm property.
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FARM LOSSES
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In a July 9, 2004 Tax Court of Canada case, the taxpayers were
eligible for a full deduction for all their farm losses, rather
than the restricted farm loss treatment provided by CRA.
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©2009,
Doug Nicholson* & Co.,CGA *Professional Corporation
100-1780 Wellington Ave, Winnipeg, Manitoba R3H 1B3. |
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