ASG: What does the future look like for further changes? What is going to impact farmers in the immediate future? RS: There are a number of changes that the Minister of Finance has put forth that could impact the future taxation of farmers, including: • The elimination of deferred grain cash tickets, • Restricting who can use their capital gains deduction on the disposal of qualified farm property if the gain is subject to the new TOSI rules, and • The corporate taxation of passive income in excess of $50,000 (i.e. rental income from farmland, seismic payments, and oil and gas). It should be noted that all of the above are only proposals put forward by the Minister of Finance. In mid-October, the Minister had issued three separate press releases stating that some of the changes they proposed on July 18, 2017 are now being adjusted or removed. But as of this writing, no further draft legislation has been released. That makes it very hard to really understand what Finance has changed. The farming community needs to be aware of how each item could impact their current operations and their future plans. It is important for every farmer, regardless of whether they farm in a proprietorship, a partnership, a joint venture or a corporation, to speak with an adviser who is well-versed in these areas and who can help develop a plan on how to address these potential changes. Similarly, the proposed changes in Bill 17, which will be effective Jan. 1, 2018, will force farmers to consider things like minimum wage, vacation pay and statutory holidays. As with the proposed income tax changes, discussing the impact of Bill 17 on your operations with your adviser will help you understand what you need to have in place by the New Year. 70 www.seed.ab.ca | Advancing Seed in Alberta “Education is key to manoeuvring through change. Talk to your adviser any time there is a change that you think could impact your farming operations.” —Rebecca Sanford Buying seed? Finance it with FCC Purchase all your inputs using FCC financing and take advantage of extended repayment terms. It’s easy. Get more details at your authorized retail or call 1-888-522-2555. fcc.ca/CropInputs