Bill Morneau seeks to ease the tax reform fears of farmers and fishers

By on October 19, 2017

FILE: Finance Minister Bill Morneau (Photo: Bill Morneau/Twitter)
FILE: Finance Minister Bill Morneau (Photo: Bill Morneau/Twitter)

OTTAWA — Federal Finance Minister Bill Morneau is expected to announce changes today to his controversial tax proposals to address the concerns of farmers and fishers.

Morneau will make the announcement at a farm alongside Agriculture Minister Lawrence MacAulay in Erinsville, Ont., about halfway between Toronto and Ottawa.

The Trudeau government’s proposed tax changes have raised fears that they could add significant costs for some business owners who hope to keep certain types of businesses — like farms — in the family.

Morneau has already said he’s listened to the worries and that technical fixes were likely on the way to address the issue.

Earlier this week, the government also ditched another proposed measure that would have had a negative impact on the intergenerational transfer of family businesses.

Morneau also announced this week that he will scale back a proposal to crack down on passive investment income, which was one of the most contentious elements of his plan.

The Liberals are continuing their week-long effort to adjust the proposals in hopes of calming angry entrepreneurs, doctors, farmers, tax experts and Liberal backbench MPs.