Some farmers in supply managed commodities will be affected by an income tax change taking place in 2017.
It's an amendment under the Income Tax Act which is called 'eligible capital property' and is increasing by almost 25%.
That includes non-pysical assests such as quota.
While the change comes into affect January 1st of next year, the annual write-off is not significanlty affected and neither is the transition to children.
But those farmers planning to retire in the new year will be affected and tax planners suggest looking at the situation before the new laws take affect.
