Farmers in supply managed production are about to be hit with a significant income tax change at the start of next year.
Farm Credit Canada suggests those with quota weigh all options before then.
The lender notes the tax rate on farming non-physical assets, such as quota, is increasing by nearly 25 per cent.
Farmers considering retirement and corporations think about selling quota in the near future are encouraged to do so by FCC before the end of the year.
The ag specialists suggest anyone unsure of how the tax increase will affect them should meet with their tax advisor as soon as possible.
