Partial Exemption for Farms

If you or your family members are planning on selling the family farm in the near future, there may be some extra room for a gain on the rural property.

Currently, you may claim a tax exemption on the first $750,000 of capital gains related to the sale of qualified farm property or small business corporation shares.

In 2014, the Canada Revenue Agency will see this exemption increased to $800,000. Additionally, this amount will be indexed annually in future years.