Resolution

WHEREAS The Income Tax Act Sections 110.6 (1), 110.6 (1.3), 110.6 (2) provides a Lifetime Capital Gains Exemption that allows individuals and incorporated small businesses to claim a tax deduction when selling business assets or shares;         

WHEREAS the Lifetime Capital Gains Exemptions (LCGE) has not been evaluated since and/or changed since April 21, 2015;

WHEREAS the value of farm and pasture land has increased two to five times or more in some cases;

WHEREAS the current LCGE amount does not reflect the increase in land values leaving landowners and family farms at a huge disadvantage concerning land transfer and sale.

BE IT RESOLVED that APAS advocate that the Government of Canada increase the  Lifetime Capital Gains Exemption (LCGE) from $1,000,000 to $5,000,000.