The Intergenerational Farm Rollover Provisions - Common Traps
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- Published: Monday, 18 December 2023 15:53

The Income Tax Act contains several provisions that allow for farmers to ensure that their farmland or farm corporation shares can be transferred from one generation to the next in a tax effective manner. One of the most important and most commonly relied upon provisions is referred to as the Intergenerational Farm Rollover provision (referred to hereafter as the “Farm Rollover”). These rules allow for qualifying assets (Qualified Farm Property or Family Farm Corporation Shares) to be transferred from a taxpayer to their children or grandchildren on a tax deferred basis provided that certain criteria are met.