Proposed Entrepreneur Incentive

Qualified farm property including shares owned by individuals, partnership interests owned by individuals, and land owned by individuals could qualify for the proposed entrepreneur incentive.

The entrepreneur incentive phases in at $400,000 over 5 years staring January 1, 2025 to a total of $2,000,000 entrepreneur incentive available in 2029. This incentive is only available to individuals. With tax savings (66.67% to 33.3%) on capital gains up to $2,000,000 it would be advisable to determine if your farm qualifies before doing any farm sale or transfer to children. As the proposed entrepreneur incentive has yet to receive royal assent there could be several changes to the proposed legislation before it comes law.