In our latest Agricultural update, we share insights into the new treatment of quota sales and how that can impact your farm, as well as a look into the Canada-Alberta Job Grant
How the treatment of quota sales impact your farm
Prior to January 1, 2017, sales of quotas used to be treated the same as any cumulative eligible capital (CEC) property; meaning, the proceeds would be used to reduce the pool, and any amount over the pool would be reduced by 50 percent and then taxed as income. The entire amount of quota a farm held was put into one large pool that any disposition would reduce. This typically meant that any partial disposition of quota would result in no immediate tax implications to the seller.
Could your business benefit from the Canada-Alberta Job Grant?
What is it?
The Canada-Alberta Job Grant is a government funding program designed to help employers cover the costs of employee training. Employers decide which employees would receive training, as well as what type of training may be needed, and are responsible for applying on behalf of their employees.
How much funding can I receive?
When eligible employers contribute a minimum of one-third of the total training costs for existing employees, the government contributes two-thirds (up to a maximum of $10,000 per trainee per fiscal year). If you choose to hire and train an unemployed Albertan, you could be eligible for up to 100 percent of training costs, to a maximum $15,000 per trainee.
To learn more about this program, and determine whether you’re eligible, visit www.albertacanada.com/jobgrant.