In Thursday’s federal budget, the Carney government announced it will  introduce an amendment to Section 73 (3) of the Income Tax Act that will allow a farmer to transfer qualified farm property to nieces and nephews. The budget document even mentioned grand-nieces and grand-nephews.

Farm succession is an important issue because the average farmer is 56-years-old. With smaller families, the odds of having a son or daughter take over the farm are reduced.

Derryn Shrosbree is a farm succession planner in Ontario. He has led the charge to amend Section 73 (3) and CJWW Agriculture Director Neil Billinger spoke to him on the day after the federal budget.