Ottawa, ON - Canada’s New Government tabled a balanced budget March 19 that restores fiscal balance and cut’s taxes for small business owners, farmers and fishers.

“Fishers, farmers and small business owners are key contributors to Nova Scotia’s economic success,” said Gerald Keddy, Member of Parliament for South Shore – St. Margaret’s. “Among the ways that Canada’s federal income tax system supports these entrepreneurs is the Lifetime Capital Gains Exemption.”

In May 2006, MP Keddy was very pleased following Canada’s New Government’s announcement of a tax exemption of up to $500,000 of capital gains realized to fishing property just as it is to farm and qualified small business corporation shares. The Lifetime Capital Gains Exemption increases the rewards of investing in small business, farming and fishing.

Effective March 19, 2007, in recognition of the importance of small business owners, farmers and fishers to the Canadian economy, Budget 2007 increased the Lifetime Capital Gains Exemption to $750,000 from the current $500,000. MP Keddy applauds this increase and notes that it will result in major tax savings for farmers, fishers and small business owners in his riding of South Shore – St. Margaret’s.

“This increase to the capital gains exemption, which has not happened in over 20 years, is a further step in the right direction. It will allow fishers, farmers and small business owners to pass their business with less tax liability and also helps these entrepreneurs better ensure their financial security for retirement,” says Keddy.

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