the small business deduction. The rules relating to transferring assets between siblings and their corporations were also revised. This means family farms corporations need to make sure they have accurate advice when moving assets such as farmland between companies. Being offside on these rules could result in significant tax implications. The taxation to farmers who own eligible capital property (ECP), such as water rights and quota, went through a dramatic shift effective Jan. 1, 2017. This resulted in new rules farmers are subject to when selling or purchasing ECP, some transitional rules for farmers who purchased ECP on or before Dec. 31, 2016 and sold it after Jan. 1, 2017, and a new regime for deducting ECP expenses against farm income. Finally, although it wasn’t a tax change, I feel that Bill 6 was another big change for farmers. In 2017, the farming industry rate per $100 of insurable earnings ranges from $1.70 to $2.97. ASG: Why are these changes sig- nificant and how does it affect farmers in the province? RS: Obviously, these changes are significant to Alberta’s farmers because they have resulted in higher personal and corporate tax rates. Taxes aside, these changes could also impact a farmer’s decision on whether to incorporate his/ her operations, purchase new farmland using a corporation or own it personally, or transfer the farm down to the next generation or sell it to the neighbour. Furthermore, some of the changes, such as the Worker’s Compensation Board (WCB) changes, put additional filing and compliance responsibilities on farmers. Uncertainty regarding what your responsibilities are if one of your employees is hurt while on the job could be detrimental to a farming operation. ASG: What can farmers do to mitigate these changes? RS: Education is key to manoeuvring through change. Talk to your adviser any time there is a change that you think could impact your farming operations. If your adviser does not know how the change could impact you and your operations or cannot offer a solution on how to respond to things, get a second opinion. There is no harm in having a discussion with another adviser to understand what has changed, how it could impact you and your operations, and most importantly, provide you with some comfort over how you are managing the change. ASG: Can commodity groups play a part in helping farmers work through ongoing taxation changes? RS: Absolutely! Commodity groups work for farmers by lobbying and advocating on their behalf and making the various levels of government aware of how change impacts their members. Many commodity groups were members of committees who worked to show the Alberta government how Bill 6 would impact the farming communities. Currently, almost every commodity group I can think of has put forth submissions to the Department of Finance regarding the July 18, 2017 proposed tax changes. Commodity groups are also a great way of putting farmers in touch with the experts who can offer insight into the changes and provide practical solutions on how to manage the change. 69 Advancing Seed in Alberta | fall.2017