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Gay Lea Foods is buying "Alberta Cheese Company".

Fadi

By Fadi Didi

The National farmers union says Ottawa is now moving in the right direction on changes to the Income Tax act.

Finance Minister Bill Morneau announced this week, some modifications to his earlier proposed changes.

He focused on three areas: removing the proposed restrictions on lifetime capital gains exemptions, a gradual lowering of the small business tax rate from 10.5% to 9%, and reaffirming measures to restrict income splitting.
The N.F.U. says this third measure needs further tweaking where the onus to prove abuse needs to fall with the Canada Revenue Agency and not the taxpayer.

At the same time, the National Farmers Union says the Federal government needs to go further in their modifications.

It encourages farmers to maintain a strong relationship with their accountant and farm business financial advisor to keep them abreast on how changes to the income tax act affects their farm business.

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Gay Lea Foods is buying "Alberta Cheese Company".

The Calgary firm started in 1976 and remained family owned, making Italian cheeses sold under the Franco's and Sorrento brand names.

It also imported cheeses from around the world.

Gay Lea intends to continue the operation and keep on the 28 employees.


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