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Legislation

Feds’ tax change will hurt Canadian farms and fisheries

By Normand Lafreniere      

Scrapping a tax exemption for the mutual insurance sector will not only impact the price of premiums, but also make it more difficult for the sector to cover these industries.

Finance Minister Bill Morneau, right, with press secretary Chloé Luciani-Girouard, leaves a cabinet meeting on Feb. 13. The 2017 budget proposed scrapping a tax exemption for the mutual insurance sector that the sector says will hurt farmers and fisheries. The Hill Times photograph by Andrew Meade
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The mutual insurance sector started with farmers in the 1800s pooling their small savings together in order to have a large pot to cover the few disasters suffered by someone in the group. This is the beginnings of so-called farm mutuals, and later on mutual insurers, which held the belief that the small contributions of many would help the large losses of a few. Most farms and fisheries in Canada are still insured by mutual insurers to this

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