Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I sold my fishing licence to the government and agreed to retire under the Groundfish Licence Retirement Program. Is this treated as retirement income?

0
Posted

I sold my fishing licence to the government and agreed to retire under the Groundfish Licence Retirement Program. Is this treated as retirement income?

0

The tax consequences to fishers who took advantage of the program are generally the same as those under similar licence retirement programs offered by Fisheries and Oceans Canada in recent years. The sale of a fishing licence is considered to be a disposition of an eligible capital property. Like the disposition of most capital properties, only a portion of the gain realized upon disposition is taxable.

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.