Following a consultation period on proposed tax changes, Canadian Finance Minister Bill Morneau had said he wouldn't carry through with a tax on small businesses converting income to capital gains if it hurt farmers.

And today he made it official that he wouldn't be moving forward with that part of the three-piece plan to close what the federal government was calling "loopholes."

Intergenerational farm transfers would have been expensive for farmers, and there was a massive backlash from the agricultural community after the proposals were announced this past summer.