A recent news item aired on CTV last week put Canadian horse racing back in the headlines as the industry asks for a change in Section 31 of Canada’s income tax act. The act restricts the amount a racehorse owner can write off to a maximum of $17,500. That is because the tax code views horse owners as part-time hobby farmers.
Meanwhile as part of President Donald Trump’s ‘Big Beautiful Bill’ horse buyers in the U.S. can deduct the full purchase price of a racehorse.
The segment interviews Canuck Racing Club member and manager Mark Halloran who notes that horse ownership is a business and a “commercial enterprise.” Canuck Racing Club, which has several horses and many new owners to the industry, has been racing Canadian bred/Ontario bred horses for a few years.
However Halloran said, “Within the next couple weeks, we’ll be operating in the US.”
From CTV:
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