Family Farm Corporation Definition

Family farm is defined as per the definition in the Property Transfer Tax Act, that is: "family farm corporation" means a corporation of which
(a) the principal activity is farming farm land, and
(b) no shareholder is a corporation;
"family farm" means farm land that
(a) is used, owned and farmed by one individual or by family members,
(b) is used, owned and farmed by a family farm corporation