AgriInvest is an effective initiative that has positively helped farmers mitigate unexpected risks, allow for better cash flow and access additional funds to invest in capital improvements.
Stories by Colin Miller
Joint ventures, farming trusts have different purposes
Joint ventures and farm trusts should be considered to help address some challenges you may have with the growing generations and farm succession.
There is more to charitable donations than tax benefits
Charitable giving is one of the most meaningful ways to support growth and change in any community. Giving back is rewarding and can be more fulfilling than leaving behind an inheritance because you have a better chance of witnessing the effects of your generosity.
Farming structure important consideration for new farmers
For those starting out as new farmers or branching out from the family farm, determining a structure with which to farm is an important consideration.
Delayed capital gains tax changes can affect producers
Whether you are preparing to sell your property, looking to retire or strategically planning when to sell your investments, the recent conversations about the capital gains inclusion rate will inevitably affect many of your decisions.
Canadian Entrepreneurs’ Incentive is worth considering
The Canadian Entrepreneur Incentive, introduced in the 2024 budget, offers tax breaks on capital gains to support entrepreneurs, including farmers. Producers should consider this new incentive when evaluating their succession planning with their trusted advisers. The CEI can be used as way to further reduce taxable income on the sale of qualifying farm property above […] Read more
Understanding key aspects can make GST less challenging
The Goods and Services Tax may seem straightforward, but the complexities surrounding it can leave many of us confused. Farmers often find themselves in a net refund position when filing for GST. However, scenarios such as cash renting farmland, selling equipment or purchasing land can create a variety of GST filing outcomes. The regulations are […] Read more
Vehicle classification can have impact on tax deductions
Vehicles are an integral part of any farm operation and contribute significantly to the overall efficiency of the agricultural process. As important assets, it is important to understand how vehicles are classified and dealt with for tax purposes. The following criteria outline the vehicle classifications to consider when buying a vehicle for the farm: Motor […] Read more
Important to write farmland rental agreements properly
Are you considering renting out your farmland? If so, there are important tax considerations when making this decision. The rental structure could affect your ability to use the lifetime capital gains exemption, which gives you the ability to save tax on $1 million in capital gains (or $1.25 million as proposed in the 2024 federal […] Read more
Gov’t program requires application, financial reporting
The Sustainable Canadian Agricultural Partnership (SCAP) is a key pillar in fostering Canada’s ongoing modernization, development and prosperity. This partnership represents a substantial investment of $3.5 billion over a five-year period (2023-28) by all levels of government. The aim is to bolster innovation, competitiveness and flexibility within the agricultural food and product sector. This project […] Read more
