The federal government has come out with many changing programs and subsidies to help with COVID-19. It is important you are aware of these programs and their updates to determine if they are right for your farm. | File photo

Updates to watch for with COVID-19 programs, subsidies

With the unpredictability of the economy due to the COVID-19 pandemic, the federal government has come out with many changing programs and subsidies to help. It is important you are aware of these programs and their updates to determine if they are right for your farm. Canada Emergency Business Account The CEBA program is aimed […] Read more

If you’re getting married or moving in with your partner, it may have tax implications. Here is a quick introduction on how these decisions might affect your tax return. | Getty Images

Changes to marital status can have an impact on taxes

If you’re getting married or moving in with your partner, it may have tax implications. Here is a quick introduction on how these decisions might affect your tax return. Common law vs. married Do you have to be legally married for the government to consider you a couple when filing your tax return? The answer […] Read more

The difference between success and failure can depend on your understanding of your farm’s financial performance. | File photo

Producers urged to embrace performance management

A key factor to success in agribusiness is a keen understanding of your farm’s financial position. This includes knowing what assets the farm owns, who is owed what, and most importantly, how much cash is in the bank. This information is crucial for making sound financial decisions. As a producer, you are subject to challenges […] Read more


The lifetime capital gains exemption for qualified farm property is $1 million. This exempts you from paying tax on $1 million of the gain on the sale of qualified farmland or shares in a qualified farm corporation (ignoring alternative minimum tax).  |  File photo

Capital gains exemption can be used in variety of ways

We have been receiving numerous calls from farmers asking about their lifetime capital gains exemption. Obviously, people are worried that the government will need new tax revenue streams soon. At a high level, we always want decisions that make business sense first. We then work in the appropriate tax planning. If a farm has been […] Read more

Joint venture can help producers leverage relationships

It has been my experience that a great way to improve myself is by leveraging the knowledge and expertise of the people around me. One way a farm might do this is by using a joint venture arrangement. Unlike a partnership, where “partners” can contractually bind other partners and partnership assets are jointly owned, a […] Read more


Needing additional bin space is generally a good problem to have. It is also a sign that likely you will be facing another “problem” soon — too much taxable income.
 | File photo

Leasing bins can provide farmers a quicker tax write-off

Needing additional bin space is generally a good problem to have. It is also a sign that likely you will be facing another “problem” soon — too much taxable income. One strategy to consider to mitigate your taxable income is to lease new bins instead of buying them. Generally, from a tax perspective, a lease […] Read more

If you have frozen shares in your farm's financial plan you might need to start sharing this as a liability with your lenders and that could create some borrowing issues.  |  Mike Raine photo

Big changes may impact your balance sheet

Has your farm corporation undergone any special tax planning arrangements in the past? Potentially, an estate freeze or rolling in assets from frozen redeemable shares? If so, your farm corporation might be impacted by recent accounting changes to how preferred shares (commonly referred to as “frozen shares”) are reported in your financial statements. Recently, the […] Read more

Feds’ emergency COVID programs continue to evolve

The government programs for COVID-19 and their acronyms continue to evolve as we move through this pandemic. Canada Emergency Bank Account This is the $40,000 interest-free loan that many producers have been talking about. Repaying this loan by Dec. 31, 2022, will result in forgiveness of up to $10,000 of the loan. It has continued […] Read more


Steps can be taken to plan for COVID-related tax hikes

Some are projecting the Canadian government’s debt to potentially reach $1 trillion by this time next year. I do not have a crystal ball but it is a safe bet that the government will need to recover some of this spending. One of the easiest ways for the government to collect more money is by […] Read more

U.S. property owners may face tax bill

Has the thought ever crossed your mind to buy that beautiful property south of the border? Do you already own property in the United States? There are many factors that come into play when owning U.S. property. Specifically, the U.S. tax system has many different rules than Canada. One huge difference you must consider is […] Read more