For certain capital asset purchases after April 19, 2021, you can write off 100 percent of the purchase rather than claim the percentage as allowed for with tax depreciation. | File photo

Recent federal budget changed tax depreciation rules

Immediate expensing, a major announcement in last federal budget, could provide great planning opportunities for your farm. What does it mean? For certain capital asset purchases after April 19, 2021, you can write off 100 percent of the purchase rather than claim the percentage as allowed for with tax depreciation. You can now tell your […] Read more

As the owner and operator of your farm, you know the history better than anyone. Understanding the AgriStability program and its application to your business is important and your professional adviser can help. The enrolment deadline is approaching. | File photo

AgriStability changes must be considered before filing

AgriStability is a hot topic among producers and our provincial, territorial and federal governments. In November 2020 it was announced that changes “may be coming” and last month changes were finally approved for applicants. These changes are expected to result in an additional $95 million in payouts annually across Canada. In 2013, when Growing Forward […] Read more

There are several ways to transfer farm assets, each with its advantages and disadvantages. | Getty Images

Managing asset control important in a succession plan

When passing on your farm operation to the next generation, key questions will often arise concerning control of the farm assets. There are several ways to transfer farm assets, each with its advantages and disadvantages. The following are simple examples of how qualified farmland can be transferred to the next generation, with a focus on […] Read more


Being prepared for these difficult times can ease the burden on you and your family when it comes time to take care of the taxpayer’s final tax return. | Getty Images

Tax decisions must be made following a death

The death of a family member or loved one is not something anyone likes to think about or prepare for. However, it is important to know the steps that must be taken regarding taxes when it occurs. Being prepared for these difficult times can ease the burden on you and your family when it comes […] Read more

The small business share rollover can defer the capital gains on the sale of your farm. | File photo

Share rollover option can defer capital gain on farm sale

Are you considering selling the shares of your farm and buying shares of a new farm, or maybe shares of an entirely different business? Maybe you have been approached with an offer that is too good to pass up, so why not take the opportunity to sell and buy new? Unfortunately, such a sale and […] Read more


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