The inheritance of agricultural land in Canada is a significant concern for farm families who wish to pass down their land and operations to future generations.
Stories by Collin Miller
Type of farming activity determines ability to deduct losses – Taking Care of Business
Even though a person may carry on a farming business, it doesn’t necessarily mean Canada Revenue Agency will consider him a full-time farmer and allow full deductions for losses from farming activities. Canada’s tax rules classify farmers into three groups: Full-time farmers Hobby farmers Farmers pursuing farming profits but not as chief source of income. […] Read more
