The federal government has backed away from its proposal to eliminate the ability for Canadian farm families to manage their tax bill using deferred cash purchase tickets. Given the significant media attention that the federal government’s July 18 tax reform white paper has received, many Canadians may have forgotten the government also proposed eliminating this […] Read more
Ron Friesen
Stories by Ron Friesen
Ag corporations may need to prepare for tax changes
The proposed tax changes set to come into effect this year and next as a result of the July 18 finance department discussion paper may have significant implications for your farm. My colleagues and I have run various scenarios to determine how clients may be affected, and what we’ve discovered is concerning. Farmers need to […] Read more
Ag operations caught in crossfire of business tax changes
Large Canadian farms often have multiple corporate structures, such as when parents and grown children and their families are farming together. This has allowed farmers to operate more efficiently and share costs, expenses and capital assets. However, the federal government is amending business tax rules that could affect farm business corporations. Although directed at business […] Read more
Tax rules for selling quota change in January
Changes to federal tax legislation directed at business will also affect agricultural operations starting Jan. 1. Supply-managed farms that may buy and sell quota stand to see significant increases in their tax rates in the new year. What are the options for someone who owns quota in the dairy, turkey, eggs and meat poultry sectors? […] Read more
