Joint ventures and farm trusts should be considered to help address some challenges you may have with the growing generations and farm succession.
Tag Archives Colin Miller
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
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
Programs available to help producers mitigate farm risk
Being a farmer isn’t for the faint of heart. The different daily risks can be overwhelming, from market fluctuations, political uncertainties and changing consumer preferences to the all-consuming weather. Many farming practices such as crop rotations, herd health practices, crop insurance and forward contracts have been implemented to mitigate risks. As part of the core […] Read more
Home office expenses an important tax consideration
It is never too early to start preparing for next year’s tax season. One question that should always be asked is, “how can I pay less tax?” It is important to consider what deductions can be claimed against farming income on a tax return. One of the deductions that should always be considered is a […] Read more
Immediate expensing: now you see it, now you don’t
It feels like just yesterday we were all adapting to the new immediate expensing rule and strategizing how to use it to our benefit, and now here we are, bidding it farewell. Immediate expensing allowed certain capital additions to be entirely expensed in the year they were purchased. This was applicable for eligible property acquired […] Read more
