This year may be the most expensive input crop in history, and this highlights the risk that producers face. With rising interest rates, I recommend reviewing your 2023 input financing options before paying too much interest. | File photo

Reviewing input financing options for 2023 a good idea

Several years ago on Twitter, a farmer joked that farming is borrowing $800,000 in spring and burying it, hoping that it yields $850,000 in fall. This year may be the most expensive input crop in history, and this highlights the risk that producers face. With rising interest rates, I recommend reviewing your 2023 input financing […] Read more

The right mix of the options depends on your individual tax situation. | Getty Images

Weigh the options when deciding corporate compensation

What’s the best way to pay yourself from your corporation? The right mix of the options depends on your individual tax situation. Wages Reasonable wages can be paid to anyone who works for the corporation and are considered a tax deduction to the corporation. Wages to people who own more than 40 percent of the […] Read more

If you are spending your emergency savings, do you have a sufficient risk management plan if disaster hits? | File photo

Base AgriInvest withdrawal on tax rate, use of money

Should AgriInvest funds be withdrawn? It depends on your tax rate upon withdrawing and how you will use the money. If the AgriInvest is filed, the producer will receive an AgriInvest deposit notice that they can deposit up to $10,000 in the AgriInvest account within the next 90 days. The government will then match this […] Read more


If you are increasing your taxes owed with larger deferrals each year, it’s important to get advice from an accountant with farm tax experience to plan for the future. | Getty Images

Planning options available for too much taxable income

Most farms are taxed on a cash basis and there are many taxable income management tools available to farm operations that other industries envy. These tools help manage uncertain earnings fluctuations that producers experience while allowing producers to access the beneficial tax brackets and rates. The farming lifecycle usually begins with proprietorships and as profits increase there […] Read more

Immediate expensing is a useful tool. For a profitable farm, having the ability to deposit additional income and pay down debt rather than deferring sales can result in significant interest savings, especially with rising interest rates. | File photo

Immediate expensing can help create huge tax deduction

On April 19, 2021, the government announced immediate expensing (100 percent writeoff in the year of purchase) for up to $1.5 million of equipment purchases per year for corporations to temporarily stimulate small businesses. An election and pandemic delays later, this finally became law in June 2022, allowing Canada Revenue Agency to start assessing immediate […] Read more