A belt and suspenders: managing risk strategically

When it comes to managing risk, many producers take a belt and suspenders approach, buying multiple risk management products and hoping to ensure they’ll be all right in the future. Others forgo risk management products altogether, counting on the good times to keep coming. Astute producers land somewhere in the middle, taking a strategic approach […] Read more

Feds abandon plan to eliminate deferral option for farmers

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

Damaged relationships: the price of a failed succession plan

I have read many articles about how lack of succession planning puts the financial future of farms at risk. They are attention grabbers and while I agree that the lack of or an ineffectively implemented succession plan can have financial implications, mostly farms survive. These same articles rarely talk about the hidden price of a […] Read more

How to protect yourself from tax scammer emails, calls

Scams and scammers have been around as long as there was money to be made and innocent people trusting enough to believe them. They have never been more prevalent with the rise of technology, social media and the increased global connectivity of the internet. As an accountant, my clients often ask about two very similar […] Read more

Solving the farm succession puzzle takes teamwork

A rule of thumb in life is that things are generally simpler than they first appear. We tend to overthink or make things more complicated than necessary. However, this is not the case when it comes to succession planning. Over the years I have come to realize that succession planning is a three-dimensional puzzle, much […] Read more

Farm labour: strategies for reducing staffing headaches

With spring around the corner, farmers are facing one of the biggest challenges of running a successful operation: finding and retaining labour. Having full- and part-time staff is becoming a necessity as the size of farms increases because of consolidation, but many producers find it increasingly difficult to fill positions. Fortunately, there are strategies that […] Read more

GST treatment on farmland sale can be tricky

Determining who collects and remits the tax on the sale of real property tends to be confusing and depends on the GST/HST registration of both the seller and the buyer. The situation of each sale and the parties involved can vary, so it is important to gather as much information as possible regarding both the […] Read more

Sometimes we simply don’t want to resolve conflicts

I recently finished reading The Shepherd’s Life by James Rebanks, a true life account of growing up and working on a sheep farm in England’s Lake District and how the farm moved from one generation to the next and the author’s relationship with his father ebbed and flowed. It is a gritty, honest account of […] 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