Passing on farm to next generation comes with tax issues

As you bring in your harvest, you may be reminiscing of the hopes and dreams it has inspired, the valuable lessons you have learned, and the pride that it has brought you. You may be considering passing on the legacy to the next generation. There is a lot of value in your farmland, which can […] Read more

Spousal trusts can be useful when managing farmland

Spousal trusts seemed more common in the past than they are today. Generally, they were used to ensure your spouse could have adequate income from the farm assets you left behind, but they limited the control of these assets so they would pass to the next generation. We have heard horror stories of re-marriage situations […] Read more

Those who personally own farmland and sell it must usually charge GST, but there are circumstances in which no GST needs to be charged or the seller is not responsible to collect and remit it to the government. | File photo

GST not to be ignored when buying or selling farmland

When it comes to buying or selling farmland, it is important to know when the Goods and Services Tax must be charged and whether the buyer or the seller is responsible to send the GST to the government. As a seller, not charging GST on a taxable sale of farmland could mean having to reduce […] Read more

Families can overlook tax planning during a divorce

The breakdown of a marriage is one of the most challenging issues a family can endure. It tends to be very tense, which can cause tax planning to be overlooked. It is important to know the rules so the total farm assets and cash flow being divided is maximized. The farm In most cases, divorce […] Read more

How to successfully income split when selling the farm

Are you considering selling your farm in the future? If you own the majority of the farmland compared to your spouse, if you own the majority of the other family investments and if you have a much higher personal income level than your spouse, you may want to consider implementing a loan at the two […] Read more

Traps to watch for when deferring tax on grain sales

Are you one of many farmers delivering grain to an elevator and delaying tax on the sale until the following year? When using grain deferrals there are a number of tips and traps you should consider. A deferral is when you deliver grain in one year but accept payment for that grain in the following […] Read more

Renting out farmland at retirement has tax implications

Are you approaching retirement? Many farmers consider cash renting their land for more guaranteed returns and simplicity. However, there are major tax issues you need to consider because it could end up costing significant tax dollars. The following are issues to consider for cash renting out personal and corporate farmland. Personally owned land Cash rent […] Read more

Getty Images

Protect yourself from scammers pretending to be CRA

Have you received a phone call from someone claiming to be with the Canada Revenue Agency demanding payment? Have you received an email from the CRA requesting personal information, such as your social insurance number or driver’s licence? Maybe they even said you were eligible for a refund? If you provided information, you may have […] Read more

Keep in mind these tax planning considerations for 2019

With all of the recent tax changes, you are likely wondering what changes apply to you and how they could affect your tax planning in the upcoming year. Three important changes that may affect your tax planning decisions are accelerated capital cost allowance, tax on split income (TOSI) and passive investment income grinding away your […] Read more

Save money on AgriStability, AgriInvest filing costs

Tired of having a big AgriStability or AgriInvest bill from your accountant? Have you wondered if there is anything you can do to reduce the bill? These programs are complex and it can be difficult to know how to organize your information for your accountant. Luckily, there are some simple ways to improve the efficiency […] Read more