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
Tag Archives Taking Care of Business — page 2
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
Know details of lifetime capital gains exemption changes
Running a successful farming operation involves a non-stop dance with Mother Nature, trying to co-operate with her and achieve balance within the ecosystem. Then there’s the financial side, where it can be difficult to increase profits while reducing expenses and taxes. The federal government has announced increases in the lifetime capital gains exemption (LCGE) limit […] Read more
Capital gains inclusion rate change will have an effect
The federal government delivered its budget April 16, and it contained two very important changes that could affect long-term planning for your operation. These changes are extremely important to note for agricultural producers because they will likely impact future tax payable amounts. They are the increase in the capital gains inclusion rate to two-thirds from […] Read more
Capital gains deduction important when selling the farm
A farm is more than a business. It’s a legacy built through generations of sweat and determination. As farmers, you plan for the coming year’s harvest, but it’s equally important to plan for the future of your land and livelihood. This includes understanding the implications of selling or transferring the farm. The Capital Gains Deduction […] Read more
First-home savings account is millennials’ new best friend
Millennials and younger generations often joke that they should have purchased a home in 2008, but instead they were busy attending grade school. This is because housing prices in Canada have risen substantially since 2008 and continue to rise each year. Home affordability is a concern for many Canadians. BNN Bloomberg says the average home […] Read more
Drought relief programs extended in Western Canada
In a July 2023 article, we discussed drought relief programs offered across Western Canada due to abnormally dry weather. These drought relief programs have been extended as extreme weather conditions continue. Major sections of Alberta and Saskatchewan are incredibly dry and some regions have soil moisture levels that are less than 40 percent of normal. […] Read more
Digital farm records more efficient than paper systems
The digital world of business is increasing and paper is being phased out of many interactions. Banks are pushing for electronic statements. Vendors and buyers are switching to digital invoices and electronic fund transfers. Accounting is becoming computer driven. Your farm’s paper ledger may not cut it anymore so it may be time to digitize […] Read more
Options are available when planning for farm succession
In Canada, the average age of farmers has steadily increased over the last 20 years. A recent study by the Royal Bank of Canada, Boston Consulting Group and researchers from the University of Guelph found 40 percent of farm operations are expected to see these farmers retire in the next 10 years. The study also […] Read more
Strategies are available to attract and retain employees
Lots of work to do with few to do it — it’s a common issue faced by farmers and ranchers across the Prairies. The question becomes, how can you attract and retain quality employees? Below are a few strategies for doing just that. One strategy is to offer unique employee benefits. There are also hiring […] Read more
