How can you grow and improve your farm while creating efficiencies when new technology and energy prices can be extremely costly? Carbon surcharges have the potential to affect your bottom line while also hindering your ability to make important investments into your farming operation. In 2018, the Greenhouse Gas Pollution Pricing Act (GGPPA) came into […] Read more
Tag Archives Taking Care of Business — page 3
Agri-processing tax credits are available in Sask., Man.
In a previous article, we discussed the Agri-processing Investment Tax Credit as a new incentive that has been introduced by the Alberta government. As promised, this article presents additional information on incentives that are offered in Saskatchewan and Manitoba. The Saskatchewan government has issued the value-added Agricultural Incentive. This incentive is a non-refundable, non-transferable tax […] Read more
New investment tax credit aimed at agri-processing sector
This article focuses on a new incentive happening in Alberta. We plan to look at similar programs in other provinces in future articles. The Agri-processing Investment Tax Credit (APITC) is a new incentive introduced by the Alberta government. It can provide a 12 percent non-refundable tax credit to businesses investing $10 million or more to […] Read more
Risk management options are available for drought relief
At the end of June 2023, 83 percent of the prairie region was classified as abnormally dry or in moderate drought, including 90 percent of the region’s agricultural landscape. With no end in sight to higher-than-normal temperatures, farmers and ranchers are encouraged to look into risk management options. Livestock producers are concerned with water supplies […] Read more
Underused Housing Tax means new reporting
Even if your farm property has a house that is unlivable, there are new filing requirements of which you should be aware.
Farm’s organizational structure should not be ignored
Maintaining an appropriate structure (corporation, sole proprietorship, partnership or a mix) and appropriate records isn’t something to put off — these are matters you should contemplate now.
Recent federal budget broadens alternative minimum tax
The federal budget announced last month broadens the alternative minimum tax by disallowing certain deductions and increasing the AMT capital gains inclusion rate to 100 percent from 80. The budget also adjusts the rules for intergenerational business transfers originally introduced in Bill C-208. AMT is an alternative tax that is calculated based on fewer deductions, […] Read more
Recent federal budget has implications for agriculture
Canada’s financial landscape may be about to transform because the freshly unveiled 2023 federal budget could inject billions of dollars into the economy. One key feature of the 2023 federal budget is a large package of investments aimed at helping to mitigate the effects of climate change. The government’s plans revolve around investments in renewable […] Read more
Farmers have tax deductions and expenses they can claim
As tax season approaches, you are probably asking yourself the question, how can I lower my tax bill? There are many deductions and expenses available to farmers to ensure the best outcome. A few of these deductions will be identified and discussed below. Home office expense is one such deduction. If your primary workspace is […] Read more
New asset expensing rule creates tax planning options
A new rule that recently came into effect allows for the immediate expensing of certain assets in the year that they were purchased. This is optional and substitutes claiming capital cost allowance at the prescribed rate over multiple years. Originally only available to Canadian-controlled private corporations (CCPCs), the proposal has been updated to include unincorporated […] Read more
