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
Tag Archives Taking Care of Business
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
Producers need to take advantage of government grants
Government funding is something to always keep on your radar. But keeping up to date on the latest and everchanging grants and their requirements can be a lot. So, I’ll do my best to summarize a few of the grants and programs currently available. You might be surprised at what your farming operation qualifies for. […] Read more
Registered accounts can help reduce personal tax load
How can I pay less tax this year? Most farm families do it by prepaying expenses or deferring farm income into the next fiscal year. However, there are other tools at your disposal that can help reduce your personal tax liability. This article will summarize various registered accounts so you can determine what is the […] Read more
Accounting standard changes affect financial statements
The 2022 production season is ending across Western Canada. As you turn your attention from harvest to your financial statements, changes to the Accounting Standards for Private Entities also must be considered. Section 3041 establishes standards for the recognition, measurement, presentation, and disclosure of an agricultural producer’s inventory. Section 3041’s purpose is to ensure accurate […] Read more
GST has nuance that affects farm business operations
The Goods and Services Tax has many nuances that can be confusing. Whether a transaction is part of your farm’s day-to-day operations, or you are selling a quarter section of land, GST is almost always inevitable. So, what could that mean for you? While small suppliers are not required to register for GST, any supplier […] Read more
Tips can make AgriStability and AgriInvest filing easier
It’s that time of year again — harvest. Oh, and don’t forget — AgriInvest and AgriStability applications are due Sept. 30. The AgriStability and AgriInvest programs can be intimidating because of the complexity of records required. Let’s make it easier by breaking down the filing process into two parts and perhaps it can make next […] Read more
Salary or dividend: finding the right blend
You likely take time to look for the right blend of coffee to start your day. You explore different fertilizers to nourish your crops. The same principles apply when deciding how to compensate yourself. Two main ways you can take money out of your farm corporation are salaries and dividends. A dividend is the distribution […] Read more
Step away from active farming and put your assets to work
Not quite ready for retirement but looking to take your foot off the gas a bit? There are a few strategies for transitioning away from an active farming role while still using your land assets to generate revenue. These strategies include land rentals and joint ventures. Below are tax considerations to keep in mind when […] Read more
