Personal tax season is upon us. Now is the perfect time to offer ways to simplify the process and save money when it comes to your personal tax return. Below are five tips to help ensure your tax package is accurate and complete. Create an annual document checklist This checklist is a simple document that […] Read more
Tag Archives Taking Care of Business — page 5
Feds replace emergency wage subsidy with hiring program
Has your farm been receiving the Canada Emergency Wage Subsidy? Certain benefits and subsidies introduced for the pandemic are changing, and this time the change impacts the CEWS subsidy. CEWS is officially coming to an end, but the government has introduced a new program, called the Canada Recovery Hiring Program. The CRHP is a subsidy […] Read more
Tips for scaling the paper mountain
Many producers dread the year-end deadline. They dread the requests from their accountants asking for records because it might mean spending the entire weekend or longer locked in the home office trying to catch up the books. With a few tips and tricks, this process can be less daunting and costly. Here, we will identify […] Read more
Government programs can ease farms’ carbon tax burden
The Canadian government taxes emissions from the burning of fossil fuels to motivate Canadian citizens and corporations to use less carbon-based energy sources and move toward greener energy alternatives. As part of international climate agreements, the government promised this country would do its part to lower global carbon emission levels. Canada now looks to increase […] Read more
Farm incorporation can offer tax, succession advantages
Any successful farmer who owns their own operation should consider the advantages of incorporating the farm. As a farming operation grows, so do the benefits of incorporation. The following list is not comprehensive, but it will show what incorporating can do for an operation. Small business deduction and cash flow Canadian tax law is designed […] Read more
Different types of farms fall under different sets of rules
There are three types of farming operations: full-time, part-time and hobby. Which category does your operation fit into? Each of these classes have different rules regarding deductions and losses that can be claimed against farming income and other income. It is important to understand what your farming activity is classified as to make the most […] Read more
Government programs can help manage drought this year
The heat wave and lack of moisture have complicated things for farmers and ranchers in Western Canada. Summer temperatures around Canada have been well above average and many records, including hottest recorded temperature in Canada, was broken in July. As a result, much of Western Canada is experiencing moderate to severe drought conditions and we […] Read more
What you need to know about the Advance Payments Program
The Advance Payments Program is a loan-based program that allows you to access up to $1 million per program year, based on the eligible commodities you are farming. The program provides a low interest advance whereby the federal government pays the interest on the first $100,000 of your advance. These advances are offered to provide […] Read more
Recent federal budget changed tax depreciation rules
Immediate expensing, a major announcement in last federal budget, could provide great planning opportunities for your farm. What does it mean? For certain capital asset purchases after April 19, 2021, you can write off 100 percent of the purchase rather than claim the percentage as allowed for with tax depreciation. You can now tell your […] Read more
AgriStability changes must be considered before filing
AgriStability is a hot topic among producers and our provincial, territorial and federal governments. In November 2020 it was announced that changes “may be coming” and last month changes were finally approved for applicants. These changes are expected to result in an additional $95 million in payouts annually across Canada. In 2013, when Growing Forward […] Read more
