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
Tag Archives Taking Care of Business
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
Managing asset control important in a succession plan
When passing on your farm operation to the next generation, key questions will often arise concerning control of the farm assets. There are several ways to transfer farm assets, each with its advantages and disadvantages. The following are simple examples of how qualified farmland can be transferred to the next generation, with a focus on […] Read more
Tax decisions must be made following a death
The death of a family member or loved one is not something anyone likes to think about or prepare for. However, it is important to know the steps that must be taken regarding taxes when it occurs. Being prepared for these difficult times can ease the burden on you and your family when it comes […] Read more
Share rollover option can defer capital gain on farm sale
Are you considering selling the shares of your farm and buying shares of a new farm, or maybe shares of an entirely different business? Maybe you have been approached with an offer that is too good to pass up, so why not take the opportunity to sell and buy new? Unfortunately, such a sale and […] Read more
Updates to watch for with COVID-19 programs, subsidies
With the unpredictability of the economy due to the COVID-19 pandemic, the federal government has come out with many changing programs and subsidies to help. It is important you are aware of these programs and their updates to determine if they are right for your farm. Canada Emergency Business Account The CEBA program is aimed […] Read more
Changes to marital status can have an impact on taxes
If you’re getting married or moving in with your partner, it may have tax implications. Here is a quick introduction on how these decisions might affect your tax return. Common law vs. married Do you have to be legally married for the government to consider you a couple when filing your tax return? The answer […] Read more
Producers urged to embrace performance management
A key factor to success in agribusiness is a keen understanding of your farm’s financial position. This includes knowing what assets the farm owns, who is owed what, and most importantly, how much cash is in the bank. This information is crucial for making sound financial decisions. As a producer, you are subject to challenges […] Read more
Capital gains exemption can be used in variety of ways
We have been receiving numerous calls from farmers asking about their lifetime capital gains exemption. Obviously, people are worried that the government will need new tax revenue streams soon. At a high level, we always want decisions that make business sense first. We then work in the appropriate tax planning. If a farm has been […] Read more
