Are you approaching retirement? Many farmers consider cash renting their land for more guaranteed returns and simplicity. However, there are major tax issues you need to consider because it could end up costing significant tax dollars. The following are issues to consider for cash renting out personal and corporate farmland. Personally owned land Cash rent […] Read more
Tag Archives Taking Care of Business
Renting out farmland at retirement has tax implications
Protect yourself from scammers pretending to be CRA
Have you received a phone call from someone claiming to be with the Canada Revenue Agency demanding payment? Have you received an email from the CRA requesting personal information, such as your social insurance number or driver’s licence? Maybe they even said you were eligible for a refund? If you provided information, you may have […] Read more
Keep in mind these tax planning considerations for 2019
With all of the recent tax changes, you are likely wondering what changes apply to you and how they could affect your tax planning in the upcoming year. Three important changes that may affect your tax planning decisions are accelerated capital cost allowance, tax on split income (TOSI) and passive investment income grinding away your […] Read more
Save money on AgriStability, AgriInvest filing costs
Tired of having a big AgriStability or AgriInvest bill from your accountant? Have you wondered if there is anything you can do to reduce the bill? These programs are complex and it can be difficult to know how to organize your information for your accountant. Luckily, there are some simple ways to improve the efficiency […] Read more
Watch the taxes when offering benefits to employees
Farmers offer a variety of benefits to attract and retain employees. Two common benefits are low-rent housing and interest-free loans. These benefits are a good incentive for employees, but they are considered taxable benefits. You need to be aware of the tax requirements for calculating your employees’ payroll deductions and year end T4 filings. Free […] Read more
Parents have options when investing in kids’ education
An education is important for the new generations of farmers. There is a long list of the abilities that education helps to develop, such as making sound business decisions, running technology, applying appropriate agronomic practices and marketing This also provides a potential back-up plan or career to the farm. As parents, what is the best […] Read more
It’s important to plan ahead when paying tax instalments
With the end of the year approaching, the time is coming to plan for your income tax instalments. This article concentrates on tax instalments for farms operating as sole proprietorships. Instalments are a common hit to a farm’s cash flows, and these payments can sometimes come as a surprise. The government requires instalments if your […] Read more
There are ways to get the most out of a farm sale
After putting years of hard work into your farm, it is understandable that you want to get the highest value out of it on a sale. One key to receiving top dollar is planning and ensuring essential items are properly looked after. Planning your corporate structure Having a tangled web of corporations is typically going […] Read more
Younger generation has much at stake in succession plan
There tends to be a large focus on the parents of a family farm when it comes to succession and estate planning. This includes what their exit strategy is and how they plan to fund retirement. But for a successful transition, it is important that the next generation also understands the current decisions and the […] Read more
How self-employed farmers can prepare for retirement
As a farmer, you do not have a funded pension plan waiting for you upon retirement. It’s likely that you will rely on the value and potential future earnings of your largest asset, your land. If your plan involves passing the farm to the next generation, this can add complications. It is unlikely you can […] Read more
