GFM Network News

More News →

Tag Archives accounting

cutting taxes with scissors
Columns

Couple looks for tax savings

Tax deferral essential to estate plan for farmers with hefty capital gains

By
In central Manitoba, a couple we’ll call Tish, 62, and Don, 65, have a dilemma. They have done well with their one section after six years of farming and 12 years of renting it to a neighbour. Their land has an estimated value of $4 million, which is a $3-million gain over their $1-million purchase […] Read more
Columns

From a private business to the family corporation

What’s left after harvest depends on how the farm is organized and taxed

By
The idea of the family farm is just that — a concept. The reality is that tax rules, inheritance law, good business practice and the fundamental problem of making a living have changed the family farm from a private business to the family corporation. Organization and tax rules are now almost as important as farm […] Read more
It’s clear that a modest financial base can produce substantial returns late in life with well-managed tax exposure and a view to transfer of assets to the next generation.
Columns

Farm Financial Planner: A Manitoba couple generates more income and pays less tax

How the couple secured retirement and transferred their remaining land to their son

By
In central Manitoba, a couple we’ll call Harry, 80, and Mary, 76, had a mixed grain and beef cattle farm for four decades. They sold the home quarter to their youngest son, taking back a long-term mortgage with favourable terms. They kept 320 acres, which they have rented out to a neighbour. Their plan was […] Read more
Can your cash flow handle new farm machinery payments?
Equipment, Features, Machinery

Can your cash flow handle new farm machinery payments?

Hidden profit robbers, Part 2: Real numbers on new and used machinery

By
In this series of articles, I am identifying some profit robbers I have noticed in my 16 years of farm business consulting in Alberta. In Part 1 of this series, I identified depreciation on farm machinery as a significant profit robber. Since depreciation doesn’t affect your bank balance, it is easily overlooked. High loan payments […] Read more
Top view of professional investment advisor woman consulting about financial plan with business management.
General

Five questions to ask your accountant

By
It’s tax time again and there are a number of new or imminent personal and corporate income tax changes which could have implications for farm families on their 2016 tax return, or need to be discussed with the accountant to plan for this year. When the federal government announced tax changes in its 2016 budget last March it […] Read more
Features

Get the most from your accounting

Tax Planning: Accrual financial statements provide the best for management decisions

By
Accrual is the way to go with farm financial statements, according to a farm accounting specialist. “Cash accounting only measures cash, and that has nothing to do with profitability,” says Beverly Johnson, a partner at KPMG Enterprise in Saskatoon. Accrual accounting is the measure of profitability, she says. Johnson has been a farm accountant for […] Read more
Columns

Using AgExpert’s enterprise feature

Setting up and managing "enterprises" for better information management on your farm

By
AgExpert Analyst allows you to break your farm into separate “enterprises,” so you can manage and analyze specific profit sectors within your operation. For example, if you have a livestock and grain operation, you can set up a grain enterprise and a cattle enterprise. If you produce strictly crops, then you may want to create […] Read more
Columns

Build a farm budget with AgExpert

Make the most of your farm financial software by using it to develop your annual budget

By
The beginning of the new year is a good time to plan your farm budget. You can use the Budget Management Tool included with AgExpert Analyst to estimate your farm’s projected income, expenses and net profit for the year. When you’re projecting your farm’s income, take into consideration expected production such as crop yields, livestock […] Read more
Columns

Editing transactions with AgExpert: Pt. 2

Even the best bookkeepers don't always get it right the first time. Here's how to fix it

By
Getting help with the AgExpert bookkeeping has never been easier. FCC Management Software has provided many new avenues to give you support you need. The AgExpert online community is a way for you to communicate with fellow AgExpert users in discussion boards, chat live with FCC support staff and look up answers to almost any question. […] Read more

AgCanadaTV

AGCanadaTV: In case you missed it; your national ag news recap for July 11, 2025

Sponsored By:
More Videos →

Cyber-Savvy Farmer

Glacier Farmmedia Podcast

Latest Market News

More Market News →