farm income Archives - Page 2 of 5

Charting your expenses by line items over the past three to five years can clarify your cash flow requirements.

‘Cash is king:’ what does that really mean?

Among other meanings, it refers to the strength of your business' cash flow

By Art Lange April 12, 2024

We’ve all the heard the expression “Cash is king.” It’s a catchy phrase, but what does it really mean and how can we practically apply that concept on farms today? I submit what “cash is king” really means is to have money available to pay ongoing farm expenses such as crop inputs, wages, loan payments […] Read more

General

New farm income record set in 2023, estimates suggest

Despite challenges like drought and war, Canadian farms proved resilient

By GFM Network News February 16, 2024

Canadian farm income may have set a new record in 2023. That's according to the official 2023 and 2024 estimates released February 16 by Agriculture and Agri-Food Canada.

General, Reuters

Number of US farms falls and size increases, census shows

Number of acres in production falls by 20 million

By Reuters, GFM Network News February 13, 2024

Farms in the U.S. continued to get larger and the number of farms fell between 2017 and 2022, new data released by the U.S. Department of Agriculture showed on Tuesday.

If you have sufficient assets to pay yourself an income for the rest of your life, you’ll need to consider the best path to generate that income.

Columns

Woman, mid-60s, has successful farm and tax planning opportunities

It makes sense for her to take advantage of lower tax brackets while she can

By Andrew Allentuck February 7, 2024

A woman we’ll call Teresa, who farms two sections of grain in southeastern Manitoba, is 63. She works through a farm corporation worth $1.4 million and has personal farmland worth $1.75 million. The breakdown: she has non-farm assets of $419,000, savings of $400,000 plus a TFSA with assets of $100,000, and other savings of $800,000. […] Read more

All provinces saw a rise in total receipts, with the strongest growth reported in Saskatchewan. Photo: Thinkstock

Crops, Livestock

Canadian farm cash receipts rise in 2022, but so do inputs

By GFM Network News November 28, 2023

MarketsFarm – Canadian farmers brought in more money in 2022 compared to the previous year, but their expenses were also up resulting in a 7.7 per cent drop in realized net income to $11.8 billion, according to the latest farm income data from Statistics Canada. Data for the first three quarters of 2023 shows another […] Read more

General, Markets

Net farm income down in 2022 despite high commodity prices: StatCan

Hike in farm fuel, fertilizer and feed costs is the largest in nearly 50 years

By Geralyn Wichers, GFM Network News May 29, 2023

Farmers’ realized net income dropped by over eight per cent in 2022 as expenses outpaced the rise in cash receipts, a new Statistics Canada report says. Realized net income is the difference between cash receipts and operating expenses, minus depreciation and plus income in kind. When cannabis is included, realized net income dropped by nearly […] Read more

(Stephen Ausmus photo courtesy ARS/USDA)

Livestock, Poultry/Eggs

Alberta poultry sector gets late entry for AgriStability

Participation deadline extended to end of month

By Dave Bedard, GFM Network News February 2, 2023

In the wake of avian influenza outbreaks in the region, Alberta poultry producers have been granted a late participation option to sign up for the federal/provincial AgriStability income stabilization program. Provincial Ag Minister Nate Horner on Wednesday announced the two levels of government have reached an agreement to allow poultry producers late participation in AgriStability […] Read more

General, Markets

Farm cash receipts on the rise, StatCan shows

By GFM Network News November 28, 2022

MarketsFarm — Farm cash receipts improved 13.7 per cent during the first three quarters of 2022, Statistics Canada reported Monday. From January to September, those receipts reached $66.7 billion. That increase of more than $8 billion was due to higher receipts for crops, livestock and program payments. The report noted crop receipts rose 7.3 per […] Read more

Livestock, Weather

Initial drought list ready for 2022 livestock tax deferrals

Much of Manitoba, southern Alberta designated for 2022

By Dave Bedard, GFM Network News August 31, 2022

Many of the Prairie livestock producers forced by drought to make “difficult herd management decisions” in the 2022 income tax year are now eligible to defer the taxable income from those decisions. Federal Agriculture Minister Marie-Claude Bibeau on Tuesday released the initial list of designated regions in Alberta, Manitoba and Saskatchewan where livestock tax deferral […] Read more

Bob Speller, shown here in a 2011 campaign video, died Dec. 16, 2021. (Video screengrab via YouTube)

General, Livestock

Former federal agriculture minister Bob Speller, 65

Ontario MP served in Paul Martin's cabinet

By Dave Bedard, GFM Network News December 18, 2021

A memorial will be held next week for Bob Speller, the Ontario businessman who served as Canada’s agriculture minister in the thick of the country’s BSE crisis. Speller, the MP for the southwestern Ontario riding of what’s now Haldimand-Norfolk from 1988 to 2004, died Thursday at age 65. A cause of death wasn’t given in […] Read more

Alberta crop conditions improve: report

U.S. grains: Corn sets contract lows on expectations for big US crop

U.S. livestock: Cattle strength continues

GFM Network News