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Tag Archives Income tax

Under the legislation, farmers can now sell farm shares to their children, creating a shareholder loan.
Features

How to reduce the tax load on a farm succession

A Manitoba MP's bill is considered a game-changer for farm transition — if you know how to use it

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Glacier FarmMedia — Taking advantage of the revamped federal Bill C-208 can provide you with some significant tax savings when drafting family succession plans for your farm. C-208 was initially introduced as a private member’s bill by Manitoba MP Larry Maguire in 2021. The bill sought to amend the federal Income Tax Act to exclude […] Read more
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

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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
Close-up from the federal government’s initial assessment map for the livestock tax deferral provision for the 2023 tax year as of Aug. 10. (AAFC map)
Livestock, Weather

Livestock tax deferral list begins in West for 2023

AgriRecovery work 'progressing,' feds say

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The level of drought in parts of Western Canada so far this year has given the federal government a head start in drafting its list of jurisdictions where producers can get in on the livestock tax deferral provision. Agriculture Minister Lawrence MacAulay on Monday announced an initial list of designated regions for the provision for […] Read more
For farmers who may feel overwhelmed at tax time, the best thing they can do is to step back from the current moment and try to gain a big picture perspective of things.
News

Top tax tips and traps for 2022

Tax strategies, common pitfalls and how new legislation will affect your tax return

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It’s mid-February and that means one thing for countless Canadians — tax time is right around the corner. That includes farmers on the Prairies who are busily gathering reams of information to prepare their 2022 tax returns. It’s something Matt Bolley is quite familiar with. Bolley is a business advisor and partner with MNP’s tax […] Read more
(File photo courtesy Canada Beef Inc.)
Livestock, Weather

Initial drought list ready for 2022 livestock tax deferrals

Much of Manitoba, southern Alberta designated for 2022

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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
Finance Minister Chrystia Freeland holds a news conference before delivering the 2022-23 budget in Ottawa on April 7, 2022. (Photo: Reuters/Blair Gable)
General, Machinery, Weather

Supply chain improvement funds pledged in federal budget

Money also added for support of TFWs, P.E.I. potato sector

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The federal government’s release last week of its Emissions Reduction Plan has turned out to be the spoiler for new ag funding in Thursday’s 2022 budget — although more money is also pledged to help strengthen cross-country supply chains generally. Finance Minister Chrystia Freeland on Thursday laid out a federal budget with about $452.3 billion […] Read more
Chrystia Freeland takes part in a news conference at the Canadian embassy in Washington, D.C. on Aug. 31, 2018. (Photo: Reuters/Chris Wattie)
General

Farm transfer tax treatment bill now law, feds say

Government to add amendments against tax loopholes

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Despite a previous statement from her ministry, Canada’s finance minister says a bill standardizing the tax treatment of farm transfers is now officially on the books. However, while Bill C-208 is now in federal tax law, further amendments are en route to plug legal loopholes the bill may have opened. Finance Minister Chrystia Freeland on […] Read more
Brandon-Souris MP Larry Maguire speaks to Bill C-208 on Nov. 25 in the House of Commons. (Video screengrab from Parl.gc.ca)
General

Tory MP’s bill on farm transfer tax treatment moves ahead

Private member's bill now awaits Senate approval

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A Manitoba Conservative MP’s bill to standardize the tax treatment for sales of farms and other small businesses has cleared the House of Commons and is en route to the Senate. Brandon-Souris MP Larry Maguire’s Bill C-208, which was introduced for first reading in February last year, passed third reading in the Commons on Wednesday. […] Read more

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