GFM Network News


Farm owners and ag producers often miss claiming legitimate farm business expenses. These deductions can include expenses related to maintaining farmland and machinery like property taxes and equipment repairs.

Twelve tax-saving tips for producers

You can take these recommendations to the bank

Practicing good financial habits now may save you money when the Canada Revenue Agency (CRA) comes calling in the spring. Last year, at Ag in Motion Discovery Plus, Carmen Praski, business development representative for Farm Business Consultants (FBC), offered up his top 12 tax-saving tips for agricultural producers. Some you may already have in practice, […] 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.

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

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


More tax deferral zones announced for ranchers

More tax deferral zones announced for ranchers

Final list released for 2019 tax year

More ranchers who were up against a dry 2019 may now be eligible to defer some income from their livestock sales for the income tax year. The federal government on Tuesday released the “final list” of designated regions where income tax deferral on sales of breeding livestock has been authorized for 2019. In a prescribed […] Read more

Agriculture ministers meeting Tuesday in Ottawa included (l-r) Devin Dreeshen (Alberta), David Marit (Saskatchewan), Bloyce Thompson (P.E.I.), Andre Lamontagne (Quebec), Marie-Claude Bibeau (Canada), Ernie Hardeman (Ontario), Blaine Pedersen (Manitoba), Lana Popham (B.C.) and Keith Colwell (Nova Scotia). (Photo courtesy AAFC)

Feds, provinces plan minor tweaks to AgriStability

Ottawa — Minor changes are coming to AgriStability following Tuesday’s meeting between federal Agriculture Minister Marie-Claude Bibeau and her provincial counterparts. Major changes, however, will have to wait. A full review of federal business risk management (BRM) will be completed in April, with the findings discussed when the federal, provincial and territorial ministers meet again […] Read more






(Photo courtesy Canada Beef Inc.)

Saskatchewan, B.C. areas up for livestock tax deferrals

Livestock producers in several more parched municipalities in Saskatchewan and British Columbia will be able to defer income from sales of animals on their 2017 tax returns. The federal government on Tuesday announced its final list of designated regions for 2017, including 20 more municipalities in Saskatchewan and seven in British Columbia. The initial list, […] Read more


(Photo courtesy CN)

CN’s Q4 grain handle down in ‘challenging conditions’

U.S. income tax reform more than offset “challenging” conditions, including reduced grain handle, in Canadian National Railway’s fourth fiscal quarter. Montreal-based CN on Tuesday reported net income of $2.611 billion on total revenues of $3.285 billion for its fourth quarter ending Dec. 31, up from $1.018 billion on $3.217 billion in the year-earlier Q4. The […] Read more

Farm Financial Planner: Grandchild will inherit widow’s farm

Farm Financial Planner: Grandchild will inherit widow’s farm

Managing taxes across the generations takes extra effort and a careful approach

Celeste, as we’ll call her, is 75. She lives in south central Manitoba and owns a 320-acre farm. Her husband, who we’ll call Edward, passed away earlier this year. The farm, a mixed grain and grazing operation, was profitable for many years. The couple put about $382,300 into off-farm investments over the years. Celeste’s problem […] Read more