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Tag Archives Income tax

File photo of cattle grazing on Prince Edward Island. (ArodPEI/iStock/Getty Images)
Forages, Livestock, Pasture

Eastern drought zones set for livestock tax deferrals

Regions designated in P.E.I., N.S., N.B., Quebec

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In a decision that may have come late for some, New Brunswick, Prince Edward Island and parts of southeastern Quebec and northwestern Nova Scotia have been declared drought zones for eligible livestock producers’ 2020 tax purposes. The federal government on Monday released its list and map of prescribed drought regions where tax deferral on sales […] Read more
In this farm couple's case, there are two alternative strategies to cut taxes.
Columns

A couple looks for a low-tax route to turn their farm into retirement income

With no kids who want to take on the farm, a low-tax exit strategy is needed

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A couple we’ll call Chuck, 68, and Liz, 66, farm 1,000 acres in south-central Manitoba. Their all-grain operation is profitable, but they want out. Their children, two middle-aged daughters, are not interested in farming. That leaves the sale of the farm as the best and only way for the couple to quit the business and […] Read more
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.
Features

Twelve tax-saving tips for producers

You can take these recommendations to the bank

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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.
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

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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
Livestock, Weather

More tax deferral zones announced for ranchers

Final list released for 2019 tax year

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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)
Crops

Feds, provinces plan minor tweaks to AgriStability

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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.)
Forages, Livestock, Weather

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

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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

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