Farmers can reduce their accounting bills by coming prepared, streamlining records and choosing the right accountant, farm family coach Alyssa Brown writes.
Tag Archives Taxation
Save on your farm accounting fees
Farm Family Coach: Practical tips for farmers to make meetings with accountants more efficient and avoid unnecessary costs
Farm Financial Planner: Farm transfer could lead to “hobby farm” status
Passing on an unprofitable farm can raise tax challenges for the next generation
A couple we’ll call George and Mary have farmed in south-central Manitoba for the last 35 years on a third-generation family farm. Each is 60 years old. Their dilemma is generational transfer. Their issue is the fundamental low level of profitability that could, if not handled properly, cause the farm owner to lose their ability to […] Read more
Greig: Federal tax backtracks aside, much of impact still unknown
The Canadian Association of Farm Advisors’ annual tax update showcased confusion and frustration at the federal government’s shifting plan to change how small business is taxed. “I was very, very offended by all of this,” said Kurt Oelschlagel, of BDO Canada, who was part of a panel on the government changes at the CAFA event, […] Read more
Farm groups line up against feds’ tax proposal
National, regional and sector farm groups are forming up with several major business associations on the offensive against a proposal to reform how incorporated businesses are taxed in Canada. The federal finance department tabled a series of proposals July 18, opening them for public comment until Oct. 2 for a proposed effective date of Jan. […] Read more
Farm Financial Planner: No heirs? That’s not a problem
A solution for retirement and a legacy for a Manitoba couple with no farm successor
In south central Manitoba, a couple we’ll call the Bretts have a 640-acre mixed farming operation. Jack and his wife, Martha, each 61, have a son, 30, with an off-farm job. Their son is not interested in taking over the family business. It’s inevitable that Jack and Martha will want to leave their farm. It […] Read more
Farm Financial Planner: Manage assets for farm transition
Asset management solves the risk of heavy tax when couple shifts ownership to their son
In western Manitoba, a couple we’ll call Ezra, 58, and Lucy, 56, operate a third generation family farm with 1,280 acres of feed grains, oilseeds and a herd of 60 beef cows. The farm, with a value of $1.25 million plus $100,000 for the farm house, is profitable, but its future is clouded by the […] Read more
Make the least of your farm taxes
It's that time of year again. Here are some farm tax tips direct from the CRA
Canadian farmers of all types — from dairy to fruit to livestock — contribute to the healthy lives of Canadians. The Canada Revenue Agency (CRA) has made filing your taxes easy, so you can save your energy for the harvest. The agriculture and agri-food industry is vital to the economy, and the CRA wants to […] Read more
Farm Financial Planner: Moving to corporate structures
Bumper crops and bulging silos can make a move to corporate structure essential
In central Manitoba, a couple we’ll call Nick, 38, and Mary, 37, farm 1,500 acres. They inherited Nick’s family farm eight years ago after his parents died. The farm began with the parents’ two sections. When the parents passed away, the home quarter and associated buildings went to Nick with the neighbouring quarter section going […] Read more
Pay off debts before selling the farm
Farm Financial Planner: This Manitoba couple can pay off their debts and look forward to a reasonable retirement
In south central Manitoba, a couple we’ll call Herb and Cathy, both 64, are looking ahead to their future. They have farmed grain for more than two decades and have two children, a son age 40 and a daughter, 42. Each has a career off-farm and neither has an interest in returning to the family […] Read more
Farm Financial Planner: Finding a comfortable retirement
Farmers can turn marketing board quota and a modest income into a comfortable retirment
In southern Manitoba, a couple we’ll call Herb, 63, and Martha, 60, have a mixed farm with most of their effort and capital invested in producing poultry products for a group of grocery stores in Winnipeg. They operate 310 acres of land surrounding their 10-acre yard with an aging farm house, their 35-year old son’s […] Read more
Cyber-Savvy Farmer
