Whether to buy or lease farm equipment is a crucial question, though one with no definitive answer. Let’s analyze the numbers using an example from management and accounting firm BDO.
Tag Archives taxes
Is farm equipment best bought or leased?
Farm Financial Planner: Or is either option better than the other?
Tracking cow-calf yardage can improve decision-making
The Beef Cattle Research Council has a calculator to help make the process easier
The Beef Cattle Research Centre has a calculator to help with the process of adding up yardage — the overhead for cow-calf operations.
Farmers’ sons have no interest in taking over family farm
Farm Financial Planner: A tax-light liquidation of a farm calls for some planning well in advance
Jack and Mary need to retire, but a sale of their farm will the only way to get there because their grown children have no interest in farming. A tax-light liquidation of a farm, though, will take some planning well in advance.
Family farms at risk from higher capital gains rates: GGC
[UPDATED: June 11, 2024] Glacier FarmMedia – Looming changes to Canada’s capital gains inclusion rates will increase average taxes by 30 per cent on the country’s family-run grain farms, putting their futures at risk, according to research conducted by the Grain Growers of Canada (GGC). “Our research shows that an average grain farm in Canada, […] Read more
German government dilutes 2024 subsidy cuts after farmer backlash
Farmers protested in Berlin's streets after the announced end of tax breaks last month
Germany's coalition government has agreed to change its 2024 budget plans, a government spokesperson said on Thursday, after subsidy cuts proposed to bring spending in line with debt rules angered farmers.
German farmers protest with tractors against austerity measures
The German government proposed to abolish fuel subsidies to meet savings targets
According to next year's budget, a partial tax refund on agricultural diesel, along with a tax exemption for agricultural vehicles, will be abolished to meet the saving targets - a measure farmers said would threaten their livelihood and the competitiveness of Germany's agricultural sector.
Feds plan to ease Underused Housing Tax reporting load
New exemption also proposed for employee housing outside cities
Federal Finance Minister Chrystia Freeland’s latest Fall Economic Statement offers to take some of the reporting burden off certain farmers and other Canadians when filing for exemptions from the national Underused Housing Tax (UHT). The federal finance department on Nov. 16 posted its legislative and regulatory proposals for changes to the UHT online and has […] Read more
Couple looks for tax savings
Tax deferral essential to estate plan for farmers with hefty capital gains
In central Manitoba, a couple we’ll call Tish, 62, and Don, 65, have a dilemma. They have done well with their one section after six years of farming and 12 years of renting it to a neighbour. Their land has an estimated value of $4 million, which is a $3-million gain over their $1-million purchase […] Read more
Underused housing tax undue burden on farmers, ag groups say
Many farms can apply for exemption, but the process can be expensive, a letter to federal ministers says
Agriculture leaders say a federal tax on ‘underused’ housing is causing an unintended and undue burden on farmers. “We urge the government to exempt farmers from the requirement to file a [underused housing tax] return,” said a letter sent to federal ministers. The Canadian Canola Growers, Canadian Federation of Agriculture, Canadian Cattle Association, Ontario Fruit […] Read more
CGC, other fed workers to strike Tuesday night if no wage deal reached
Tax season, passport renewals may also be affected
Ottawa | Reuters — Some 155,000 public workers in Canada will go on strike at midnight on Wednesday if they are unable to reach a wage deal with the federal government, the leader of the Public Service Alliance of Canada (PSAC) union said on Monday. PSAC president Chris Aylward said he was “setting a clock […] Read more
Cyber-Savvy Farmer
