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cutting taxes with scissors
Columns

Couple looks for tax savings

Tax deferral essential to estate plan for farmers with hefty capital gains

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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
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General

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

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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
Ron and Cindy know if they were to stop farming today, they would not have enough personal assets to maintain their current lifestyle spending of $6,000 per month.
Columns

What to do when capital is short and needs are long

Farm Financial Planner: Tough decisions ahead for this Manitoba couple

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A farming couple from Manitoba we’ll call Ron, 67, and Cindy, 65, have run a successful farming operation for the last 40 years. They want to retire; however, none of their three kids have any interest in farming. The farm is comprised of five quarters of land and some machinery held personally by Ron and […] 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
Due to a shortfall in income every year, Herb and Margie will need to withdraw money from their RRIFs.
Columns

A simple retirement plan

A couple’s farmland is set up for generational transfer

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In north-central Manitoba, a couple we’ll call Herb, 66, and Margie, 64, are planning retirement in just a few months. They have 320 acres they own personally. They have owned the land for almost 30 years. It will qualify for the farmland capital gains exemption. When sold, therefore, the property will not bear capital gains […] Read more
On a dollar basis, this plan is clearly unfair, for the non-farming son would appear to be shortchanged.
Columns

Plan a fair and tax-efficient exit strategy for all

How to pass on the operation to farming children while keeping share division fair for non-farmers

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A couple we’ll call Bob and Linda, both in their early 60s, have run a successful farming operation in south-central Manitoba. They have 1,280 acres of which two quarters are pasture for 100 head of beef cows and the balance in wheat and barley. After 40 years of farming, they want to plan an exit […] Read more
Tax strategy raises income for couple in mid-life
Columns

Tax strategy raises income for couple in mid-life

The issue is financial efficiency

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A couple we’ll call Harry, 50, and Margie, 49, own three sections in central Manitoba. They have a mixed farm operation producing hay and grains. They estimate their farm, machinery and inventory is worth $3.5 million. They need $84,000 a year after tax to maintain their way of life. The problem is getting that money […] Read more
Columns

From a private business to the family corporation

What’s left after harvest depends on how the farm is organized and taxed

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The idea of the family farm is just that — a concept. The reality is that tax rules, inheritance law, good business practice and the fundamental problem of making a living have changed the family farm from a private business to the family corporation. Organization and tax rules are now almost as important as farm […] Read more
Columns

A tax strategy for a retiree who inherits a farm

Farm Financial Planner: Opportunities to make money and save tax

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In south-central Manitoba, a man we’ll call Ronnie, 57, lives on a 640-acre farm he inherited from his late parents. He’s never farmed and has no interest in swapping careers from the office work he did before retiring a few years ago. His plan is to sell the farm within three years and build a […] Read more

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