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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

By
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
Intend to pass on your farm? There’s still time to plan and avoid large taxes
Columns

Intend to pass on your farm? There’s still time to plan and avoid large taxes

A farmer discovers a huge tax liability as he plans to transfer the farm to his nephew

By
In central Manitoba, a man we’ll call Harry, 81, has retired from a former life actively farming what was four quarters of grain. As Harry’s end of life comes into view, he wants to ensure that his sole heir, a nephew we’ll call Sam, does not wind up with a farm reduced or impoverished by […] 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

By
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
File photo of young plants in a soybean field in Argentina. (Gracieross/iStock/Getty Images)
Crops, Markets, Soybeans

Argentine soybeans facing tax increases

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MarketsFarm — Not many major divergences can be seen between the U.S. Department of Agriculture’s data (USDA) on Argentina’s soybean crop and data from the department’s attaché in Buenos Aires. What may bring changes to the country’s soybean industry are tax increases imposed by the new federal government, according to Benjamin Boroughs, the USDA attaché. […] Read more
Photo: File
Livestock

Livestock producers receive tax relief for 2019

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Drought in Western Canada and Quebec has prompted the federal government to release an initial list of regions eligible for livestock tax deferrals. The livestock tax deferral provision allows livestock producers in prescribed drought, flood or excess moisture regions to defer a portion of their 2019 sale proceeds of breeding livestock until 2020 to help […] Read more
Farm Financial Planner: Transferring farmland, minimizing taxes
Columns

Farm Financial Planner: Transferring farmland, minimizing taxes

With good advice, land can be transferred to the next generation with minimal taxes


By
In Alberta, a couple we’ll call Henry, 63, and Maryann, 57, are third-generation farmers. They have 1,900 acres and a herd of 40 beef cows, far less than the 300 cows they had before the BSE crisis two decades ago. With too much land for their smaller herd, they rented land to neighbours and Henry […] Read more
Farm Financial Planner: What to do with farm equity?
Columns

Farm Financial Planner: What to do with farm equity?

With no children and no debt, farming couple needs a wealth transition plan

By
A couple we’ll call Mark and Susan, both 59, have been farming in south-central Manitoba for three decades. They have had off-farm work too, both in a machine shop Mark owns where Susan does administrative work as an employee. The farm, 1,440 acres valued at $3.45 million, and the off-farm business, organized as a corporation, […] Read more
Top view of professional investment advisor woman consulting about financial plan with business management.
General

Five questions to ask your accountant

By
It’s tax time again and there are a number of new or imminent personal and corporate income tax changes which could have implications for farm families on their 2016 tax return, or need to be discussed with the accountant to plan for this year. When the federal government announced tax changes in its 2016 budget last March it […] Read more

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