taxes Archives - Page 3 of 4

How to manage the tax consequences of a city takeover of farmland

Around $20,000 in tax savings is at stake

By Andrew Allentuck May 19, 2021

In a small settlement west of Winnipeg’s Perimeter Highway, a widowed farmer we’ll call Ralph, 63, has a dilemma. He is not ready to retire just yet and out of his four children only the youngest, a son we’ll call Herb, has his own farm and would be interested in taking over Ralph’s farm, which […] 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

By Andrew Allentuck April 16, 2021

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

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 Andrew Allentuck February 17, 2021

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 Amy O’dell February 11, 2021

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

By GFM Network News January 8, 2020

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

Livestock

Livestock producers receive tax relief for 2019

By GFM Network News July 22, 2019

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

Columns

Farm Financial Planner: Transferring farmland, minimizing taxes

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

By Andrew Allentuck April 8, 2019

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

Columns

Farm Financial Planner: What to do with farm equity?

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

By Andrew Allentuck September 21, 2018

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

General

Seven ways incorporating your farm can improve your operation

By Maggie Van Camp May 31, 2017

Successful farms depend on having smart, strategic people, no matter what structure. However, being incorporated has forced farms to create accrual financial statements and operate under certain rules of engagement, which has jumpstarted more professional behaviour, such as having farm meetings.

KAP president Dan Mazier. Photo: File/Shannon VanRaes

Crops

Keystone Agricultural Producers defends cash ticket deferrals

By Grainews Staff, GFM Network News April 21, 2017

Manitoba’s Keystone Agricultural Producers has joined other farm groups in calling on the federal government to keep a regulation that allows farmers to defer grain sales into the following year for tax purposes. The government announced in its recent budget that it is considering eliminating grain ticket deferrals because it is a left over from […] Read more

GFM Network News

U.S. grains: Soybeans continue gains on Trump’s China comments

U.S. livestock: Cattle futures end week higher on tight supply

Pea, lentil outlooks have some positive signals – Penner

Tag Archives taxes

How to manage the tax consequences of a city takeover of farmland

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

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

Twelve tax-saving tips for producers

Argentine soybeans facing tax increases

Livestock producers receive tax relief for 2019

Farm Financial Planner: Transferring farmland, minimizing taxes

Farm Financial Planner: What to do with farm equity?

Seven ways incorporating your farm can improve your operation

Keystone Agricultural Producers defends cash ticket deferrals

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