With member firms from coast to coast, we are one of the country’s largest associations of chartered professional accounting firms. As an all-Canadian network, we have a longstanding reputation for value-added audit, tax and advisory solutions.
Most businesses must pay taxes on all income, including accounts receivable and inventory in the year they are created. However, farm businesses are one of the few exceptions, as they are permitted to pay taxes on a cash basis. As a result, they have the unique ability to deduct prepaid expenses and push income into future years. Rather than pay tax on inventory, they can wait until this inventory has been sold. While most farmers prefer to take advantage of this deferral opportunity, this is not always the best option.
Everyone at Baker Tilly Canada is committed to influencing tomorrow for our clients, our profession and our community, an objective that shapes our lives inside and outside the office. Get better acquainted with the experts behind this mission, and what drives them to excel. From their outlook on the industry to their passions to the wise words that inspired their professional development, the Five in five series gets to the heart of each expert’s story – in just five minutes.