September 19, 2024 by Luther VanGilst
Many farmers across Canada can expect to benefit from a change in the small business deduction (SBD) rules. In fact, you may have already noticed your corporate tax bill has gone down this year. This is because the change came into effect starting with corporate year‑ends ending
July 23, 2024 by Blair Brown
Cyber criminals are constantly developing new techniques to compromise the security of unsuspecting businesses. The threat spectrum is always changing due to emerging technology and the expansion of cloud services, automation, artificial intelligence and machine learning. Against the backdrop of this evolving threat landscape, the risk paradigm for our public and private sector clients has evolved. What follows is an overview of the four most common cybersecurity threats and concerns we currently warn clients about.
July 17, 2024 by Deanna Cregg
The tax implications of expenses and capital assets are quite different, so it’s important farm businesses understand these implications before making a significant investment in new assets or renovations. Unfortunately, the difference is not always clear. When a farm business spends money on a project that is deemed a repair, this can be deducted in the current tax year as an expense. However, if money is spent on a capital improvement, that gets added to the cost of the asset, which is then depreciated over time. In other words, rather than get the full benefit of the deduction in the year the investment is made, businesses see this benefit gradually, over a number of years, depending on the class of the asset and the depreciation rate. That is the fundamental difference between expenses and capital expenditures.
July 9, 2024 by Sarah Netley, Francesca Loreto
Curious about how HST could impact your next property deal? Join this episode of From the Source with Frankie and Sarah as they dive deep into the complexities of HST in real estate with fellow tax specialist, Cathie Brogan.
June 5, 2024 by James Hinebaugh
It’s rare to get through a day in 2024 without considering the state of artificial intelligence (AI) and where it is likely to go next. Just a few short years ago, it played a limited role in our daily lives, and it now seems to be everywhere.
May 30, 2024 by Candice McKay
Today’s farming businesses are facing unique challenges, but there are exciting new tools at their disposal that offer new possibilities. These tools are getting more sophisticated every day. By simply tracking recent trends in the agriculture industry, we can start to get a sense of where the sector is likely to go next. One fact seems undeniable: data and artificial intelligence (AI) are here to stay. Both are essential tools that can transform any farm’s sense of what is possible. In this article, we’ll take a closer look at how high‑tech tools are revolutionizing the farm industry.
April 29, 2024 by Sarah Netley, Francesca Loreto
Navigating the stormy seas of tax changes following the 2024 federal budget announcement can be confusing. We’re here to tell you what you need to know, From the Source.
April 12, 2024 by Sarah Netley, Francesca Loreto
Are you a business owner navigating cross‑border transactions and wondering about transfer pricing risks and documentation?
March 26, 2024 by Melinda Fleming
When most people learn they’re being audited, their immediate reaction is to feel scared and unsettled. As someone who worked as an auditor at the Canada Revenue Agency (CRA) for six years, I have a good sense of what clients are facing in the audit process, why they end up there and how they can steer this process in the best possible direction.
March 15, 2024 by Sarah Netley, Francesca Loreto
While no one wants their will to be contested, estate litigation plays a crucial role in resolving disputes and ensuring the fair distribution of a deceased person's assets. So, how can you avoid it?
February 9, 2024 by Sarah Netley, Francesca Loreto
Creating a will is a topic most of us would rather ignore, but this is one of the most important steps you will ever take. With that in mind, we’re sharing some essential perspective.
January 26, 2024 by Ryan Kitchen
The work of grain producers is very cyclical. You could have a good year, followed by a not‑so‑good year, followed by a really great year, followed by a disaster year. Over time, this might even out, but what happens when you have a number of good years in a row?
January 23, 2024 by Riccardo Zerbino
Until recently, trusts had to file a tax return within 90 days of the trust’s year end, but there were some exceptions. If you didn’t earn income, dispose of capital property or make distributions of income or capital in a year, you were generally not required to file an annual return.
January 12, 2024 by Sarah Netley, Francesca Loreto
In the new episode of From the Source, Frankie and Sarah continue exploring the tax implications of charitable giving, comparing gifts made during your lifetime with those outlined in your will.
December 21, 2023 by Shannon McIntosh, Manager
Welcome back to The Bright Side for the last blog post of 2023. Is it just me or did this year fly by? For this edition, we’re going to look back at the year and all the challenges that were overcame and provide some strategies to plan for 2024.
December 18, 2023 by Bud Arnold
When purchasing a farm, sometimes the property includes a house for the farm family to use as their primary residence. Families in this position often overlook the tax complications of buying a farmhouse that is part of their farm property, but how they decide to hold that farmhouse could significantly impact their tax obligations. This article outlines several farm business structures and the farmhouse tax obligations in each case.
December 15, 2023 by Sarah Netley, Francesca Loreto
It’s the holiday season, a time of giving, so we’re jumping back into our conversation about estate planning with today’s focus on charitable giving.
December 6, 2023 by Luther VanGilst
When the immediate expensing rules were introduced in 2021, they allowed incorporated businesses to start fully expensing purchases, claiming up to $1.5 million in tax depreciation on eligible property acquired annually. This applies to a broad range of purchases, including tractors, combines, planters, cultivators and processing equipment – almost everything in a farm context except buildings, paving and quota – but corporations will no longer be able to access this opportunity in 2024.
November 30, 2023 by Shannon McIntosh, Manager
In this edition of The Bright Side, we focus on a particularly important topic for small business owners – how to best compensate yourself for the work you do.
November 29, 2023 by Thomas Blonde
Given the all-consuming complexity of any farm business, it’s not uncommon for farmers to overlook the importance of retirement planning. The constant need to reinvest in these businesses means there’s rarely a good time to think about saving for the future.