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Blog Farming and agriculture
The difference between expenses and capital expenditures
It’s important for farm businesses to recognize the tax differences between expenses and capital assets. Repairs are deductible immediately, while capital improvements are depreciated over time.
Deanna Cregg Jul 17, 2024
Farm Series ( use going forward)
Blog
The risks and rewards of artificial intelligence
In 2024, it's hard to go a day without considering AI, which just a few years ago played a limited role but is now ubiquitous.
James Hinebaugh Jun 5, 2024
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Blog Farming and agriculture
Data, AI and other tech revolutionizing the farm industry
Farming businesses face unique challenges, but new tools like data and AI are revolutionizing the industry. This article will explore how these technologies are transforming the farm sector.
Candice McKay May 30, 2024
Farm Series ( use going forward)
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Navigating the tax audit process
When people learn they’re being audited, they often feel scared. Having worked as an auditor at the Canada Revenue Agency (CRA )for six years, I understand the process and how clients can navigate it effectively.
Melinda Fleming Mar 26, 2024
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Blog Farming and agriculture
Crop corporation: A solution for excess inventory
Grain production is highly cyclical, with good years followed by challenging ones. But what happens when a producer experiences several good years in a row?
Ryan Kitchen Jan 26, 2024
Farm Series ( use going forward)
Blog
Filing changes for inactive trusts
Until recently, trusts were not required to file an annual return within 90 days if they didn’t earn income, dispose of capital property, or make distributions.
Riccardo Zerbino Jan 23, 2024
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Blog
Set the stage for success in 2024
Welcome back to "The Bright Side" for our final blog post of 2023. This year flew by! Let’s reflect on the challenges overcome and discuss strategies for planning 2024.
Shannon McIntosh Dec 21, 2023
The Bright Side Blog
Blog Farming and agriculture
Pick the right structure for your farmhouse
When buying a farm with a farmhouse as a primary residence, families may overlook the tax implications. This article examines how different farm business structures impact tax obligations for the farmhouse.
Bud Arnold Dec 18, 2023
Farm Series ( use going forward)
Blog Farming and agriculture
The end of immediate expensing
Introduced in 2021, immediate expensing rules allowed businesses to fully expense up to $1.5 million annually on eligible property like tractors, combines, and equipment. However, this ends in 2024.
Luther VanGilst Dec 6, 2023
Farm Series ( use going forward)
Blog Farming and agriculture
Saving for retirement on the farm
Due to the complexity and constant reinvestment required in farm businesses, retirement planning is often overlooked, leaving little time to focus on saving for the future.
Thomas Blonde Nov 29, 2023
Farm Series ( use going forward)
Blog
Let’s get fit: How to ignite your company’s digital journey
Technology is evolving rapidly, which can feel both exhilarating and exhausting. As AI integrates into businesses quickly, companies may struggle to stay current and competitive.
Brenda Scott Nov 15, 2023
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