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Blog Farming and agriculture
Agri-food incentives you can’t afford to ignore
Agri-food processors and manufacturers have access to valuable government incentives, but navigating the complex requirements is necessary to take advantage of these programs.
Craig Hoover Nov 14, 2023
Farm Series ( use going forward)
Blog Farming and agriculture
Self-assessment of GST/HST collected on the sale of real property
The Excise Tax Act (ETA) requires buyers, not vendors, to self-assess and report GST/HST on real property sales used in commercial activity, including eligible input tax credits.
Chris Alexander Dec 9, 2022
Farm Series ( use going forward)
Blog Farming and agriculture
Don’t overlook the fuel charges tax credit
The federal government introduced the Return of Fuel Charge Proceeds to Farmers Tax Credit in December 2021 to help farmers offset the high cost of the carbon tax.
Ryan Kitchen Sep 19, 2022
Farm Series ( use going forward)
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Blog Farming and agriculture
Why farm businesses should move into the cloud
Over the past decade, agribusiness consolidation has made kitchen-table bookkeeping unfeasible. Cloud-based accounting helps these businesses meet complex reporting requirements.
Candice McKay Aug 24, 2022
Farm Series ( use going forward)
Blog Farming and agriculture
Structuring a farm business to involve the next generation
Farm succession planning involves many considerations, including how to include the next generation in the farm business structure while parents remain involved, with options for partial ownership.
Bud Arnold Jun 17, 2022
Farm Series ( use going forward)
Blog Farming and agriculture
Navigating the new Canadian carbon tax credit
In Alberta, Manitoba, Ontario, and Saskatchewan, farmers pay federal carbon tax on propane and natural gas but not on diesel or gas for farm equipment and vehicles.
Luther VanGilst Apr 28, 2022
Farm Series ( use going forward)
Blog Farming and agriculture
Cut your tax bill by selling farmland strategically
Farms, often owned as sole proprietorships or partnerships, are taxed on capital gains when transferred to the next generation or sold to a third party.
Luc Joye Feb 24, 2022
Farm Series ( use going forward)
Blog Farming and agriculture
Changing CCA rates for farm businesses
The April 19, 2021 federal budget announced that CCPC farm businesses could immediately expense capital purchases for tax purposes.
Ryan Kitchen Oct 19, 2021
Farm Series ( use going forward)
Blog Farming and agriculture
The rules of family farm transitions are changing
Selling a farm corporation to a stranger offers tax advantages over selling within the family, due to higher taxes.
Bud Arnold Aug 23, 2021
Farm Series ( use going forward)
Blog Farming and agriculture
Four reasons to consider renting farmland
The advantages of buying property are well known to most farmers. However, there are also several reasons it might be preferable to rent farmland.
Jul 14, 2021
Farm Series ( use going forward)
Blog Farming and agriculture
New tax savings for farmers buying capital assets
Farmers who are thinking of buying a major capital asset like machinery or equipment may soon see significant tax savings. In the 2021 federal budget, important changes were proposed to the capital cost allowance rules.
Jun 28, 2021
Farm Series ( use going forward)
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