Baker Tilly Canada | Insights

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Blog Farming and agriculture

The drawbacks of deferring taxes

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.

Advisory Audit and assurance Succession and estate planning Farming and agriculture

Successful farm succession planning

For family farm operations to prosper into the future, it is important to have successful transfers from one generation to the next. Many tax and non-tax issues must be considered to implement a successful farm succession plan.

Thomas Blonde May 31, 2019

Advisory Succession and estate planning Farming and agriculture

Why Plan for Farm Succession?

<p class="p1">Despite farm groups working hard to advise farm owners of the need to plan for their eventual succession, many farmers appear to be reluctant to plan properly. Though there are many reasons, studies show that the number one reason is that it is “too early” to begin planning. But is it really too early, or is there just an unwillingness to plan for succession?

Peter Hobb Jan 6, 2016

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