Farm Tax Specialists
Farm Tax Specialists
FBC was forged from a genuine desire to help farmers and farm businesses succeed. More than 65 years later, we’ve still got your back.
Let's Get Growing.
As a farmer you work hard for your money and our farm tax specialists work hard to ensure you keep as much of it as possible.
For over 65 years, we've been helping Canadian farmers like you to minimize taxes and maximize credits through tax preparation, tax planning, bookkeeping and financial planning.
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Farm Members
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Combined Annual Tax Savings
What do farmers have to say?
From Kelowna to Dartmouth, FBC has been helping farms like yours for over 65 years.
Cash or Accrual Method of Farm Accounting?
While the difference is simply a matter of when you account for income and expense items, the tax consequences of whether you use the cash or accrual method are far more complicated.
We can help you determine which is best for you and help you switch if it makes sense for your farm operation. We’ll meet you on your farm, get to know you and your operation, and collect the tax data we need. With that understanding and our knowledge of farm tax strategies, we’ll minimize your taxes and save you money.
Cash Accounting
If your business meets the Income Tax Act definition of "farming" you're eligible to use the cash method of accounting for tax reporting.
This means you report income in the fiscal period in which you receive it and deduct expenses in the fiscal period in which you pay them. If you have a small farm with activities that remain fairly consistent from year to year, cash accounting may be right for you.
Accrual Accounting
If your farm operation is growing, you're adding or changing your product mix and production processes, or manage fluctuating inventory, accrual accounting is essential to sound business management.
With accrual accounting you record income and expenses when a sale or purchase is made, even if the money hasn't yet changed hands. Accrual accounting involves a double-entry system of debits and credits. It lets you balance your books, and allows you to produce all sorts of different financial statements.
Services for Farms & Agribusiness
Your FBC Tax Specialist will come meet you at your office, home or farm and get to know you and your operations. We'll help you build a comprehensive tax strategy to minimize your taxes, save you money and prepare for your future.
Farm Risk Management & AgriStability
Risk Management is a core component of your farm tax strategy.
Nothing can get in the way of weather's wrath or the increasing risk of pests and diseases.
It's not a matter of "IF" your farm will be impacted, it's a matter of "WHEN." Let's plan for proper insurance and risk mitigation. We can help you apply for and process claims for most of the federal and provincial programs that manage your farm risk management like Growing Forward 2, AgriInvest, AgriStability, AgriInsurance and AgriRecovery.
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FBC Farm Members in AgriStability
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Members participating receive benefit
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Average AgriStability payout
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Total AgriStability payouts to FBC Farm Members last year
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"FBC has been a wonderful find for our family. We came to them about 15 years ago."
Schedule My AppointmentMaking The World A Better Place, one farm at a time.
Our clients' farms are important to them so they are important to us. Here is what some of them have to say!
To me, FBC means secure and friendly service. They provide excellent service with a smile and our questions are always answered. We would recommend FBC to other farmers and business owners.
Herman Van Wieren
Hensall, ON
We've been with FBC for 4 years and have had wonderful success with them and I'd recommend them to anybody.
Dan O'Neil
Prince Edward County, ON
With confidence we would highly recommend the staff at FBC Financial & Estate Planning for their caring and knowledgeable approach to assisting farm families with succession planning and ensuring we treat all of our children in a reasonably equitable manner.
JD, Ontario Farmer
Ontario
Our family has used FBC for many years and we have always received reliable, accurate and friendly service. An issue with CRA this last year relating to an error they made was a very frustrating one, yet FBC followed up numerous times until the corrections were made and our accounts were brought up to date. A pleasure to work with!
Rick Paddock
Cambridge, ON
FBC helped file my farm risk management application - we received a payment of $221,000. We're reassured by the fact that FBC will help our family through anything that comes.
Garry and Diana Clarke
Meadow Stock Farm Ltd.
Being with FBC for 20 years I enjoy peace of mind from the service and knowledge provided by the local tax consultants.
Walter Duyvestyn
Sunderland, ON
The Financial Farmer Blog
From risk management to budgets to crop rotation and everything in between, here's the most recent farm articles from our blog.
Why farm succession planning is so important
Having an estate plan that includes a Will is critical to having your assets distributed as you wished through the hands of your chosen executor after your death. Without a Will, the courts may appoint someone to liquidate or distribute your assets
Year-end tax planning for farmers
When you’re busy with the harvest, or preparing for the upcoming season, taxes are probably the last thing on your mind. But there are year-end tax planning strategies you can use now to help reduce your tax bill.
The US Tariff War and Canada’s Ag Industry
U.S. tariffs on imports have caused negative shifts in the global agricultural supply. As a result, Canadian farmers have become innocent bystanders, hit by China’s retaliatory trade strikes against the United States.
Dairy Farm Investment Program
The Dairy Farm Investment Program is a five-year $250-million program to help Canadian cow milk producers improve productivity through upgrades to their equipment.
Restricted Farm Losses and the Part-Time Farmer
Farm losses may be used to offset other sources of income so long as the chief source of income of a taxpayer is generated through the business of farming.
Different Methods of Reporting Farm Income
Canadian farmers can calculate their income using the accrual or cash method. When it comes to tax planning, it’s important to know the benefits of each.
Top Business Tips for Starting a New Farm
Starting a new farm business can be rewarding; having the right skills and background knowledge can make it even more successful.
How to Maintain Good Farm Business Records
Accurate farm business records make it easier to prepare taxes. A good bookkeeping system helps identifies the farm’s strengths, helps the business grow, and makes it easier to apply for a loan.
Cash Accounting for Farmers
Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes.
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