Farm and Agriculture
Farm and Agriculture
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 farm owner you work hard for your money and our farm tax specialists work hard to ensure you keep as much of it as possible.
FBC has worked with Canadian farm owners for more than 65 years to minimize their income taxes and maximize their assets.
We offer an industry-leading membership model which means we help our Members not only with tax preparation, but with year-round tax planning, consultation, financial and estate planning and audit representation.
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 Farm Owners & Agricultural Producers
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.
Looked At Last Few Year's Returns and Found $90,000.
"FBC has been a wonderful find for our family. We came to them about 15 years ago." Tim Belch, Buffalo Ranch, Peterborough, Ontario
Book a free consultationServing Canadian Farm And Small Business Owners
For More Than 65 Years
Our Members' farms are important to them so they are important to us. Here is what some of our farming Members have to say!
I’ve been a Member with FBC since 1962. We like the home visits and that they’re only a phone call away. 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
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.
Jonathan D
Alberta
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
Farming & Agriculture Blog Posts
From risk management to budgets to crop rotation and everything in between, here's the most recent farm articles from our blog.
Capital Cost Allowance for Farmers
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation. Learn more about how to use the capital cost allowance
How to access credit for farmers and agri-businesses
If you’re a farmer or agricultural producer, cash flow disruptions can have long-lasting consequences due to the time-sensitive nature of your business cycle. It’s more important than ever for you to have flexible options for credit. Find out what’s
New measures to support the Temporary Foreign Worker Program
To support agricultural producers during the COVID-19 crisis, the federal government will provide $50 million in funding to farmers, fish harvesters and other food production and processing employers that hire temporary foreign workers. Read more
Support for farmers during COVID-19
The Government of Canada introduced measures to help farm owners and agricultural producers cope during the COVID-19 pandemic including changes to the Temporary Foreign Workers Program, AgriStability and Farm Credit Canada. Find out more.
Tax deductions for Canadian farmers
If you’re a farmer or agricultural producer, you can deduct certain expenses you incurred to earn your income.
Make sure you keep records of all your farm business transactions to be able to support your expense claims.
Know the rules when paying family for farm work
Find out what the CRA requires from you when you're paying your family for farm work.
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.
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