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.
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.
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.
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.
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.
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.
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.
"FBC has been a wonderful find for our family. We came to them about 15 years ago." Tim Belch, Buffalo Ranch, Peterborough, Ontario
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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.
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.
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.
Being with FBC for 20 years I enjoy peace of mind from the service and knowledge provided by the local tax consultants.
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