Articles

Tax Planning for Canadian Agribusinesses There are a lot of important factors that Canadian farmers need to consider when running their business. One of the most important is tax planning and how it affects the day-to-day operations of the farm business. Fortunately, there are significant tax strategies out there for Canadian farmers to take advantage … Read more

Registering a Small Business in Canada Canada is a country of small businesses. In fact, of the 1.16 million businesses in Canada, 1.14 million, or 98%, are small businesses—that is, employers with 99 employees or less. While small businesses may account for all but a sliver of employers in Canada, no small business is the … Read more

Canada’s tax laws are confusing in and of themselves. If you’re a Canadian farmer, it can be even more difficult. That’s because there are specific tax obligations that relate only to Canadian farm businesses. Farm Income Tax Basics For income tax purposes, in Canada, farming income is money that comes in from: Raising and showing … Read more

Working with an Accountant for Your Agribusiness Whether you operate a large-scale, full-time farming business with a thousand head of cattle or run a small, part-time farm that grows garlic, farming is a different type of business. In addition to being able to claim all the typical business expenses, Canadian farmers can also claim tax … Read more

5 Risk Factors That Can Cause a CRA Audit The 2016 tax season may officially be over and your tax refund may already have been deposited into the bank, but the Canada Revenue Agency (CRA) is only just getting started. If you happen to be one of the millions of Canadians who filed their taxes … Read more

The Saskatchewan Budget introduced in March 2017 changed the scope of the services that PST is to be charged on with most changes already effective as of April 1 2017. There are also changes you need to be aware of effective July 1, 2017. Summary of Changes to Saskatchewan PST PST increases from 5% to … Read more

The Evolving Nature of Farm Accounting Many people might associate farming with getting back to the land. But the fact is that farming has changed; the long lonely days without electricity, running water, a radio, and central heating is long gone. Today’s agricultural operations are much more modern and business-oriented. To be successful, farmers need … Read more

Income Tax Deductions for Small Businesses Whether it’s a traditional brick-and-mortar operation, home-based, or online, starting a small business in Canada takes a lot of time, money, and patience. It also gives you an appreciation for potential tax deductions you can use to either reduce the amount of income tax you pay or get an … Read more

Know Your Tax Obligations While many self-employed Canadians like to focus on tax deductions, it’s equally as important to know what you need to pay taxes on. Not understanding business farming tax obligations could end up costing you. Failing to report all your farm business income comes with a 10% penalty on the amount not … Read more

Tax Season 2017: CRA Income Tax Audits The Canada Revenue Agency (CRA) assesses more than 14 million returns each year, and while it doesn’t say how it selects a return to be audited, small businesses are popular targets simply because there are a lot of small businesses in Canada. A whopping 97.9% of Canadian businesses … Read more