Last updated: Jun. 28, 2017
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 … Read more
Last updated: Jun. 21, 2017
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 … Read more
Last updated: Jun. 14, 2017
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 … Read more
Last updated: Jun. 8, 2017
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 … Read more
Last updated: May. 17, 2017
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 … Read more
Last updated: May. 10, 2017
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 … Read more
Last updated: Apr. 26, 2017
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 … Read more
Last updated: Apr. 19, 2017
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 … Read more
Last updated: Apr. 5, 2017
Small Business Tax Return Myths Over the years a number of tax myths have surfaced about filing small business tax returns. This is totally understandable; it’s difficult to keep up with the changes that take place in Canada’s complex tax system. Not only can these tax myths make filing your taxes … Read more