Articles: Farm Taxes

Last updated: Jul. 15, 2025 What is income splitting? Income splitting is the strategy of redistributing income within a family—usually from a spouse in a higher tax bracket to a spouse in a lower tax bracket—to reduce a family’s overall tax bill. In general, income splitting works best when one spouse earns significantly more income than … Read more

Last updated: Jun. 30, 2025 In an attempt to save money at tax time, small business owners often ask: “Can I do my own corporate taxes?” The short answer is: Yes, of course you can! However… … it’s important to know what you are getting yourself into, because DIY business tax filing can end up costing … Read more

Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.  

Last updated: Jun. 18, 2025 If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income.  What … Read more

Last updated: May. 12, 2025 That envelope from the CRA just landed in your mailbox (or more likely, your digital inbox these days). Your notice of assessment has arrived — and whether you’re a small business owner or just filing personal taxes, this little document packs a punch. So what exactly is this notice of assessment, … Read more

Last updated: Apr. 4, 2025 Unfortunately, when it comes to instalment payments, the answer to this question is not so cut and dry. Installment payments are typically calculated using your previous years’ net taxing owing. If your net tax owing was more than $3,000 ($1,800 for Quebec) for 2024, and in either 2023 or 2022, then … Read more

Last updated: Apr. 2, 2025 Update (March 2025): The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. We will update this content once the LGCE legislation is passed. If you are renting out your farmland, you could … Read more

Last updated: Mar. 5, 2025 March 2025 update: The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. When the time comes to sell the family farm, understanding capital gains taxes and exemptions can help you ensure you … Read more

Last updated: Feb. 18, 2025 Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses  Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business?  This article will explore the benefits and implications of incorporation. As always, … Read more