Last updated: Feb. 20, 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: 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 … Read more
Last updated: Feb. 7, 2025 What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s … Read more
Last updated: Jan. 29, 2025 Know the Rules When Paying Family for Farm Work Farming as a family is a tradition for many, built on shared values and hard work. But when it comes to paying family members, things can get complicated. Should everyone get a paycheck? How do you value the countless hours put … Read more
Last updated: Jan. 9, 2025 Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think. We’ve compiled a handy list of key dates and tax numbers to help you get started. Canada’s tax filing and payment deadlines for the 2024 tax year Description Date Registered … Read more
When it comes to farm work, it’s not unusual to offer additional perks for employees.
You’ve worked tirelessly on your farm. Now, it’s time to reap the rewards… and pay as little tax as possible.
Misunderstandings swirled as farmers tried to prepare for the impact of the new capital gains inclusion rates, which took effect in June 2024.
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.