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Farm Taxes

How to protect yourself against fake CRA scams and fraud

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Last updated: May. 19, 2023 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In 2022, the Canadian Anti-Fraud Centre recorded a significant increase in fraud … Read more

Tax deductions for Canadian farmers

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From the purchase of livestock to money spent on machinery maintenance, there are many tax deductions in Canada that farmers can claim. Learn about these deductions.

Benefits of incorporating a small business in Canada

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Last updated: May. 3, 2023 
When it comes to tax planning for Canadian small business owners, it might make sense to incorporate your business. As a Canadian business owner, you should be looking for ways to minimize your tax burden and maximize your after-tax income. Incorporating a business can do just that. What are the … Read more

7 simple ways to organize your receipts

Last updated: May. 3, 2023  Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a … Read more

How to use income splitting to reduce your tax bill

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Last updated: May. 3, 2023  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 … Read more

Why farm succession planning is so important

Last updated: Apr. 18, 2023  According to Statistics Canada, the value of equity in Canada’s farm sector totaled $627.6 billion at the end of 2021. In the same year, the value of total assets rose by 9.5% to $749.8 billion The only growing age group in the farm population was operators aged 55 and over. The average … Read more

Choosing the right business structure

Last updated: Apr. 12, 2023  Congratulations! You’ve decided to start your own business. There’s probably a million different things running through your head right now. And before you order business cards and a World’s Best Boss mug for your desk, you’ll have to give some thought to business structure. Sole proprietorships, partnerships and corporations are … Read more

Different methods of reporting farm income

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Last updated: Mar. 23, 2023  Many farm operators put bookkeeping, preparing, and filing taxes near the bottom of their to-do list. If you earn an income through farming activities though, you need to report it to the Canada Revenue Agency (CRA) on your income tax return; failing to do so could result in penalties. If … Read more

Your Guide to 2023 Tax Dates, Rates and Numbers in Canada

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Last updated: Feb. 22, 2023  Filing a return that is accurate and on time is the best way to avoid tax penalties and over-payment. With that in mind, below is a list of key dates and tax numbers to help you with your tax return. Canada’s tax filing and payment deadlines * Since the standard … Read more