Articles: Farm Taxes

Last updated: Jul. 4, 2018 Recreational cannabis will become legal in Canada as of Oct. 17. Growing illegal marijuana has a long tradition in Canada, whether as a massive grow op in an abandoned Molson brewery plant outside of Barrie, Ont., or representing British Columbia’s second largest agriculture export to the United States, even before Washington … Read more

Last updated: May. 30, 2018  The Canadian Income Tax Act turned 100 last year and Canadians can be excused if they didn’t celebrate. Since its introduction in Canada in 1917, it has become a much more complex document and has grown to more than 2,000 pages in length. In 2017, the government signaled its intention … Read more

Last updated: May. 16, 2018 Canada’s agricultural industry has evolved over the last 50 years, and not just when it comes to farming implements. The way farm operators maintain their business and financial records has changed dramatically too. Where some farmers used to keep handwritten records and just hand their tax professional a box of receipts, … Read more

Last updated: May. 2, 2018 Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes. If you have a valid farming business under the ITA, you are eligible to … Read more

Last updated: Apr. 25, 2018 Farming is a very unique business that comes with a large number of tax laws that relate only to farmers. There are a lot of tax management strategies for farmers to take advantage of; overlooking one could easily cost you tens of thousands of dollars. Below are some Canadian farm tax … Read more

Last updated: Apr. 11, 2018 On April 10, 2018, Finance Minister Donna Harpauer delivered her first budget as Finance Minister. The Finance Minister pointed to the province’s continued shift away from a reliance on natural resource revenue as a positive sign for the economy: Natural resource revenue is projected to make up 10% — or $1.48 … Read more

Last updated: Mar. 26, 2018 The Comprehensive & Progressive Trans-Pacific Partnership (CPTPP) The CPTPP agreement (formerly the 11-member Trans-Pacific Partnership agreement, or TPP-11) was signed by its member states, including Canada, on 8 March 2018. The agreement covers a market of 495 million people with a combined GDP of CAD$13.5 trillion, or nearly 13.5% of global … Read more

Last updated: Mar. 14, 2018 It’s tax season. For many small business owners in Canada, this is a season of dread: making sure your bookkeeping is in order and up-to-date, collecting receipts, and taking time to fill out the Canada Revenue Agency’s (CRA) often confusing tax forms. Unfortunately, waiting until the last minute can lead to … Read more

Last updated: Mar. 6, 2018 AgriStability – What’s New for 2018 A new 2018 Program was recently announced and, while there were only some minor changes, it is an opportunity for you to evaluate your Ag Risk Management, which includes AgriStability as an option. AgriStability is one of the risk management programs that was offered under … Read more