Articles: Farm Taxes

Last updated: Dec. 20, 2017 Farm Operators and Property Taxes Farm properties can be quite varied and include working farms, farmland, outbuildings, specialized farms, fruit orchards, etc. On top of that, many Canadian farms also have a house on them that the owner/farmer lives in.   As a farmland owner, you may be eligible to apply … Read more

Last updated: Dec. 14, 2017 On December 13, 2017, the Government published details of its proposals to (in their view) simplify and improve the treatment of income sprinkling, which are proposed to be in effect for the 2018 tax year and beyond. The Canada Revenue Agency (CRA) has also released guidance with respect to these measures. … Read more

Last updated: Nov. 9, 2017 As wildfires are still burning in many areas of B.C., and thousands of people remain on evacuation order, the government’s focus will continue to be on fire suppression and emergency social services supports. In the coming weeks, this focus will shift more fully from public safety to recovery. To assist families … Read more

Last updated: Nov. 8, 2017 What a Tax Professional Can Do for Your Family Business Family businesses, big or small, are the backbone of the Canadian economy. In fact, approximately 80% of all businesses in Canada are family-owned. On top of that, family-owned businesses are responsible for the majority of the country’s gross domestic product (GDP). … Read more

Last updated: Oct. 19, 2017 The government released further changes to their controversial July 18 proposals on private company tax planning, the third such release during Small Business Week. This announcement focused on the issue of converting income to capital gains and the tax advantages associated with this planning.  The government appears to be backing down … Read more

Last updated: Oct. 18, 2017 Finance Minister Bill Morneau issued an announcement outlining how he intends to proceed with changes to how passive income earned in private companies is taxed. This was seen by many as the most controversial feature of the original tax proposals and this announcement includes significant relief from these proposals that will … Read more

Last updated: Oct. 18, 2017 Farm Businesses in Canada Whether it’s a family farm that has been in operation for generations or it’s a start-up, there’s an attraction to being your own boss and working outdoors. It also doesn’t hurt that farming in Canada has become more lucrative over the years. The government of Canada offers … Read more

Last updated: Oct. 16, 2017 Prime Minister Justin Trudeau and Finance Minister Bill Morneau announced that the small business tax rate would decrease to 9% (from 10.5%) by 2019 as part of new changes to the private company tax proposals. The government has planned additional announcements in the upcoming week to provide further details of changes … Read more

Last updated: Sep. 26, 2017 Last week FBC published blog posts regarding the looming tax hikes, that will increase taxes for small business owners and farmers. If you’re concerned with the legislation, we suggest taking these actions to make your voice heard. Email Members of Parliament The most significant influencers at this point are current Liberal … Read more