Articles: Farm Taxes

Last updated: Sep. 22, 2017 FBC’s tax team has analyzed the looming changes for tax legislation being tabled by the federal government. There is a lot of rhetoric and emotion around the legislation; in addition to much confusion on its impact. Our tax consultants and advisors are receiving many questions about the changes. There are many … Read more

Last updated: Aug. 9, 2017 Financing Programs for Farm Businesses Farming is a unique occupation with its own challenges. The high cost of basic farming equipment, technology, and land and changing weather conditions are just a few challenges that can significantly impact a farm’s profitability. That’s why the federal and provincial governments in Canada provide farmers … Read more

Last updated: Aug. 2, 2017 Farmers preparing their wills and succession plans should be aware of the details of the capital gains exemption and the capital gains deduction. Before you get into the various strategies available for a successful transition of the family farm to the next generation it is important to discuss the interests and … Read more

Last updated: Jul. 12, 2017 Tax Planning for Canadian Agribusinesses There are a lot of important factors that Canadian farmers need to consider when running their business. One of the most important is tax planning and how it affects the day-to-day operations of the farm business. Fortunately, there are significant tax strategies out there for Canadian … Read more

Last updated: Jun. 28, 2017 Canada’s tax laws are confusing in and of themselves. If you’re a Canadian farmer, it can be even more difficult. That’s because there are specific tax obligations that relate only to Canadian farm businesses. Farm Income Tax Basics For income tax purposes, in Canada, farming income is money that comes in … Read more

Last updated: Jun. 21, 2017 Working with an Accountant for Your Agribusiness Whether you operate a large-scale, full-time farming business with a thousand head of cattle or run a small, part-time farm that grows garlic, farming is a different type of business. In addition to being able to claim all the typical business expenses, Canadian farmers … Read more

Last updated: May. 17, 2017 The Evolving Nature of Farm Accounting Many people might associate farming with getting back to the land. But the fact is that farming has changed; the long lonely days without electricity, running water, a radio, and central heating is long gone. Today’s agricultural operations are much more modern and business-oriented. To … Read more

Last updated: Jan. 8, 2014 The 2013 budgets released in the Spring of 2013 brought a few changes that will affect your taxes this year and perhaps put more money in your pocket. First-Time Donor’s Super Credit If you or your spouse hasn’t claimed the charitable deduction tax credit in the past 5 years, you’re eligible … Read more