Last updated: Mar. 4, 2024
Tax season can be a daunting time for farmers and agricultural producers in Canada. Being well-prepared for tax time is important, as obligations to the Canada Revenue Agency (CRA) and tax laws can be complex. Here we provide you with a comprehensive, printable farm tax preparation checklist that lists all the … Read more
Last updated: Feb. 13, 2024
A big perk of using your personal vehicle for business when you’re self-employed is writing off your motor vehicle expenses. But if you’re doing this without keeping a mileage log, the CRA could reject your claims for these expenses. The good news is that by following our advice, you can … Read more
Last updated: Feb. 13, 2024
You’ve been saving money for years in your registered retirement savings plan (RRSP) and now it’s time to cash in. You could take out all the money at once if you wanted, but it’s a better idea to convert the RRSP to a registered retirement investment fund (RRIF). The RRIF … Read more
Last updated: Jan. 30, 2024 In an attempt to save money, small business owners often ask, “Can I do my own corporate taxes?” Our answer is: “Yes, of course you can!” However, it’s important to know what you are getting yourself into because DIY business tax filing can end up costing far more than hiring … Read more
Last updated: Jan. 10, 2024 Every Canadian incorporated business is required to create and maintain an official record of its activities and transactions, which is known as a minute book. The Canada Business Corporations Act has established a set of requirements for what must be included in these corporate minute books. As a business owner, … Read more
Last updated: Dec. 22, 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
Last updated: Dec. 22, 2023 If you are renting out your farmland, you could unexpectedly negate your ability for an intergenerational farm rollover, the $1,000,000 lifetime capital gains exemption or both. The following advice will help protect your tax savings when the time comes to sell your farmland or roll it over to the next … Read more
Last updated: Dec. 22, 2023
Producers and agribusiness owners face unique challenges, especially when it comes to operating their businesses. It can be difficult to know where to look for assistance programs that focus on risk management and protecting agricultural producers from income and production losses. The following initiatives were designed to help Canadian farmers … Read more
Last updated: Dec. 22, 2023
Inventory adjustments can stabilize farm income and help you pay less tax over time One of the biggest tax planning challenges a farmer can face is income fluctuations. The good news is, if your farm uses cash accounting, you can average out these income swings by using two inventory adjustment … Read more