New Capital Gains Rules: Impact on Farm Property Sales & Transfers
Misunderstandings swirled as farmers tried to prepare for the impact of the new capital gains inclusion rates, which took effect in June 2024.
Farm Taxes
Cultivate a Prosperous Future: Year-End Tax Strategies for Farmers
Like farming, tax planning is a year-round activity, and the end of the calendar year is the perfect time to implement strategies to maximize tax savings.
Your Guide to 2024 Tax Dates, Rates and Numbers in Canada
Last updated: Apr. 29, 2024
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 *If you are paying tax … Read more
New Trust Reporting and Filing Rules in Canada
Last updated: Mar. 28, 2024
Canada Revenue Agency Update, Effective March 28, 2024 In an update released March 28, 2024 the Canada Revenue Agency (CRA) has announced that bare trusts will not be required to submit a T3 Income Tax and Information Return along with a Schedule 15 (Beneficial Ownership Information of a Trust) for the … Read more
Understanding Capital Gains Exemption for Farm Property
Last updated: Mar. 5, 2024
Understanding Capital Gains Exemption for Farm Property Update (March 2025):
The federal government has cancelled the proposed capital gains inclusion rate increase, but the Lifetime Capital Gains Exemption (LCGE) will still rise to $1.25M. Read the official announcement here. We will update this content once the LGCE legislation is passed. When … Read more
Farmers and Ag Producers Tax Preparation [Free Checklists]
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
How to keep audit-proof mileage logs that lower your taxes
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
Converting an RRSP to an RRIF
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
Pros and Cons of Doing Your Own Corporate Taxes
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