Articles: Farm Taxes

Last updated: Mar. 5, 2025 March 2025 update: 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. When the time comes to sell the family farm, understanding capital gains taxes and exemptions can help you ensure you … Read more

Last updated: Feb. 18, 2025 Unlocking Growth: The Advantages of Incorporation for Canadian Small Businesses  Small business owners want to minimize their tax burden and maximize their profits. While incorporating can help you pay less tax, is it right for you and your business?  This article will explore the benefits and implications of incorporation. As always, … Read more

Last updated: Feb. 7, 2025 What is a non-capital loss? One of the realities of being a small business owner or farmer is that there are times when you will experience financial losses. Losses occur for a variety of reasons, including economic downturns, poor investments, and unforeseen weather or climate events. When they do, it’s important … Read more

Last updated: Jan. 29, 2025 Know the Rules When Paying Family for Farm Work  Farming as a family is a tradition for many, built on shared values and hard work. But when it comes to paying family members, things can get complicated. Should everyone get a paycheck? How do you value the countless hours put in … Read more

Last updated: Jan. 9, 2025 Tax season can feel overwhelming, but don’t worry. Filing your taxes accurately and on time is easier than you think.   We’ve compiled a handy list of key dates and tax numbers to help you get started.  Canada’s tax filing and payment deadlines for the 2024 tax year Description  Date  Registered Retirement … Read more

When it comes to farm work, it’s not unusual to offer additional perks for employees.

You’ve worked tirelessly on your farm. Now, it’s time to reap the rewards… and pay as little tax as possible. 

Misunderstandings swirled as farmers tried to prepare for the impact of the new capital gains inclusion rates, which took effect in June 2024.  

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