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Farm Taxes

Tax deductions for Canadian farmers

farmer sitting in field

Last updated: May. 12, 2021 
Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers. There are however some expenses, tax deductions and write-offs that apply specifically to income earned through agricultural activities that will help lower your tax bill. Expenses, tax deductions and write-offs for Canadian … Read more

How to protect yourself against fake CRA scams and fraud

cell-phone-unknown-caller-cra-scam

Last updated: May. 12, 2021 
It seems we hear about victims of fake Canada Revenue Agency (CRA) scams daily. Unfortunately, there are bad actors that take advantage of stressed out people (especially at tax time) who may not immediately recognize that they’re being scammed. In fact, the CRA has reported that this year alone (as of … Read more

Tax credits for small business owners in Canada

business owner working on laptop in workshop

Last updated: May. 3, 2021 
As a small business owner, you should always take advantage of the tax credits available to you. As tax season rolls around, you should make a point of checking what’s available to you, ensure your eligibility and that you’re applying them properly. There are tax credits available at both the federal … Read more

Budget 2021: 7 Highlights for Farmers and Business Owners

Canada flag COVID announcement federal government

Last updated: Apr. 26, 2021 
Last week, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, delivered the federal budget for 2021. Below are select highlights that may have a positive impact your business or farm: 1. Covid-19 subsidy extensions and program winddowns The good news is that proposed budget will extend the current wage subsidy, … Read more

TFSA limit for 2021 announced

Coins growing like plants - each year representing contribution growth image

Last updated: Apr. 3, 2021 
Now that you’ve entered a new year and finally put 2020 behind you (what a relief!), it’s a good time to plan for your tax-free savings account (TFSA) contribution.    The Canada Revenue Agency (CRA) has announced a new TFSA limit for 2021. We review the TFSA rules below and how to take advantage … Read more

A guide to COVID-19 financial relief for small business

Canada Flag

Last updated: Mar. 29, 2021 
Last updated August 10, 2020. We will update blog posts when more information is released. As we finished writing the introduction to this blog post, several provinces were starting to recover and re-open their economies. It’s heartwarming to see businesses across the country hiring back their employees through government programs, … Read more

How to Access Credit for Farmers and Agri-businesses

Last updated: Mar. 28, 2021 
Originally published on May 8, 2020 By Jennifer Friesen As Canadians grapple with the uncertainty of COVID-19, the economy and our health and safety have become primary concerns to us all. As a result, the food and agriculture industries are paramount while they work to ensure everyone has access to healthy … Read more

Capital Cost Allowance for Farmers

Last updated: Mar. 16, 2021 
If you need to buy a major capital asset like a building, machinery or equipment to use in your farming business, consider buying it before the end of your fiscal year to claim tax depreciation, or capital cost allowance (CCA), to reduce your income on your tax return. What is capital … Read more

Converting an RRSP to an RRIF

a stack of gold coins that represents converting RRSP to RRIF

Last updated: Mar. 9, 2021 
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 will … Read more