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Farm Taxes

Consider an Inventory Adjustment for Low Farm Income Years

Cash Accounting Farmers. Consider inventory adjustments for low income years

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

7 simple ways to organize your receipts

Last updated: Dec. 22, 2023 
Does the thought of organizing your receipts fill you with dread? It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. It may not be at the top of your list, but if you’re self-employed or a … Read more

Salary or dividends: Which one is right for me?

salary or dividends man in shop looking at tablet

Last updated: Nov. 22, 2023  As a business owner in Canada, you’ve likely faced the decision of how to pay yourself from your incorporated business. Two common options are paying yourself a salary or taking dividends, though some business owners choose a mix of both. The method you use to pay yourself personally from your … Read more

What You Should Know About Non-Capital Losses

Canada accountant working at desk with laptop and caclulator

Last updated: Nov. 17, 2023  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 … Read more

Facts About Running a Canadian Family Business

Farming Family sitting in field with bales

Last updated: Oct. 10, 2023  Like any business, running a family business in Canada has its rewards and challenges. But a lot of Canadians make it work. According to a study by the Family Enterprise Xchange Foundation, families own about 65% of Canadian businesses and they contribute 48.9% to Canada’s Gross Domestic Product (GDP), which … Read more

3 Ways Gifting Money in Canada Can Benefit Your Small Business

Smiling farmer in a field

Last updated: Oct. 7, 2023  Gifting money and transferring property from one family member to another are common, and although Canada doesn’t impose a gift tax, gifting of certain assets may trigger certain tax rules that could increase your income taxes – which can catch people by surprise.  However, in some situations, gifting money and … Read more

Capital Cost Allowance for Farmers

Canadian farmer considering capital cost allowance by a tractor.

Last updated: Oct. 5, 2023  If you need to purchase a major capital asset, such as a building, machinery, or equipment to use in your farming business, consider buying it before the end of the fiscal year. Doing so can help you claim tax depreciation, or capital cost allowance (CCA), which reduces your taxable income.  … Read more

Facts About Full-Time, Part-Time & Hobby Farming Taxes

Two farmers standing among their goats

Last updated: Jul. 6, 2023  There are many different tax breaks, grants, and income support programs available to farmers in Canada. The tax deductions and programs available differ depending on the type of farm you run, and since agribusinesses are often unique, it can be somewhat challenging to understand what deductions you can claim against … Read more

You received your CRA Notice of Assessment. Now what?

man reviewing cra notice of assessment

Last updated: Jun. 8, 2023  After you prepare your tax return and file it, you’ll be issued a Notice of Assessment (NOA) from the Canada Revenue Agency (CRA). We provide some tips below on what to look for when you receive your NOA, common discrepancies between your NOA and tax return and how to handle … Read more