Articles: Farm Taxes

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 property … Read more

Last updated: Jun. 8, 2023 Income splitting redistributes income within a family—typically from a higher-earning spouse in a higher tax bracket to a spouse in a lower tax bracket. This strategy may help reduce a family’s overall tax burden, by helping the higher-earning partner reduce their  tax bill.  Income splitting takes advantage of Canada’s progressive tax … Read more

Last updated: Jun. 5, 2023 Top Small Business Tax Deductions If you’re self-employed or a small business owner, you understand how quickly business expenses can add up. Luckily, with a little tax planning, there are many available tax write-offs you can use to reduce your overall tax bill. Keep in mind that the small business tax … Read more

Last updated: May. 19, 2023 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 2022, the Canadian Anti-Fraud Centre recorded a significant increase in fraud … Read more

Last updated: Apr. 18, 2023 According to Statistics Canada, the value of equity in Canada’s farm sector totaled $627.6 billion at the end of 2021. In the same year, the value of total assets rose by 9.5% to $749.8 billion The only growing age group in the farm population was operators aged 55 and over. The average age … Read more

The Department of Finance Canada announced that automobile leasing and mileage reimbursement and Capital Cost Allowance (CCA) limits have increased, as of January 1 2023.

Last updated: Dec. 7, 2022 There is no dollar that isn’t hard-earned when you work in agriculture. That’s why it’s critical to use every tool available to lower your tax burden, including tax credits. Below, we outline tax credits that may help farmers, livestock producers, and agri-businesses pay less tax, but first, let’s explore the differences … Read more

Last updated: Nov. 4, 2022 *UPDATED FOR 2022* When shareholders or employees borrow money from a corporation, that money is generally considered taxable income. But this rule, like many tax rules, has exceptions. Shareholders and employees can borrow funds from their corporations for many different reasons. Unfortunately, they may end up with significant taxes owing because … Read more

Last updated: Apr. 27, 2022 This case-study is a follow-up to the Transition Planning for Farmers: Multi-year Planning article. Little by little, one farm successfully changes hands It’s not often you hear someone describe their farm transition as “flawless,” but that’s just how Denis Boucher labeled the experience. For as long as Denis can remember he … Read more