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Farm Taxes

Restricted Farm Losses and the Part-Time Farmer

Restricted Farm Losses: The Plight of the Part-Time Farmer

Last updated: Dec. 12, 2018 
This article originally appeared May 4, 2017 | Robert Graham, Miller Thomson LLP Not just anyone can become a farmer; yet many Canadians aspire to transfer from their existing occupation into farming. The challenge with said aspiration is that starting up a farm business is difficult, and though the federal government … Read more

Can Technology Enhance Your Business Money Management?

Can Technology Enhance Your Business Money Management?

Last updated: Oct. 10, 2018 
Technology is an essential part of business management. Technology allows you to automate common, recurring steps in financial management such as recording sales. Using digital communication allows you to speak directly with different parts of your business, to track spending better. And some technologies predict the trends of business, such as how … Read more

Top Business Tips for Starting a New Farm

Starting a New Farm Operation

Last updated: Sep. 12, 2018 
Whether you’re a seasoned farmer who has outgrown your current operations or you’re thinking of starting a new farm business, it’s important to have a business plan. Not only a farm business plan help you focus on your goals, it provides the answers you need to make the farming operation run … Read more

Creating a Succession Plan for Your Small Business

How to Create a Succession Plan for Your Small Business

Last updated: Aug. 8, 2018 
Succession planning is all about finding the right strategy for selling your business or passing it onto someone else—whether it’s a family member, friend, entrepreneur, or employee. A good succession plan: Ensures the transfer of your business goes off without a hitch Protects the businesses reputation Builds value; provides financial security … Read more

To Lease or Not To Lease

Finance Purchase of Equipment: Lease or Buy

Last updated: Jul. 18, 2018 
Spring time and planting season are behind you. Did the equipment survive? Harvest Season will be hear soon enough. Are you in need of new equipment to bring in the crops? Or maybe you need to replace the van for your HVAC, plumbing or electrician business. One thing that farmers and … Read more

Taxes and Recreational Cannabis in Canada

Taxes and Recreational Cannabis in Canada

Last updated: Jul. 4, 2018 
Recreational cannabis will become legal in Canada as of Oct. 17. Growing illegal marijuana has a long tradition in Canada, whether as a massive grow op in an abandoned Molson brewery plant outside of Barrie, Ont., or representing British Columbia’s second largest agriculture export to the United States, even before Washington … Read more

Tax Increases Affect Passive Income for Private Corporations

Passive Income for Private Corporations

Last updated: May. 30, 2018 
The Canadian Income Tax Act turned 100 last year and Canadians can be excused if they didn’t celebrate. Since its introduction in Canada in 1917, it has become a much more complex document and has grown to more than 2,000 pages in length. In 2017, the government signaled its intention … Read more

How to Maintain Good Farm Business Records

Top Reasons Why Good Business Records Benefit Your Farm

Last updated: May. 16, 2018 
Canada’s agricultural industry has evolved over the last 50 years, and not just when it comes to farming implements. The way farm operators maintain their business and financial records has changed dramatically too. Where some farmers used to keep handwritten records and just hand their tax professional a box of receipts, … Read more

Cash Accounting for Farmers

cash accounting for farm

Last updated: May. 2, 2018 
Farm businesses have special status under certain provisions of the Canadian Income Tax Act (ITA). Along with fishing operations, farmers can use the cash method of accounting (or cash accounting) for reporting income for income tax purposes. If you have a valid farming business under the ITA, you are eligible to … Read more